Economics at Farnborough Hill
What is Economics?
- “A social Science”
- “The science of studying the economy”
- “The science behind the allocation of resources”
- “The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Broadly speaking it is the social science that looks at human behaviour and tries to answer the main economic problem of what to produce, for whom to produce, and how to produce. Essentially, it is about working with finite resources despite infinite wants.
Economics is taught through the use of case studies both real and hypothetical. Students look at Economic research and theory and apply this to real concepts identifying where the theory works and where it fails to truly depict the economies we live in. They may examine the various factors that have impacted upon the demand for different goods and services. For example, what happens to the demand for goods and services when incomes increase, fashions change or more substitute products come into the market. Students apply some of the principles of monetary policy to different economies and examine the extent to which exchange rates, interest rates and money supply changes have the desired impact on our level of spending.
Much of economics is focused upon difficult decisions and to tackle these we assess the research and information collected and different views to enable classroom debate and discussion. Lessons are fun, interesting and the teaching styles used makes it exciting to learn.