Introduction to the economic way of thinking. Students examine scarcity, opportunity cost, trade-offs, and the basic questions every economic system must answer. Covers production possibilities, economic systems, and the role of incentives.
How individuals make economic decisions. Topics include utility, marginal analysis, rational decision-making, and behavioural economics. Students apply economic models to everyday choices about spending, saving, and time.
How markets coordinate economic activity through prices. Covers supply and demand, market equilibrium, elasticity, and the effects of government intervention. Examines different market structures from perfect competition to monopoly.
The economy as a whole. Students study GDP, unemployment, inflation, business cycles, and the role of government through fiscal and monetary policy. Examines how central banks and governments stabilize the economy.
International trade and finance. Topics include comparative advantage, trade policy, exchange rates, and the impacts of globalization. Students evaluate trade agreements and the benefits and challenges of an interconnected world economy.