Before I continue with the remainder of the Economics for Beginners series, I assume it’s necessary that I take a while to elucidate what Economics actually is, since there appears to be an excessive amount of confusion each here on HubPages, and on the Internet basically.
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The pre-sessional programs are primarily aimed toward those that haven’t studied economics for a few years and may have some revision of maths, statistics and/or microeconomics. The three courses are designed to ensure that you’ve got a minimal acceptable stage of data in every space before starting the course, so that once the complete MSc course starts, all college students share a typical core of fundamental information.
For the most half, Economics is all just greatest guess” anyway, because you by no means know what is going on to occur to fully change the present financial local weather; financial forecasts appeared so much completely different on September tenth, 2001 than they did on September twelfth. It’s because of this that an economist must be part mathematician, half anthropologist, half historian, part thinker, and half fortune teller.
In order to get the issues we want and want, now we have to use what’s called Scarce Resources. A Scarce Resource is one thing that we can use extra of than what we’ve got available; the 2 largest examples of this are time & cash. Using these resources, whatever they could be, now we have to figure out one of the simplest ways to use what we’ve, to get what we need/need; the study of how we make those choices is Economics.