Economics

Definition
Economics is the social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy needs and wants. Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers.

Sub skills
'''Subject knowledge and understanding


 * A consistent and coherent command of the language of economics. This should include the ability to clearly define standard terms and explain basic concepts in both micro and macroeconomics;
 * A consistent and coherent command of the principles of both micro and macro-economics, as well as the ability to structure economic arguments coherently and convincingly (rhetoric);
 * The ability to explain how economic agents (individuals, households, firms, governments, etc.) make decisions and choices and to use this to solve problems related to economic decisions;
 * The ability to explain the basic workings of an economic system and the role of policy in such a system; and
 * The ability to articulate critical features and shortcomings in a model or method of analysis.

'''Subject knowledge and its application


 * The ability to apply economic reasoning and methods effectively to the study of specific topic areas. (For example, markets, public finance, environment, health, labour markets, international trade, etc.); and
 * The ability to use economic reasoning to formulate and evaluate economic advice and policy. This would involve advice to both the private and public sectors.

'''Effective use of relevant data and quantitative methods


 * The ability to show considerable knowledge of the sources of economic and social data including an understanding of where and how to find them, as well as the methods used to create or collect such data.

'''Effective communication


 * The ability to communicate and explain effectively economic arguments both to those with disciplinary knowledge and to non-experts. Such communication should be both oral and written, and might involve the use of local computer and projection technology as well as the Internet.

'''Acquisition of independent learning skills


 * The ability to think strategically and critically about a range of issues in economics. This might be demonstrated through an understanding of the history of economic thought or of the capacity and limitations of alternative approaches to modelling or other means of analysing or studying economic problems;
 * The ability to raise and explore a specific issue in economics. This involves identifying the subject to study, knowing suitable examination methods and the ability to draw conclusions. Such conclusions could include areas for further investigation.

Assessment
Current methods used to assess ability in the skill.

Benchmarks
Statements that could serve as comparators for ability.