Economics

Economics: An Overview of College-Level Study

 

By Rabiu Aminu, PhD, FCNA, FMNES

Economics is a social science that deals with the study of how societies allocate scarce resources to satisfy unlimited wants and needs. It is a field that covers a wide range of topics, including microeconomics, macroeconomics, international economics, development economics, and more. In this article, we will discuss the topics usually covered at college and undergraduate levels in economics.

 

Microeconomics

Microeconomics is the branch of economics that deals with the behavior of individual firms and consumers. It examines how individuals and firms make decisions, how they interact in markets, and how they allocate resources. Topics usually covered in microeconomics include supply and demand, consumer behavior, production theory, market structures, game theory, and welfare economics.

 

Macroeconomics

Macroeconomics is the branch of economics that deals with the study of the economy as a whole. It examines how the overall economy behaves and how it is affected by various factors such as inflation, unemployment, and economic growth. Topics usually covered in macroeconomics include national income accounting, economic growth, inflation, unemployment, fiscal policy, monetary policy, and international trade.

 

International Economics

International economics is the branch of economics that deals with the study of the global economy. It examines how countries interact in the global marketplace and how they trade with each other. Topics usually covered in international economics include international trade theory, balance of payments, exchange rates, and international financial institutions.

 

Development Economics

Development economics is the branch of economics that deals with the study of how countries can promote economic growth and development. It examines the factors that contribute to economic growth, such as investment, education, and technology, as well as the barriers to growth, such as corruption, political instability, and poor infrastructure.

 

Other Topics

In addition to the above topics, economics covers a wide range of other areas, including public economics, labor economics, environmental economics, health economics, and behavioral economics.

 

Economics is a broad and diverse field that covers a wide range of topics. At the college and undergraduate levels, students typically study microeconomics, macroeconomics, international economics, and development economics. These topics provide a foundation for understanding how the economy works and how it can be improved.

Contents

 

Reference

Mankiw, N. G. (2014). Principles of microeconomics (7th ed.). Cengage Learning.

Mankiw, N. G. (2014). Principles of macroeconomics (7th ed.). Cengage Learning.

Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2014). International economics: theory and policy (10th ed.). Pearson.

Ray, D. (1998). Development economics. Princeton University Press.