What Do They Teach in Economics?

Economics is a course required in most high schools and students are encouraged to pursue it at most colleges. But what is the course content and what does one learn in an economics class? Simply put, an economy is the way a society balances its wealth. This can occur within a nation or can have personal implications, such as a household budget. Since nearly every society puts value on goods and services, it is important to learn how these economic systems work in order to better relate to the world, and make sound decisions as citizens of the country and the world.

Most economics courses comprise microeconomics, macroeconomics or some combination of the two disciplines. Microeconomics deals with particular aspects of the economy, such as the law of supply and demand and determination of prices in specific industries. Macroeconomics deals with general aspects of the economy, like the relationship between income and investments in the country as a whole.

In an economics course, one learns how to decide on investment opportunities. Students would also explore the importance of retirement accounts, and savings. It also teaches about the economic class system and distribution of wealth. The course explains various economic systems such as capitalism. It also looks at the Gross National Product (GNP), Gross Domestic Product (GDP) and other economic factors such as inflation and unemployment. In addition, it explores the role of government in the economy including the tax system.

There are many political, social, and financial implications in any economy. An economics course will look at this, and explore the role of individuals, businesses, and the government in the economy. It will also teach students about the factors that affect job growth and inflation and what effect it has on the lives of persons in the upper, middle, and lower tax brackets.

An economics course will also teach about debt and net worth, both on a national and an individual level. It will look into the purpose of credit and credit scores, and how it affects major life purchases such as homes. It will look at Federal spending and how priorities are influenced by voters, lobbyists and businesses and how the decisions made today might affect future generations.

Overall, there is a lot to learn in an economics course. More than a student can absorb in a single course, an economics course can provide a base knowledge that will help one make educated decisions about his personal finances.