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Economics is the scientific study of the ownership, use, and exchange of scarce resources.It attempts to explain economic behaviour, which arises when scarce resources are exchanged. Economics deals with study of production, allocation, and use of goods and services. Students of economics develop excellent problem-solving skillsand a logical, ordered way of looking at problems.
There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics is the study of the entire system of economics. It takes a much broader view by analysing the economic activity of an entire country or the international marketplace.
There are several economics related careers to choose from like accountants, economists, investment bankers, analysts, lecturers and teachers. Many economists’ works for investment banks, brokerage houses, real estate companies, and other private sector businesses. The duration of Undergraduate Commerce Degree is of three years.
First year subjects provide an introduction to the subject, a common core of knowledge which can subsequently be extended in the next two years.Compulsory papers include Microeconomics, Macroeconomics, Quantitative Methods in Economics, Political and Sociological Aspects of Economics.
Second year subjects provide in depth knowledge of key topics and analytical techniques in microeconomic and macroeconomic theory. Compulsory papers may include Microeconomics, Macroeconomics, Theory and Practice of EconometricsOptional papers may include Economic Development, Modern Societies, Mathematics and Statistics for Economists, Labour, Analysis of Modern Politics and International Relations.
Third year modules include Microeconomic Principles and Problems, Macroeconomic Principles and Problems. Optional papers include Economic Theory and Analysis, Banking, Money and Finance, Public Economics, The Economics of Developing Countries, Theory and Practice of Econometrics, World Depression in the Interwar Years.
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