Economics

Economics is concerned with the study of how scarce resources are allocated, given the unlimited wants of a society. The study of economics will enable students to make a better
assessment of, and an improved contribution to, discussions on political, economic and social issues. The CSEC® Economics syllabus introduces students to relevant economic concepts and
principles that will provide the foundation necessary for a proper understanding of how economies work, especially the economies of small states like those in the Caribbean. It also
gives students the critical knowledge and skills to communicate ideas using the language and tools of the discipline of Economics, as well as provides a useful foundation not only for further
study in Economics but also for study in other Social Science subjects, including History, Politics, Business and International Relations.

This syllabus will contribute to the development of the Ideal Caribbean Person as articulated by the CARICOM Heads of Government, in areas including but not limited to the following:
(a) is aware of the importance of living in harmony with the environment has a strong
appreciation of … community cohesion, and moral issues including responsibility for and accountability to self and community.
(b) demonstrates multiple literacies, independent and critical thinking, questions the beliefs and practices of past and present and brings this to bear on the innovative application of science
and technology to problem solving.
(c) demonstrates a positive work attitude; and,
(d) values and displays the creative imagination in its various manifestations and nurtures its
development in the economic and entrepreneurial spheres in all other areas of life.
Also, in keeping with the UNESCO Pillars of learning, on completion of this course of study,
students.
will learn to know, learn to do, learn to be, and learn to live together having been exposed to the values implicit within human rights, and democratic principles.
In summary, the syllabus seeks to equip students with the basic tools necessary for an understanding and interpretation of economic phenomena experienced by Caribbean people and
for communicating, intelligently and effectively, on economic issues in the region and the wider international community.

AIMS
The syllabus aims to:
1. develop an understanding of the essential concepts and principles of Economics;
2. equip students with the tools needed for economic analysis, thus enabling sound, informed
decisions as consumers of goods and services;
3. provide students with the foundation that will enhance their study in other disciplines that
include concepts and principles of Economics and make use of the analytic approaches of
Economics; and,
4. develop an awareness and appreciation of economic issues peculiar to the region.

GENERAL OBJECTIVES
On completion of this syllabus, students should:
1. understand basic concepts and principles used in economic analysis;

2. develop the skills to assess economic issues that would affect their lives as workers, consumers and citizens;
3. develop the competence to contribute to discussions on current economic issues and decisions that should be made to shape and strengthen local, national and regional
institutions;
4. develop the ability to analyze, critically, economic decisions made by policy makers; and,
5. demonstrate an awareness of the fact that economists hold differing views on some economic issues.