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What is Economics?

A photo of pepper pepper
I was just wondering what do you actually learn in the economics course in university? I was told it was learning about the stock market but after reading the descriptions I am not so sure anymore. If that is not economics which course am I thinking of?
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A photo of g93 g93
Economics is a pretty broad topic, and from Wikipedia it "is the social science that analyzes the production, distribution, and consumption of goods and services."

The stock market is a part of it, but it certainly doesn't define economics, it's just a small part of it. As with anything, you can specialize in many different areas.

If you are going into Grade 12, take economics. It's pretty interesting. You will get a decent background on it, and will have two big units, one will be microeconomics and one will be macroeconomics.

In first year university, there will be one micro and one macro economics course. It's not too much different than the high school course in most cases, split up into those two sections.

You might be thinking about finance, which would have more to do with the stock market (although it is more than that as well).

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A photo of g93 g93

@BusterBaxter wrote

@g93 wrote
In first year university, there will be one micro and one macro economics course. It's not too much different than the high school course in most cases, split up into those two sections.




University economics varies greatly from high school economics; profs will tell you to pretty much forget everything from high school economics because it's taught in such a simplistic way that it's useless/wrong. People who got 90s in high school can get 60s in university economics. The topics, such as supply and demand, may be similar, but the way they are taught can vary greatly.


For first year though? I have been told that the first year micro/macro is around 80% high school economics plus a few new topics.

I know if you take economics at our school you get the credits for first year economics at Laurier and possibly one or two other places.
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A photo of Matthew Matthew
Economics is a social science that studies resources and scarcity. Basically, when there is unlimited need/want for a good/service, but a limited amount of the good/service, then the good/service is scarce, economics seeks to study the effects of this scarcity on both the small scale, and large scale. Microeconomics is the study of how individuals and specific parties allocate and use scarce resources, while macroeconomics is the study of the allocation/use of resources in a given economy.

I had econ last semester, so I may be a bit off.

From what I've heard from all my friends in business programs, all of first year microeconomics is covered by our high school economics class, and the first half of macro. We have an amazing econ teacher though.

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A photo of goldmansachs goldmansachs
I absolutely loved Econ when we got around to the Macroeconomics part, Microecon can be a bit dry and is more theory and is concerning the single factors that happen in economic decisions whereas Macro is much more broader and you get to see the entire picture.
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A photo of g93 g93

@BusterBaxter wrote
AP economics can give you transfer credits, but I highly doubt a regular economics course would count as a transfer credit. It varies by high school obviously, but in most cases high school economics doesn't mean you can slack offing university economics because you "already know all the topics". SO many people did this in first year and they ended up failing miserably. Again, the concepts are very similar, but the teaching methodology is different.


It's not AP. We have it for a number of courses at our school - tons of them can be transferred to some colleges too. There is a few that you have to write a test for and then you get the credit, but others you don't. For economics you complete the course you get a certificate saying that you get a university credit for it. You just have to submit it to the university.

Of course it's not a good idea to slack off. All I was saying is that high school economics is a general background and then university first-year in most cases is mostly the high school content split up into micro and macro. How it is taught and tested is a different story, and was irrelevant to my point. That led me to say that later on in university you will be very advanced and it will be quite different than high school economics (obviously).
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A photo of Toronto12 Toronto12
It actually depends what type of economics are you studying and the depth of the course.
For example, UTSC splits economics into macro and mirco economics. If you are taking general economics with no mathematical approach, you will learn mostly theories (General concepts and terms which you will find in tests and midterms). On the other hand, if you took economics with math, you will encounter calculus based application questions...
I never took economics in grade 12, so I'm not quite sure about the differences compared to university...Anyhow, as long as you work hard and keep up with your readings, you should be fine. :)
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A photo of SiVisPacemParaBellum SiVisPacemParaBellum

@pepper wrote
What is economics?



Pseudoscience.
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