The study of how individuals, businesses, governments, and other organisations within our society chose to use scarce resources to satisfy their numerous needs and wants in a manner that is efficient, equitable and sustainable.'

The four main topics covered by Economics are Macroeconomics which is defined as large-scale or overall economic factors such as national productivity and interest rates; Microeconomics defined as economics on an individual scale; Economic pursuits such as banking and labour related economics and Contemporary economic issues that covers issues such as unemployment, globalisation, inflation etc.

Economics provides students with transferable skills and economic-specific skills such as the ability to:

  • 'use resources efficiently to satisfy the competing needs and wants of individuals and of society

  • understand the concept of monetary and real flows in an open economy within the confines of productions, consumption and exchange

  • develop skills to apply demand and supply, and cost and revenue analyses to explain prices and production levels

  • understand reconstruction, growth and development, as well as a critical approach to initiatives for a fair distribution og income and wealth, human rights and responsibilities

  • acquire an advanced Economics vocabulary that will allow them to debate and communicate the essentials of the subject

  • apply, in a responsible and accountable manner, principles that underlie basic economic processes and practices

  • explore a variety of methods and strategies to analyse and explain the dynamics of markets

  • collect, analyse and interpret production, consumption, and exchange data as well as other information in order to solve problems and make informed decisions 

  • understand human rights concerns, reflect on the wealth creation process, and engage in poverty alleviation

  • analyse and assess the impact of local and global institutions on the South African economy

  • explain economic events and forecast their consequences or predict likely future outcomes' - South African Department of Education CAPS

To learn more about the subject of Economics, visit the South African Department of Education website.

Department of Education