Economics is the study of how society provides for itself by making the most efficient use of scarce resources so that both private and social welfare may be improved.  The subject, therefore, covers the study of households, firms, government and international economic institutions as they attempt to make better use of scarce resources.

The study of Economics enables individuals to develop a better understanding of the economic issues which affect them and the world in which they live.  It will also enable students to offer informed comments on economic matters.  The knowledge gained from an advanced course in Economics will be of life long value to the students.  The influence of the subject on all areas of activity should stimulate the individual to continue reading and research in Economics.  It is recognised that persons doing this course may be drawn from different backgrounds and may possess different interests.  Some may wish to study Economics as preparation for further specialisation in the subject. Other may study the subject to complement other subject disciplines required for careers in finance, accounting, or law.  Some students may see the subject as one worthy of study in its own right.

A study of Economics at the CAPE level will be of benefit to all students by introducing them to the philosophy which underlies everyday economic interactions.  The study will also train the student to think logically, critically and impartially on a variety of contentious issues.

The training received in this discipline will allow students to transfer, successfully, knowledge and skills acquired to a range of paths for further education.  Students of Economics will be able to contribute, significantly, to economic and social development tin the Caribbean by acting as catalysts for wider awareness of social and economic issues.

The syllabus aims to:

• promote understanding of the basic principles and concepts of economics which are accepted in large measure by economists while recognising that the field is changing continuously;
• develop an appreciation of the various methods used by economists in analysing economic problems;
• develop an understanding of the global economy and of the relationships between rich and poor nations with respect to international trade and finance and the most important international financial institutions;
• encourage students to apply economic principles, theories and tools to everyday economic problems for example, inflation, unemployment, environmental degradation and exchange rate instability and to contribute meaningfully to any dialogue on these issues;
• encourage students to apply economic theory to the crucial issues which affect the small open Caribbean type economy;
• encourage students to evaluate contentious economic issues so that decision-making may be informed by logical thinking.

The syllabus is arranged into two Units.  Each Unit consists of three Modules, each Module requiring 50 contact hours.

Unit 1: Microeconomics

• Module 1: Methodology of Economics and Demand and Supply analysis
• Module 2: Market Structure and Market Failure
• Module 3: Distribution Theory and Applications of Recent Theoretical Developments

Unit 2: Macroeconomics

• Module 1: Models of the Macroeconomy
• Module 2: Macroeconomic Policy Analysis
• Module 3: Growth, Development and International Economic Relations