The study of economics is essentially about the concept of scarcity and the problem of resource allocation. Economic theories are applied to real-world examples through examination of current events. Economics uses the scientific approach, which involves these steps:
• problem identification
• hypothesis formulation and testing
• arriving at a conclusion.
Economics involves the empirical observations of positive economics. Economics’ students must formulate normative questions and then explore these questions through investigation and inquiry. The five units of study in Economics are
• Introduction to Economics
• International Economics
• Development Economics
Internationalism can be defined as the ideal or practice of cooperation and understanding among countries. Economics has an important role to play in promoting such international cooperation and mutual understanding because of its focus on global issues. Teachers of the course must aim to promote an awareness in their students of how the impact of economics can both improve cooperation and understanding between countries and, unfortunately, cause extensive damage.
If all participants in the global economy are to achieve a better quality of life for their populations, there must be economic cooperation between all countries. This does not mean that developed countries must control the destinies of less-developed countries. Instead, it means sharing concepts across cultures, against a background of economic awareness. To achieve this understanding, students must be taught to consider economic theories, ideas and happenings from the points of view of different individuals, nations and cultures in the world economy. Although complete knowledge is impossible, students can search for understanding through a wide range of different aspects of the global economy. Their search may inspire a lifelong interest in the promotion of international understanding.