The study of the production, consumption and transfer of wealth, and developing and analysing models that describe this behaviour. The main purpose of this narrow field of education is to develop an understanding of economic theory and its relationship to the production, distribution and consumption of wealth, macroeconomic and microeconomic theories, the structure of the local economy and its relationship to overseas economies, and the effects of economic decisions on individual, business and government behaviour.
Economics and Econometrics develops skills in:
- analysing economic policy to determine the effect on individuals, businesses and the economy as a whole
- developing models of economic behaviour using quantitative techniques
- researching and preparing reports and studies on economic conditions, activities and policy decisions.
Source: Australian Bureau of Statistics