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Award Type and NFQ Level:
Course code: ARTS
CAO/PAC code: MH101
Points: 310
QQI: Yes click here for details
Closing date: 01 July 2024
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Economics is a social science that helps us to understand the behaviour of decision makers such as consumers, firms, workers, governments, investors, central banks, policy makers.

  • Economists are not defined by the subject matter that they study but rather by the way they approach a given topic. Economics provides a framework for understanding problems and learning how to solve them.
  • There is a misconception about economics. People tend to think that economics is all about money and profits, but economics is much more than that. It is about understanding the past, predicting the future, and making evidence-based policy recommendations.
  • Economists aim to find feasible solutions to help improve people's lives. This involves tackling important societal problems such as: how to reduce gender in equality and racial discrimination, how to create international cooperation to protect the environment, how to break the poverty trap in less-developed countries, how to reduce crime.
  • Economists use game theory to analyse strategic interaction to answer questions such as: What is the optimal pricing and advertisement strategy for a firm? How should we set political campaign financing rules to improve the quality of our democracy? How should patents be designed to foster innovation but not curtail competition?
  • Economists use statistical techniques to understand the market and how people respond to incentives. By determining causal relationships, economists can make evidence-based policy recommendations at the firm and state level.
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