Life is about choices. However, individuals, firms and governments cannot have everything they want; their desires are constrained by both time and resources, and therefore they must choose from a range of possible options.
Does an individual want more leisure time or a higher income? Does a government want to spend more money on hospitals or more on defence? Does a firm cut prices or advertise more to increase sales?
Economics studies the way in which these choices are made, and can inform policy in areas as diverse as education, the environment, commerce, transport, globalisation and health.
Why study economics?
If you’re unsure whether economics is for you, take a look at a host of information and advice available at http://www.whystudyeconomics.ac.uk/. It’s designed for prospective university entrants, but there are pages directed at teachers too.