In essence the study of Economics helps to form judgements on the way in which society should use its limited resources to achieve a high and rising standard of living. Economics concentrates on the aspects of human behaviour involved in the consumption and production of goods and services. It sets out to understand and explain how individuals, business firms, government and other agencies apply resources − labour, land and capital − and how their decisions collectively impact on employment, prices and the welfare of people and countries. Every student in the Commerce Faculty is required to study Economics for two years. It is seen as a vital foundation of underlying knowledge on which other disciplines can build. The thought processes, logic and skills acquired here are vital for you to successfully operate in a business environment.
Economics at Rhodes is offered at a number of distinct levels. The first year course is intended as a broad introduction to the discipline which will give students taking only one year of Economics a sound understanding of basic issues, while laying the foundations on which more advanced study is built. In subsequent years students undertake more advanced study of Microeconomics, the underlying principles for the study of the individual firm or business, and Macroeconomics, the study of the principles governing the operation of the wider economy. There is a strong focus on problems of the South African economy at all years of study.