Economics is a difficult subject for many people because it is similar to learning a new language. However, economic principles and their application are important to understand how people and countries use their resources to produce, distribute and consume goods and services.

Students are introduced to the concept of cost-benefit analysis and asked to apply this economic way to thinking to both their daily lives and decisions made amongst producers and consumers. This analysis will help to understand the interaction between producers and consumers in the product and factor markets, the influence of market failures, and the role of governments in the promotion of greater efficiency and equity in the economy.