Economics is a social science, which focuses on how individuals, groups, and societies can make the best use of limited resources. Human wants are unlimited ranging from obtaining the basic necessities of life to road construction programs, constructing and running hospitals and schools, participating in international sporting events, etc. Satisfying those desires uses resources: natural resources, human labour, man-made resources, and time. These resources are not just scarce, but they also have alternative uses. The discipline of Economics explores how we may optimize the use of our own and the nation’s scarce resources. Thus, economics is the study of the resource allocation choices among competing uses for our well-being.
Governments also face alternative policy options to solve national economic problems such as unemployment, inflation, budget deficit, the balance of payments and poverty reduction for improving the standard of living.
A degree in economics is a flexible qualification which can open the door to a great variety of exciting and well-paying careers. These include various government ministries, reserve Bank, commercial and development banks, and in a wide range of regional and international organizations such as the World Bank, Asian Development Bank, united Nations Development Program, Pacific Islands Forum Secretariat, Secretariat of the Pacific Community, and the South Pacific Regional Program. Opportunities are also there for graduates to work in schools and private organizations.