Economics is a dynamic social science. The study of economics is essentially about the concept of relative scarcity and the choices that follow from relative scarcity. Although economics involves the formulation of theory, it is not a purely theoretical subject; economic theories can be applied to real-world examples. Neither is economics a discrete subject, since economics incorporates elements of history, geography, psychology, sociology, political studies and many other related fields of study.

Economics does not exist in a vacuum, because it naturally must consider how economic theory is to be applied in an international context.

The scientific approach characterises the standard methodology of economics. This methodology can be summarised as a progression from problem identification, through hypothesis formulation and testing, arriving finally at a conclusion.

Alongside the empirical observations of positive economics, students of the course are asked to formulate normative questions. Encouraging students to explore such questions forms the central focus of the Economics course.