Economics is a dynamic social science, forming part of the study of individuals and societies. The study of economics is essentially about the concept of scarcity and the problem of resource allocation. 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. No particular background in terms of specific subjects studied for national or international qualifications is expected or required and no prior knowledge of economics is necessary for students to undertake a course of study based on this specification. A familiarity with economic concepts would be an advantage.