A master's degree is a postgraduate academic degree. One must already have an undergraduate degree to apply for a master's program. Most master's degree program would require students to complete a master's thesis or research paper.
Aside from the distinguishing between microeconomics and macroeconomics, students who are studying economics must also learn the difference between positive economics and normative economics. The former deals with that which is, while the later deals with that which ought to be. Other distinguishing characteristics include economic theory and applied economics.
Australia has the third largest number of foreign students in the world despite having a community of only 23 million. These are strong academic credentials, but Australian institutions are just as highly ranked as the cities that house them around the native land.
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