What is Economics?
Every day individuals make choices, pursuing their interests with their limited time, money and other resources. Economics is the study of choices consumers, managers, and government officials make to attain their goals given that they have limited or scarce resources. Students of economics study the production, consumption, and distribution of goods and services. These studies attempt to clarify how the use of natural, technological, and financial resources affects the lives of human beings. The study of economics draws upon history, philosophy, and mathematics to deal with subjects ranging from how an individual or a business manager can make sound decisions, to societal issues such as unemployment, inflation, poverty, and environmental impacts of human behavior.
Why should a prospective student consider majoring in Economics?
Every day our lives are impacted by economic forces, both near and afar, making economics personal and interesting. The study of economics helps students understand these forces and provides the tools to assess their impacts. It provides a framework for analyzing how individuals or families, businesses, and governments make decisions as they face trade-offs. Students majoring in economics or financial economics develop strong analytical and quantitative reasoning skills that enable them to not only solve problems but also identify the appropriate questions to ask when evaluating possible alternatives. Such skills are valuable in all walks of life.
What interests and values are related to Economics?
Students of economics have an aptitude for quantitative and analytical reasoning. They employ logical and rational thinking to find solutions to various problems. Students of economics often value intellectual growth. They are curious and have an express interest in market behavior, government policy, economic and fiscal trends as well as social problems like health care, unemployment, income inequality, economic development, international trade, and environmental sustainability. Economics students usually enjoy research and like to feel a sense of achievement.