The Economics Major
Economics has been defined as the science of choice in the face of scarcity and different consumption options. Limited resources, limited time, limited labor supply, limited energy, limited knowledge — such factors as these define the boundaries of possibilities and require human beings and societies to make choices. Economic theory is an attempt to capture the essence of that decision-making process, free of the details of particular situations. Students in the Economics major learn to use this theoretical foundation to analyze decision-making throughout society — from an individual’s decision to purchase a car to a state’s decision to raise or lower taxes to a society’s decision to choose a cleaner environment and a particular form of government. In the classic sense of liberal education, students learn to use the tools of economics as a key to understanding the human experience and as a guide to individual, business and societal action. This understanding of the forces underlying our economy — and, to a great degree, our society — provides a strong foundation for a range of professions and business careers. The Economics major is considered as a solid preparation for graduate studies in, economics, business administration, finance, law and public policy.
The Economics Minor
The Economics minor is a course of study designed as a second field for students seeking an understanding of the tools of economic theory and their use in analyzing the decision-making process on both an individual and a societal level.