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 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.
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