Economics is the study of how economic systems determine what goods and services will be produced, the prices and quantities of those goods and services, and who will receive them. All societies, from the most primitive to the most complex, must have economic systems that determine how scarce resources (land, raw materials, labor, machinery and physical structures) will be used to satisfy the demands of the people living in those societies. Knowledge of economics is essential to understanding problems ranging from the consumer’s decision to purchase one brand of car over another to businesses’ decisions as to which goods and services to produce and how to price them.
Economics also helps us to understand the causes of inflation and unemployment, as well as the effects of government budgets or international trade deficits. Lawyers, bankers, managers of large and small businesses, government planners, and journalists find economics a useful tool in understanding and solving problems.
Students choosing economics as their major pursue a core program designed to provide a thorough grounding in economic theory followed by more specialized study in such areas as money and banking, labor and industrial relations, international economics, public finance, industrial organization, and antitrust policy.
Economists are employed in all areas of private industry; in federal, state and local government agencies; in international organizations such as the United Nations and the World Bank; in labor unions; and in colleges and universities. Duties performed by professional economists include market research, forecasting, corporate planning, policy evaluation, economic impact studies and consulting.
Specializations available for the following:
Computer Management & Information Systems
Economics & Finance
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