What is Economics?

Economics studies the challenges facing human beings as a result of the limited amounts of natural resources, human effort, skills and tools, buildings and materials produced in the past. The better use we make of these resources, the richer our lives can be. This focus of economics leads it to examine the major problems facing rich and poor nations today - unemployment, inflation, poverty and inequality, pollution and environmental degradation, lack of sustainable development, depletion of fish stocks and deforestation, government spending and taxation, budget deficits and national debts.

The study of economics is an integral part of a liberal arts education because it interprets the structure and organization of society while developing a student's ability to analyze problems logically. Students of disciplines such as political science, history, geography, sociology and anthropology find that economics enriches their understanding of these fields. Students of engineering, geology and other sciences benefit from familiarity with the economic causes and consequences of problems they tackle, such as declining fish stocks or the construction of a bridge. Economics is an essential component of an education in business administration since it explains the behavior of markets.

The study of economics not only provides a sound understanding of fundamental aspects of the world around us but also offers a wide range of career opportunities. Journalists, lawyers, politicians, and members of the foreign service all benefit from knowing the workings of the economy. Further, your knowledge when well applied has the potential to benefit society as a whole. It is a rich and exciting field with much to offer both the specialist and general student.