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- The field of economics is a broadly applicable social science that analyzes the movement of resources within market systems, the parts that make up those systems and how incentives inform the actions and behavior of participants within those systems.
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Nov 16, 2023 · Nov. 16, 2023, at 4:52 p.m. Getty Images. While many people may think of money when they hear the word "economics," that’s only one aspect of this broad field. Economics majors analyze social...
- Laura Kostad
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Nov 1, 2023 · A bachelor’s in economics is a four-year undergraduate degree exploring the systems that govern the production, consumption and exchange of goods and services. Economics majors also study how...
Unlike other financial majors, economics is usually housed in a university's school of arts and sciences, not its business school. This is because economics tends to be more theoretical than most business majors. As an economics major, you’ll study the why and how behind the economy!
Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
Economics is not primarily a collection of facts to memorize, although there are plenty of important concepts to learn. Instead, think of economics as a collection of questions to answer or puzzles to work. Most importantly, economics provides the tools to solve those puzzles.
Economists are interested in the individual and societal effects of income disparities, trade, employment, depression, and recession. As a major in this fascinating, complex field, you’ll study historical trends, interpret news headlines, and make economic forecasts.
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
