Introduction to the Major in Economics
Economics is the study of how individuals and society, faced with scarce productive resources, choose which goods and services to produce, how, and for whom, and to what extent these issues may be answered in the most efficient way, given available technologies and a particular social organization. To study and offer advice on the discipline, an economist needs special skills:
a solid and structured way of thinking
the ability to do independent research, as well as to collect and structure material
the ability to write concisely and coherently
quantitative skills (mathematics and statistics), including the ability to ‘model’ a problem (with or without the use of mathematics).
What You Will Study
Students study economics both at a macro-level (that of a whole economy, and government policies dealing with it) and at a micro-level (that of consumers or investors, a single market or firm, and firm policies dealing with how to maximize profits or minimize losses). Additionally, students can choose to study particular areas of applied economics such as managerial, investment, environmental, real estate, banking, labor, development, defense, insurance, or maritime economics; as well as economic history, international trade, etc. Students study necessary quantitative techniques, like mathematical economics, statistics, and econometrics.