Why are some countries rich and some countries poor?
Why do women earn less than men?
How can data help us understand the world?
Why do we ignore information that could help us make better decisions?
What cause recessions?
Economics can help us answer these questions, and 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. Economics is a broad discipline that helps us understand historical trends, interpret today’s headline and make prediction about coming years.
Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.
Economists have all kinds of jobs, such as professor, government advisors, consultants, and private sector employees. Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena. Economics interests many disciplines. Its applications include health, gender, the environment, education and immigration.
(Source: American Economic Association)
Economics 101 is a fundamental course in microeconomic analysis. It covers price theory, economic scarcity, consumer behavior, market equilibrium and disequilibrium, production costs, theory of the firm, market structures and income distribution. Other optional topics include the history of economic thought, externalities, market failure, international economics.
102/102H PRINCIPLES OF MACROECONOMICS/HONORS PRINCIPLES OF MACROECONOMICS
Economics 102 is a fundamental course in economic analysis. Emphasis is placed on theories of output determination, consumption, investment, inflation, unemployment, and fiscal and monetary policy. Other selected topics may include international balance of payments, growth and development, and urban problems.
110 ECONOMICS OF THE ENVIRONMENT
Economics 110 searches for an economic understanding of contemporary environmental problems. Economic theory is used to explain why there is inefficient resource use and pollution. Public policy to correct environmental problems is examined critically, looking at the costs and benefits of such programs as Superfund cleanup, government regulation, and market incentives.
170 INTRODUCTION TO GLOBAL STUDIES
Economics 170 is an introduction to the interdisciplinary field of Global Studies, including the history of globalization, and economic, political, social, cultural and ecological developments related to the process of globalization. Students evaluate topics such as NGOs, the global economy, and transnational population trends. Note: This course is cross-listed with GEOG 170 and POL S 170.