Economic Write For Us
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth in output and welfare over time, and various other complex issues of vital concern to society.
Economics is More than Numbers
Its Economics is a social science with stakes in many other fields, including political science, geography, mathematics, sociology, psychology, engineering, law, medicine, and business. The central quest of economics is to determine the most logical and practical use of resources to meet private and social goals. Production and employment, investment and savings, health, money, and the banking system, government policies on taxation and spending, international trade, industrial organization and regulation, urbanization, environmental issues, and legal matters (such as the design and enforcement of property rights), are just a sampling of the concerns at the heart of the science of economics.
Types of Economists
Economics is Personal (Microeconomics)
Microeconomics studies the implications of individual human action and is vital to a person’s financial health. Personal resources are scarce, too! One can always use another dollar, hour, or new skill. Achieving the most satisfactory allocation of resources is crucial, and studying allocation problems improves one’s ability to make daily and life-long decisions. Some examples of common day-to-day economics questions include: Should I pay cash, borrow, or sign a lease to get that new car? Should I take a home equity loan or invest in the stock market? Should I open a 401K plan now or wait until next year? Economists understand how to make these decisions in their own lives and can advise others personally or professionally.
Economics is Universal (Macroeconomics)
Macroeconomics studies how the economy behaves, including inflation, price levels, growth rate, national income, gross domestic product, and changes in employment rates. Some critical questions American economists try to answer include: “In a nation as rich as the U.S., why are so many people under-employed?” and “Who determines how much money is circulating in the U.S.?” From politicians to educators to journalists to urban planners, a thorough understanding of macroeconomics strongly impacts leadership skills, decision-making, and the ability to plan for a flourishing social future. To meet this need, the Department of Economics has designed a multidisciplinary curriculum that prepares students to maneuver seamlessly from one area of focus to another.
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