At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions are central to the well-being of people throughout the world. Economists identify, model, and analyze problems with the objective of developing practical and efficient solutions to challenges confronting society. Economists are also active participants in the processes and institutions through which economic policies are implemented. In the public arena sphere, economists contribute to design of programs and incentive systems to foster efficient implementation of policies. In the private sector, economists bring modeling and data-analytic skill to bear, both in identifying ways to enhance productive efficiency within the firm and in developing strategies to enhance effectiveness of the firm as it competes in the global marketplace.
The Bachelor of Science in Economics is a program with several learning objectives for students:
- Identify the role of supply and demand in a market economy.
- Identify the necessary conditions for market economies to function well.
- Discuss market system advantages, pricing and competition.
- Understanding of the economic role of government policy.
- Identify policy options and their effectiveness.
- Understanding importance of international relations to trade and finance.
- Understanding economic analysis on labor, and environment.