Economics is the study of production, distribution, and exchange of goods and services. It investigates such questions as price formation, degree of employment of labor and other resources, efficient use of scarce resources, and the basis and effects of government policies in the economy. Economics also analyzes, compares, and contrasts different economic systems in the world, and studies the international economic relations among countries. The areas of study in the Department fall into three broad classifications. The first of these, microeconomics, deals with the theoretical and empirical study of the behavior and interrelationships of individual economic agents, such as firms and individuals, and their interaction through markets. Next, macroeconomics examines the large sectors of the economy such as government, business, money and banking, and international trade. It also covers such topics as unemployment, inflation, and economic growth. Finally, econometrics uses statistics to estimate, test, and predict patterns of behavior of the various units and relationships that make up the economy. The undergraduate economics program is designed to give students a beginning sense of what economists do as well as how they think.
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