Economics studies the allocation of scarce resources. At the core of economics are theories of how individuals, firms, and other organizations make choices and interact, taking into account constraints on their behaviors. Among the topics studied in economics are: the determination of prices and quantities in various types of markets (from perfectly competitive commodity markets to highly regulated utility markets and internet auctions); the effects of taxes, subsidies, and regulations; the determination of aggregate economic activity (e.g., GDP, unemployment); inflation, monetary policy, and financial intermediation; economic growth and income distribution; international trade and international finance (e.g., exchange rates).
Economics is an important component of the liberal arts curriculum and provides a useful background for students planning to enter any profession. A major in economics gives training in economic principles and in the application of economic modeling techniques to understanding a variety of economic and social phenomena.
The Economics Major consists of 12 CUs: 2 calculus courses, 2 introductory economics courses (ECON 1 and 2), 4 intermediate-level courses (ECON 101, 102, 103, 104) and 4 advanced economics courses.