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 0100 [formerly 001] and 0200 [formerly 002]), 4 intermediate-level courses (ECON 2100 [formerly 101], 2200 [formerly 102], 2300 [formerly 103], 2310 [formerly 104]) and 4 advanced economics courses.