What is Economics?

Economics is the social science that provides comprehension of the meaning and relevance of human action under conditions of scarcity. It is the pith of civilization and it concerns everybody and everything at every point in time. It is the main and proper study of every citizen.

Economists work to understand unalterable laws of economizing behavior, the knowledge of which helps each of us achieve goals which are individual, time, place and circumstance specific. In other words, the study of economics enables a more effective use of scarce resources such as the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create products and services to satisfy human wants. Important choices involve how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services, and the consequences of government interference in consumptive, productive and exchange activities.

Economics is a value-free science. It never tells a person how to act; it merely shows how a person must act if they want to attain definite ends.

About the Economics Major

The Bachelor of Management degree with an economics major takes advantage of the natural affinity of management with economics. It includes economic and management courses. It has been used as preparation for post-graduate studies by motivated students.

Why a Major in Economics?
Why a UofL Degree in Management?
Interested in an Economics Major?