What is economics?

Economics analyzes the choices made by individuals and societies in the use of resources and labour to produce goods and services for consumption or investment. Its aim is to give us a better understanding of how the economy works.

Economics is different from administration or management in that it:

  • Analyzes the way markets rather than businesses operate
  • Uses rigorous methods with a broader application

With a general education in economics, you will:

  • Understand the major principles underlying the economy
  • Learn about the different components of the economy:
    • Household, business and labour economics
    • Financial, public and international economics
    • Economic development
    • Statistical and econometric techniques