The study of economics is about our fundamental well being and how we are able to live our lives. A nation with an energetic and healthy economy is one that can provide its members choices about how they live their lives, as well as provide stability and freedom. The system that ensures we can trade a piece of paper for goods and services does not happen by chance, but is the fruit of thoughtful study of what makes an economy and its businesses and markets work.
Economics looks at improving the well-being of society in an economy of scarce resources, raising issues of both efficiency and equity. Efficiency concerns maximizing total output to the point where gains to some can only come at the expense of others, while equity promotes fairness in the distribution of the output.
Microeconomics deals with the supply and demand - how individuals and firms make decisions about what is produced and how and who receives the income and thus the goods and services.
Macroeconomics looks at the overall economy - national and international - including issues of growth, unemployment and inflation and what types of public policies are available to improve the economic environment.
Albers offers two undergraduate degrees in Economics, the Bachelor of Arts in Economics (BAE) and the Bachelor of Arts in Business Administration (BABA) - Economics.
The difference between the liberal arts degree in Economics, the BAE, which emphasizes economics as a social science, and the business degree in Economics, the BABA-Economics, which emphasizes economic analysis in a business setting, is primarily one of focus.
A BAE degree and strong quantitative skills are best for those interested in the theoretical and policy research aspects of economics and those who desire to become professional economists or teach economics following graduate study in economics. The BABA-Economics major would be most appropriate for those intrested in using their economic analysis skills in a business environment, where knowledge of the other business disciplines included in the business degree program would be helpful.