Mark Witte, Department of Economics Professor of Instruction; Director of Undergraduate Studies “You can learn a lot in study abroad economics classes, and also a lot when you’re outside of class as ...
Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions.
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
Economics is the study of scarce resource allocation by individuals, businesses, and governments during times of scarcity. It also examines their decisions or choices affecting the production, distribution, consumption of goods and services.
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