ECONOMICS

• Economics is the study of how people manage limited (‘scarce’) resources, and the consequences of those choices.

  All kinds of resources are scarce: money, time, energy, land, natural resources, effort, talent, etc. We can’t get everything we want with the resources we have, so we must make choices about what our resources get used for. Economic decisions appear everywhere.

  Allocating scarce resources is a social activity: people must interact with each other, and their decisions affect one another. As a result, Economics also looks deeply into the behavior of groups of people (consumers, firms, governments), the structure of markets/industries, and the performance of national economies.

Why study Economics?

• Build an 'Economic Toolbox' made up of critical thinking (putting pieces together), analytical thinking (understanding and using data), inquiry and argument (creating convincing arguments supported by evidence), scientific thinking (testing hypotheses with evidence), behavioral analysis (understanding people), social analysis (understanding societies/communities) and problem solving (identifying better paths forward).
• Explore business, finance, natural resource management and sustainability, poverty and inequality, government, international issues, labor issues and health. 
• Pursue a career in economics … it’s much more than you think.

How can you get started?

• The Economics department offers the following programs: BBA in Economics, BS in Economics, Minor in Economics, Minor in Economic Forecasting (coming in 2021).
• Students interested in an economics minor or are still undecided about a major are encouraged to take ECON 101 – The Economics of Everyday Life (Fall only). 
• Students interested in the economics majors (BBA/BS) and minors usually start with the Principles (ECON 105 – Principles of Macroeconomics and ECON 106 – Principles of Microeconomics).
• New Economics students are encouraged to join the Economics Student Association (ESA) to make connections with other Economics students.
• Economics at Radford