| Faculty: | Faculty of Arts and Science |
| Description: | Our individual and social goals are constrained by the scarcity of our resources. There is only so much clean air and water to go around; our society has a limited number of workers; we have a limited supply of natural resources with which to work; our governments are constrained by their budgets; as individuals, each of us is constrained by a budget that depends on our incomes; and there are only 24 hours in a day. Because of this scarcity, we are forced to make decisions regarding the best ways to manage our resources. Economics helps us make better decisions.
Economics is the study of rational decision-making in the face of scarcity. As such, an understanding of economics is helpful in any field where decisions are made. Thus, economics is useful in business, in politics, in international relations, in alleviating poverty and inequality, in managing our environmental resources, in promoting development, in managing our health care system, etc. |