| | Economics | | |
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| School | University of Prince Edward Island | | |
| Location | Charlottetown, PE, Canada | | |
| School Type | University | | |
| School Size | Full-time Undergraduate: 4,907
Full-time Graduate: 512 | | |
| Degree | Bachelor | | |
| Honours | | | |
| Co-op | | | |
| Length | 4 Year(s) | | |
| Entry Grade (%)* | 70% to 100% | | |
| Prerequisites | - Grade12 English
- Grade12 Social Studies or Grade12 International Languages
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| Prerequisites Notes | Applicants are required to have successful completion of Grade 12 examinations in a University Preparatory Program with an overall average of at least 70% (75% for Quebec Secondary V students) in the following subjects: English, one Social Studies or Language, and any 3 other academic courses. Applicants are also recommended to have Grade 12 math. Note: Grade 12 Math is a prerequisite for some 1st year Art courses.
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| Description | Economics belongs to the branch of knowledge known as the "Social Sciences." The social sciences deal with both intergenerational and intra-generational interactions between human beings in a society. Human activities can, of course, be studied from many different perspectives. We could look at humans as political, psychological, historical, or economic beings. A political scientist, for example, would analyze the political activities of the people while an economist would examine activities related to their livelihood. Human beings, in order to fulfil their innate desire for food and shelter, engage in activities that lead them to the production of goods such as food, clothing, and housing, as well as services. These acts of production and consumption to satisfy human wants form the very basis of the subject matter of Economics. Perhaps observing people engaged in this pursuit, Alfred Marshall defined economics as "a study of mankind in the ordinary business of life."
Since the ordinary business of life involves the use of limited natural and human-made resources (capital), people have always been interested in making the best possible use of these resources. This efficient use of resources has been the underlying theme in economics. Hence, the most succinct definition of economics would be that economics deals with the efficient utilization of scarce resources to satisfy human wants. Scarcity gives legitimacy to economics. If there is no scarcity, there is no economic problem. | | |
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