The Major Economics is the study of the production, pricing, and distribution of goods and services within societies. Economists study such problems as inflation, unemployment, technical change, poverty, environmental quality, and foreign trade. Economists also apply economics to such diverse areas as crime, health care and the elderly, discrimination, urban development, and developing nation problems. Two characteristics of modern economics receive special attention in the department's program.
Government policies have profound effects on how our economic system performs.
Government expenditures, regulations, and taxation either directly or indirectly affect both households and firms. Second, there is a growing interdependency among economies throughout the world. Extensive worldwide markets exist in which goods and services are traded, and capital and investments move across national boundaries. Economic events in one nation are often quickly transmitted to other nations. Economists study these phenomena through the development of systematic principles and analytic models which describe how economic agents behave and interact.