Economists study the behavior of consumers, business firms and financial institutions.
They examine government policy and international economic relationships. Thus, economics covers a very broad spectrum of human activity from how wages are determined to the price of beef, from how much to spend on health, education, and welfare to how to obtain the greatest number of ships and planes from a given budget. It is concerned with efficiency, growth, population, pollution, inflation, recession, poverty, productivity, taxes, monopoly, unions, conglomerates, and competition. It studies capitalism, communism, and socialism. An academic program in Economics is NOT equivalent to an academic program in Business, although Economists are interested in a number of subjects taught in Business Schools, such as accounting and financial analysis.