Economists study how people make choices in life when scarcity limits what is available. They look at a society s financial, industrial, and labor organizations, its distribution of income and ownership rights, its governmental activities, and its political and economic philosophies, and analyze how these and other factors influence the goods an economy produces, the resources it uses in production, and the distribution o its output. They also look at how incentives affect decisions relating to human behavior, such as whether to obey the law, get married, or have children.
Economic analysis leads to explanations, predictions, and policy suggestions.
In examining these sorts of questions, economics helps us to understand more clearly the choices available to us and the consequences of our decisions. Select 6 hours of mathematics at or above the level of College Algebra. Statistical Decision Making Students wishing to pursue Master s or Ph.D. degrees in economics are advised to take MATH 1471 and MATH 1472. Prerequisite to upper-division ECO courses. Most students take 9 hours of upper-division ECO courses.