In 1890, the great economist Alfred Marshall wrote:
“Economics is a study of mankind in the ordinary business of life”
Resources are never infinite, and because we can’t have everything we have to make choices. Economics is the study of how people, firms, governments, and societies make choices about how to allocate resources. Economics impacts nearly every aspect of our lives. Should you go to college? Should a business expand? Should Congress pass a new law? All of these decisions have an economic component that can be analyzed using the tools you will learn in the economics classroom.
Applying the tools of economic analysis, along with an ability to see issues from an economic perspective, will help you to make better decisions as individuals, in our families, our communities, and our nation. With an understanding of economics, you will be better positioned to change the world for the better.