What is Economics?

Economics is concerned with the creation, consumption, and transfer of wealth. The study of economics encompasses the major areas of microeconomics, which explores how people and firms produce and consume goods and services, and macroeconomics, which explores mass economic progress and inter-country trade. Economic methods may be used to study all kinds of issues, from land and other natural resource use, to how much people should work, to how to develop human capital through education. Economics can provide insights in areas as diverse as how workers should be rewarded, how government should conduct fiscal and monetary policy, and how health care markets work.

The basic theoretical and statistical tools of economics are applied to virtually every field of human endeavor. Major fields of study within economics include Behavioral Economics, Development, Econometrics, Economic History, Financial Economics, Industrial Organization, International Economics, Labor Economics, Macroeconomics, Mathematical Economics, Political Economics, Public Economics, Economic Theory, and Urban Economics.


(Video courtesy of the American Economic Association)

What can you do with an Economics Degree?

A degree in economics has various career paths as students graduate with skills in high demand across numerous industries, including Banking, Consulting, Public Service, and many others.

Visit our Econ Career Services and our Econ Career Paths pages to read more about some of the many careers you can follow with a degree in economics, and our support to help you reach your goal.