What is Economics?
Why is it that in some countries there is extreme poverty while other countries are wealthy? Why is it that some people earn more than others? What is the effect of economic policies such as changing income taxes, imposing pollution control mandates, deregulating industries, or signing free-trade agreements? Why do some firms have a more efficient work force than others? How does the banking system work? Economics provides a framework to answer these and many other questions. Today almost everything, including elections, are driven by economic events and decisions.
Economics is about trade-offs. Whenever you make a choice, you sacrifice something; for instance, if you buy a car you will probably give up a spring break vacation to Cancun. You, and all other individuals in society, must make decisions on how to make the best use of your time, money and special talents. Like you, a society must decide how to manage its scarce resources in a world of unlimited wants. In any economic system, people interact with each other in making economic decisions as they go about their daily lives. A basic knowledge of how the system works and how resources are allocated through the price system is essential for intelligent participation in a society like ours, which relies on a mix of private enterprise and government to allocate its resources.
Why Major in Economics?
Job recruiters and graduate school admissions counselors frequently seek economics majors because economics offers a way of thinking that is clear, concise, and rigorous. Our program of study is flexible in order to accommodate a wide range of student interests--for example, whether you are interested in public policy or business applications, you can chose the electives in economics that match your interest. Since economics provides a rigorous way of thinking, it allows individuals to change careers or switch professions with relative ease, and in an economy as dynamic as ours, this ability is increasingly important. It is becoming more common for economics majors to combine economics with other majors such as music, math, accounting, finance, political science, or management. A major in economics also provides excellent preparation for law school and other graduate programs. As the Wall Street Journal (November 30, 1998) has pointed out, economics majors are among the top majors accepted into the best law schools and graduate programs in the United States.
Career Options
An economics degree provides excellent training for careers in such fields as banking and finance, international business, general business, law, government, and business consulting.
Economics At Moorhead State University
The Economics faculty at Moorhead State University work closely with students to assist in the development of a solid understanding of economic concepts and how to apply these principles to a wide variety of topics. The faculty are committed to encouraging an awareness and appreciation of the economic relationship among individuals, institutions and society. Students are encouraged to critically evaluate alternative public policies to achieve various objectives. In our courses, students read current articles from various newspapers, magazines, and journals and use economic principles for analyzing contemporary issues. For example, public policy makers often want to reduce the amount that people smoke. What are various ways that policy can attempt to achieve this goal?
The Economics Faculty
The Economics Department has five full-time faculty members who are dedicated teachers. A small number of majors provides the opportunity for faculty to work with economics majors outside the classroom.
371 MacLean Halloorhead State University
218-236-2842
371 MacLean Hall
Moorhead State University
218-236-2842
