Economics is a social science that studies choice among competing alternatives given scarce resources and hence trade-offs.

It is the study of how people, institutions, and nations, as far as they are able to, create and manage their scarce resources (such as time, money and materials), make choices by comparing costs and benefits, and act purposefully on these choices. Economics also studies how people interact with each other, how their behavior reflects the incentives they face, and how they change their behavior in response to different incentives. Economics has such pervasive influence in our lives that the modern age is often referred to as the age of the economist.

Spencer Dean
Student Profile
Spencer Dean, Bachelor of Arts in Economics