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The basics of supply and demand

Economics is concerned with the way individuals or societies allocate scarce resources and distribute goods and services. Any situation requiring choice among competing alternatives can be viewed as an economic problem. Economics courses enable students to study the way individuals make these choices (microeconomics), the way governments make these choices (public choice), and the aggregate consequences of these choices (macroeconomics). In addition, the Economics curriculum addresses international trade, money and banking, and economic development of the less developed nations.

Faculty members in the Department of Economics have research and teaching interests that span a broad range of fields. In addition to strengths in micro theory, macroeconomics, and econometrics (Bayesian and classical), the Department has expertise in many applied fields, including economic history, industrial organization, international economics, labor economics, public choice and public finance, transportation economics, and urban economics. Members of the Department maintain close ties with members of the Department of Political Science, the Department of Statistics, and The Paul Merage School of Business. Members of the Department maintain affiliations with the Economic Self-Sufficiency Policy Research Institute, Institute for Mathematical Behavioral Sciences, Institute of Transportation Studies, Institute on Global Conflict and Cooperation, Center for the Study of Democracy, and program in International Studies.