Economics studies how society allocates scarce resources to alternative ends. In a market economy the allocation of resources results primarily from individual decisions though markets and so economics studies how markets work. But in a more general sense, economics studies how individuals make choices and decisions. Having an understanding of basic economics not only enables you to better understand the world around you, but also helps you make better decisions in your business, in your household or in the voting booth. Studying economics does not provide a set of ready-made answers for every problem but does provide you a systematic way to analyze problems and formulate the best solutions.
General Interest Area:
Economics provides a logical way of looking at a variety of problems. The study of economics covers topics ranging from making sound business decisions to tackling some of society's most challenging issues. It is not possible to completely understand business decisions, politics, social reforms, or international relations without an understanding of their economic bases.
High School Background:
Students who wish to pursue further study in the field of economics should continue taking social science courses, such as government and history. Students should also continue their studies in mathematics, including statistics and algebra.
Plan of Study:
Economics majors not only are required to take a rigorous series of economics courses, they must also fulfill UAF core study requirements. The core requirements expose students to new perspectives will providing an opportunity to learn additional skills that are used in economics courses. With respect to economics courses students begin in the 100 level political economy course and then move to the 200 level beginning theory course. After that, economics majors are required to complete courses in economic statistics and intermediate theory. To complete the degree students fulfill elective requirements by taking economic courses of their choosing. Examples include, energy economics, environmental economics, money and banking, and resource economics.
How to get Involved:
It’s easy to get involved in economics at UAF. Student organizations such as SWEET (Students Who Enjoy Economic Thinking) provide and opportunity for students to interact with their peers and discuss important issues. More importantly, students in SWEET have the opportunity to interact with important public figures such as Senator Lisa Murkowski who recently attended a SWEET organized lecture.
Career and Graduate Possibilites:
The University of Alaska Fairbanks offers students a choice of two undergraduate degrees in Economics. A Bachelor of Business Administration and a Bachelor of Arts are available through the School of Management. The availability of two separate degrees allows economic students the opportunity to pursue the curriculum that best pertains to their interests and career aspirations.