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Economics The Program This discipline enables students to understand the world in a much better way, particularly clarifying the process of decision making. Whenever people, business, or their representatives make a choice between alternative activities — for example, a business decision to hire more workers or, instead, buy a new machine — there will be an impact. Each alternative has associated costs and benefits. Economics teaches us how to analyze the costs and benefits so that we can make more intelligent choices. Economics also addresses the impact of decisions upon equity (fairness), particularly as measured by the distribution of wealth and income. Studying economics is an excellent preparation for a career in law, industry, banking, accounting, private consulting, teaching, and government service. Because we encounter economic problems in all areas of our lives and throughout society, economics provides useful intellectual training for individuals who simply wish to become better educated prior to making a lifelong career decision. |
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