• Economics is the scientific study of how people and institutions make choices concerning the use of societys scarce resources.
  • It is a broad social science that shares common interests with both the behavioral sciences (e.g. sociology and psychology) and the decision sciences (e.g. finance and management).
  • The importance of economic analysis is recognized by being the only social science in which a Nobel Prize is awarded. Economics students receive training in the methods and uses of economic analysis as applied to households, businesses, and governments.