Economics student: Mamasoliyev Muhriddin

Economics is More than Numbers

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. Economics is a social science with stakes in many other fields, including political science, geography, mathematics, sociology, psychology, engineering, law, medicine and business. The central quest of economics is to determine the most logical and effective use of resources to meet private and social goals. Production and employment, investment and savings, health, money and the banking system, government policies on taxation and spending, international trade, industrial organization and regulation, urbanization, environmental issues and legal matters (such as the design and enforcement of property rights), are just a sampling of the concerns at the heart of the science of economics.

The department encourages students to become familiar with the many sub-fields available within the diverse economics discipline, and consider their interests and preferred career path to determine how and where they might want to specialize.

The department encourages students to become familiar with the many sub-fields available within the diverse economics discipline, and consider their interests and preferred career path to determine how and where they might want to specialize.

•Microeconomists study the supply and demand decision of individuals and firms, such as how profits can be maximized and how much of a good or service consumers will demand at a certain price.

•Industrial/Organizational Economists study the market structure of particular industries in terms of the number of competitors, and the market decisions of competitive firms and monopolies. These economists may also be concerned with antitrust policy and its impact on market structure.

•Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment.