The field of economics has been called “the science of choice”—the systematic study of how people use scarce resources to get the things they want. This science doesn’t take place in a remote laboratory, however, but on every corner of our economic world. It addresses the biggest issues of global markets and national tax policy and the smallest everyday decisions about how we will spend our time and money. Whether one is thinking about governments, businesses, or households, our students understand that economic literacy is a must.
Students minoring in economics are provided a strong foundation in economic theory, while having opportunities to explore practical decision-making situations from the business world. As part of a liberal arts curriculum, economics teaches critical thinking at its most fundamental level, challenging students to question how we assign value to the things in our lives.
Students who have successfully completed a minor in Economics from Lakeland University should be able to:
- Identify and define basic macroeconomics concepts.
- Identify and define basic microeconomics concepts.
- Apply economic theory to practical and decision-making situations.