Contents
Welcome
Never smile for newspapers. When your firm makes a loss they will print your photo on the financial pages with you smiling.
--Alan Sugar, British entrepreneur, The Observer, December 12, 1992
Economics studies human behavior and the choices we make as we attempt to allocate our scarce resources. Because economics studies the actions and responses of human beings, it is not an entirely concrete science. There are numerous economic "laws" in books text, but remember -- we are studying human beings. Those "laws" are not always followed and sometimes they are not even accepted.
There are two types of economic statements or questions--positive and normative. Positive economics is easy; it is just the facts (like Dragnet!). Normative economics, on the other hand, is the debatable portion of economics. Opinionated or subjective arguments are the stuff of normative economics. Economists debate over the strength of different effects, whether policy is beneficial or not, or if the figures are correct (remember the last budget of the Federal Government?).
The basis of economics lies in the concept of scarcity. Scarcity is composed of unlimited human wants and desires and limited resources. Due to this situation, we must make choices, and these choices have their own cost. For example, you could be reading some other web page at the moment and that is what you have sacrificed to read this page. It's your opportunity cost. The concepts of supply and demand are also derived from scarcity.
Economics is divided into two large branches, the micro and macro branches. Microeconomics examines the building blocks of the economy and the individual participants. Topics include international trade, consumer theory, production and costs, the four different market structures (methods of competition), and resource markets. Macroeconomics deals with the entire economy all at one time. Topics include the effects of the business cycle, the federal budget and national debt, international finance and exchange rates, fiscal policy (government spending and taxes), and monetary policy
Why Study Economics?
Top Ten Reasons for Taking Economics Courses:
- Anything has to be better than calculus.
- Economists have so many opinions, you can't have a wrong answer!
- I thought I could earn lots of money.
- Hey, after my third try it's really not that bad.
- I thought I made a reservation at the Econolodge.
- Karl Marx; where are Groucho, Harpo, and Chico?
- International trade? What am I going to do with all these baseball cards?
- Econ killed Kenny
- Take agricultural economics. Who says money doesn't grow on trees?
- Assume that economics is a blow-off course.
Economics Course Descriptions
Columbus State offers these courses in Economics .
Economics Faculty
Scott Hunt, Lead Instructor
Career Opportunities in Economics
- Banking
- International Business
- Finance
- General Business
- Consultant
- Forecaster
- Teacher
- Researcher
- Civil Service
- Provides a good background for law
Economics-Related Sites
World Lecture Hall-Economics provides links to a wide variety of colleges offering economic courses. Some sites include lecture notes, exams, and homework problems.
Economics sites through Yahoo.
Introductory Microeconomics discusses a wide variety of basic microeconomic topics and concepts. This site also provides homework and self-tests.
Hal Varian's Economics Information Page is a good source for links to economics-related sites.
The Economics Center includes a variety of macroeconomic principles courses and related information.
Economagic.com - is a good source of economic data.
Social and Behavioral Sciences Department
309 Center for Technology and Learning
550 East Spring Street
Columbus, Ohio 43215
(614)287-5005