Economics is the study of the production, consumption, and transfer of wealth.
Do you ever wonder why food costs rise when gas prices spike? Or, do you question why U.S. politicians worry when other countries talk of going bankrupt? Perhaps you’ve wondered why you can’t get a good interest rate on your savings account? All of these phenomena can be explained through economics.
Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave the way they do.
Economists also seek to answer important questions about how people, industries, and countries can maximize their productivity, create wealth, and maintain financial stability.