Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Economics enable you to understand past, future and current models and apply them for making decisions in everyday life. It offers tools with which to approach questions about the desirability of a particular opportunity, the benefits and costs of alternative options, and the likely impacts of public policies in the society. A degree in economics seeks to educate you about how choices are made by consumers, workers and firms, and how these decisions aggregate into economy-wide phenomena!