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Economics is often referred to as the science of decision-making. Therefore, the field of Economics studies how human beings make choices in life under conditions of scarcity. The unlimited desires of human beings give rise to resource limitations. As a result, scarcity conditions provide incentives to human beings to make choices that may lead to reductions in wasteful behavior and lead to efficient outcomes. Economics analyzes individual decision making of consumers and households as well as firms. It researches the behavior of the economy as a whole and studies economic phenomena such as economic growth, inflation, unemployment, international trade, national debt, and national savings among others. Economics explores moral, political, and economic philosophies and theories in order to find suitable methods to incentivize human beings to become better decision-makers under conditions of scarcity. Economics students will learn marketable analytical and business skills that will benefit them in a wide variety of careers.
*In July 2020, the Texas Higher Education Coordinating Board (THECB) voted to further review the new Field of Study curricula that were scheduled to go into effect in Fall 2020. Collin College has five FOS Certificates that were affected by this action. The THECB action may limit the applicability toward the corresponding majors at state-supported colleges or universities. Students enrolled in one of these Field of Study certificates are encouraged to meet with an academic advisor and/or contact their transfer institution to make sure courses in the certificate will be degree applicable to their bachelor degree at the transfer university.