Economics
OVERVIEW
Humans as political, psychological, and economic beings Economics belongs to the branch of knowledge known as the “Social Sciences.” Social sciences deal with both intergenerational and intra-generational interactions between human beings in society. Human activities can, of course, be studied from many different perspectives. We could look at humans as political, psychological, historical, or economic beings. A political scientist, for example, would analyze the political activities of the people while an economist would examine activities related to their livelihood. Human beings, to fulfil their innate desire for food and shelter, engage in activities that lead them to the production of goods such as food, clothing, and housing, as well as services. These acts of production and consumption to satisfy human wants form the very basis of the subject matter of Economics. Perhaps observing people engaged in this pursuit, Alfred Marshall defined economics as “a study of mankind in the ordinary business of life.”
Since the ordinary business of life involves the use of limited natural and human-made resources (capital), people have always been interested in making the best possible use of these resources. This efficient use of resources has been the underlying theme in economics. Hence, the most succinct definition of economics would be that economics deals with the efficient utilization of scarce resources to satisfy human wants. Scarcity gives legitimacy to economics. If there is no scarcity, there is no economic problem.
The discipline of Economics is built upon two strands of theory: Microeconomic Theory and Macroeconomic Theory. Microeconomic deals with the study of individual units in an economy, such as consumers, producers, and the interaction of these units in each market structure. Macroeconomic theory, on the other hand, deals with the economy as a whole. Here we analyze the problems related to unemployment, growth, inflation, and the balance of payments. Most of the other courses in Economics are applied courses which use the concepts of Microeconomic Theory and/or Macroeconomic Theory. An understanding of the relationship between these two theory courses and other fields in economics is usually helpful in planning your selection of courses
Course structure
Note: Current UPEI students should refer to Student Planning in myUPEI and the UPEI Academic Calendar governing their entry year and speak to an academic advisor about course requirements. The course structure presented for this program is a recommended, unofficial progression for prospective students.
Note: As per Academic Regulation 1h, all undergraduate degree programs require successful completion of IKE-1040 (new for students beginning or returning after re-application in Fall 2022); one of UPEI-1010, UPEI-1020, or UPEI-1030, and a Writing Intensive Course.
Major
Requirements for a Major in Economics
Students wishing to major in Economics must complete fifty-four (54) semester hours in Economics and Mathematics according to the program described below. All courses are valued at three semester hours.
Economics
Economics
- 1010 – Introductory Microeconomics
- 1020 – Introductory Macroeconomics
- 2030 – Intermediate Microeconomics I
- 2040 – Intermediate Macroeconomics I
- 2050 – Intermediate Microeconomics II
- 2060 – Intermediate Macroeconomics II
- 3030 – Economic Methodology
- 3080 – Introduction to Econometrics
Plus
Six (6) additional elective courses in economics, at least three of which must be at the 3000 or 4000 level.
Mathematics
- 1110 – Finite Mathematics
- 1910 – Single Variable Calculus I
Statistics
- 1910 – Introduction to Probability and Statistics
Recommendation
Students planning to follow graduate studies in Economics are advised to plan their courses with the Department. Such students should include the following courses as part of their seven electives in Economics: 3070 – Mathematical Economics and 4130 – Econometrics II as well as 4030 – Advanced Microeconomics and 4040 – Macroeconomics. Students should also consider including Mathematics 1920 Single Variable Calculus II and Mathematics 2610 (Linear Algebra) in their program of studies.
Minor
Requirements for a Minor in Economics
Students wishing to minor in Economics must complete twenty-one semester hours in Economics distributed as follows: Economics 1010 and 1020, and five other courses including at least one of the intermediate theory courses (Economics 2030 or 2040). At least two courses at the 3000 level or above. Students should plan their program in consultation with the Department.
NOTE: The offerings listed below are not necessarily available each year. At best it may be possible to offer certain courses every other year. The courses offered in the current year will be published so that students will have the exact information available.
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