Administered by the School of Business, the Economics program is designed to afford students the opportunity to prepare as economists or to serve other disciplines such as accounting, finance, management, marketing, government, education, sociology, or history. Economics includes two broad areas: microeconomics and macroeconomics.
Microeconomics is an area applicable to any study of human endeavor where scarce resources must be allocated among competing uses. It is the study of humankind's behavior in producing, exchanging, and consuming material goods and services. Macroeconomics includes the study of the performance of the economy as a whole and includes such problems as inflation, unemployment and the rate of economic growth. Both programs at UT Permian Basin include forecasting, a skill enabling individuals, firms and governmental bodies to adjust to anticipated economic conditions.
A basic understanding of economics is essential for a well-informed citizenry since most of today's problems have important economic aspects. It is also a vital discipline for, and is of practical value in, business decision-making. An understanding of the overall operation of the economic system puts businesses in a better position to formulate policies.
In spite of its practical benefits, economics is primarily an academic, not a vocational subject. In economics, problems are examined from a social, rather than individual, point of view.
A Bachelor of Arts (BA) degree in Economics aims to prepare students for participation in public affairs, positions in business firms and government service. It offers a strong foundation for pre-law students and for further graduate study leading to teaching and research positions in universities, government, and private enterprise.
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