Economics

Ever wonder why some countries are richer than others? Ever question why income inequality has been growing? Ever wonder why Canadian politicians worry when other countries may be going bankrupt? Economics can answer all these questions.

Economics examines how individuals and society make choices in a world where resources are limited. It focuses on the production, distribution and consumption of goods and services. Two important themes are efficiency (the absence of waste in the use of resources) and fairness. Since making choices is central to all human activities, studying economics often helps explain why people and governments behave in certain ways.

Economics has two main interrelated branches: microeconomics and macroeconomics. Microeconomics focuses on the behaviour of individuals and industries, such as the dynamics between buyers and sellers, employers and employees. Macroeconomics, on the other hand, deals with the economy as a whole and examines the factors that determine standards of living and employment levels, as well as interest rates and exchange rates.