Economics is the study of how a society chooses to allocate its finite resources among the infinite demands of its members. This includes analysis of the decisions made by households and firms about production and consumption of finished goods, inputs to production, and labor services, in addition to analysis of the impact of public policies on these decisions and on the economic well-being of society and its members. Specific subject areas studied in economics include aggregate analysis of business cycles and economic growth (macroeconomics), analysis of labor markets, public finance and taxation, industrial organization, international trade, and the economics of money and banking.The academic programs of the Department of Economics seek to develop students' capacity to think systematically and analytically about social issues. These analytical abilities give our graduates a strong fundamental background for success in professional life. The department's graduate programs prepare students for careers as economists in business, government, and the academic community. The undergraduate program has been designed to allow students maximum flexibility to orient their curriculum either toward preparation for graduate study in law, business, or economics, or toward professional courses and career placement.