BA in Economics in Montague Canada | University of Prince Edward Island

Economics falls under the category of "Social Sciences," which explore how individuals interact within and across generations in society. Human behavior can be examined through various lenses - political, psychological, historical, or economic. While political scientists focus on governance and power structures, economists concentrate on activities tied to sustenance and material well-being. To meet basic needs like nourishment and shelter, humans participate in creating goods (such as food, garments, and homes) and services. These productive and consumptive behaviors aimed at fulfilling desires constitute the foundation of Economics. Reflecting on this fundamental human endeavor, Alfred Marshall characterized economics as "examining humanity in its daily routines."

Daily life inevitably requires managing finite natural resources and manufactured capital, prompting continuous interest in optimizing their use. Resource efficiency remains economics' central concern. Therefore, economics can be most precisely defined as the study of effectively allocating limited resources to meet human needs. Scarcity fundamentally justifies economics' existence - without it, economic challenges wouldn't arise.