Economics Associate in Arts Degree for Transfer

Two of the most concise definitions of economics are as follows: Economics is the study of production, consumption and allocation decisions under conditions of scarcity, or as economist Steven Landsburg says, "People respond to incentives." Everything else is noise. Economics is usually broken down into two sub-disciplines:

Microeconomics looks at economics at the level of individual consumers, groups of consumers, or firms. The general concern of microeconomics is the efficient allocation of scarce resources among alternative uses. Microeconomics looks at the determination of price through the optimizing behavior of consumers and firms; with consumers seeking to maximize happiness and firms, profit.