Economics
The study of humankind in the ordinary business of life.
As such, it is the study of how to use scarce resources to best satisfy unlimited wants. Whether it is a business choosing whether or not to invest in new technology, a government choosing between improving highways or building hospitals, or a student deciding whether to go to college or enter the workforce, economic principles are at work. Good decision-making requires an understanding of the costs and benefits of the alternatives, and of how to weigh these costs and benefits. The study of economics provides a unique blend of intuitive reasoning, scientific analysis and knowledge of our society to understand and evaluate decisions.
Economics sheds light on many problems and questions that face Canadians:
- Why should governments subsidize businesses?
- What are the causes and consequences of fluctuations in the foreign exchange value of the Canadian dollar?
- Are Canadians better off pursuing free trade, or protecting Canadian companies and workers from competition?
- How would Canada's economy be affected if we comply with the Kyoto Accord?
- What would happen if the government set a maximum price for auto insurance?
- When the government has a surplus, should it pay off its debt or lower tax rates?
- Who should pay for education: students or taxpayers?
- Why do professional athletes and entertainers have such high incomes?
- What makes Canada's economy grow, and what can be done to improve growth?
Courses in economics give students a number of employable skills: the ability to read, comprehend, and use written material, including graphs, charts and displays; the ability to think critically and act logically to evaluate situations, solve problems and make decisions; and the ability to understand and solve problems involving mathematics and use the results.
Economists collect, analyze and interpret data to discover trends, make forecasts, recommend policies, and generally raise our understanding of changes in economic conditions, population, government policies, social trends, etc. Economists are employed in the central offices of banks, insurance companies and other financial institutions, in manufacturing and resource-based companies (such as energy, utilities, mining, forestry, automobiles), and in most departments of the federal and provincial governments. Others work as researchers and professors in colleges, universities and private research institutes, or with smaller consulting companies that contract their services to organizations without their own economists. Specialized positions for economists typically require a master’s degree in economics, but many entry level positions in management, administration, government, and sales are open to BA graduates in economics. BA graduates often pursue further professional training or graduate study in business, accounting, law, insurance, banking, public administration or urban planning.
Students majoring in economics will transfer to the university of their choice after two years at RDC. Work with an advisor to make sure you know the program and admission requirements of that university.
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Important sources of information
RDC Calendar
Academic Advisors : 403.342.3400
Department of Humanities and Social Sciences
Room 3100
t: 403.342.3304 | e: ba@rdc.ab.ca | www.rdc.ab.ca/humss
Head of Economics
Paritosh Ghosh
paritosh.ghosh@rdc.ab.ca