The Field of Economics

Key Takeaways

• Economists focus on the opportunity costs of choices, they assume that individuals make choices in a way that maximizes the value of an objective defined in terms of their own self-interest, and they assume that individuals make those choices at the margin.
• Economics is divided into two broad areas: microeconomics and macroeconomics.
• A wide range of career opportunities is open to economics majors. Empirical evidence suggests that students who enter the job market with a major in economics tend to earn more than do students in many other majors. Further, economics majors do particularly well on the LSAT.