Economics studies show how wealth (the condition of well-being) is created, managed, and distributed. It helps us think of ways to improve our well-being, while recognizing our constraints and the corresponding trade-offs. Economics attempts to investigate the cost and the benefit of our choices. Every society has its own way of deciding how to allocate its scarce resources, including time and talents. Economic tools are commonly used to address the issues surrounding these decisions.
Economics majors can choose to focus their economics studies in econometrics, finance, and public policy.
It is recommended that students planning to major in Economics have Grade 12 courses in Mathematics, preferably Algebra and Geometry, and Calculus or the equivalent, i.e., Ontario Academic Credit (OAC) Advanced Functions and Introductory Calculus, 4U (grade 12 university level), or Ontario Academic Credit (OAC) Calculus and Vectors, 4U (grade 12 university level). Students without these courses are encouraged to select MATH 103 and MATH 104 in their first year of study at the University of Waterloo.