Economics

1. A science of 'choice under scarcity' as we, society, decides the best array of material goods and services we can get from our limited resources and productive capacities.
2. The study of provisioning: of the nurture and cooperation by which we supply each others' material needs and organize our mutual care and interdependence.

Economics includes Microeconomics which studies choices made between individuals within certain market structures or environments. Subjects covered include equilibrium prices, demand and supply, monopoly, perfect competition and costs of production. Macroeconomics studies various economic outcomes of the decisions made within and between various economic sectors of a society. It includes subjects such as unemployment, inflation/deflation, fiscal and monetary policies and economic growth. International economics studies the economic structures of other countries and trading practices between them over time. This includes international balance pf payments accounting, flows and stocks of capital and goods, the setting of exchange rates and the settlement of trade imbalances. Labor economics studies the interaction between labor and production within the market system. It covers the history of labor movements, the rise and fall of trade unions, the role of politics and the role of labor in determining the value of goods produced. studies the development of economic and supporting institutions within the U.S. over time. Changes in the types of goods produced and the impact upon its citizens and government are investigated as well.

Economics can be summed up by referring to this definition by Hugh Stretton: Economics is this-like other social sciences- part study and part debate. An expert, many-sided, continuously changing debate. A mixture of science and social philosophy and politics.

If you want to challenge yourself intellectually take a class and you will be confused, certain, excited, worn out at times...but never bored.

For more information about Economics courses available, please contact

Alan Shackelford at 503-594-3412 or alans@clackamas.edu