Economics, Finance, and Investing
Economics is the study of how human beings produce, distribute, trade, and consume the products and services that are desired. Economics is also the study of how societies use scarce resources to satisfy unlimited wants. Many problems that confront society today have important economic aspects. An understanding of economics has a practical value for individuals, both individually and corporately, in the quality of their decision making. Many students majoring in business, engineering, science, or liberal arts may be required to take an economics course. For specific economic course descriptions, see BEC 133-Basic Economics, BEC 151-Macro Economics, and BEC 152-Micro Economics.
Finance is the study of the methods that individuals, businesses, and organizations use to raise, allocate, and manage monetary resources over time considering the risk and return involved in those decisions. Investing is the study of maximizing returns on wealth while minimizing risk.
Investing includes the study of the markets; types of securities; and consideration of age, income, and risk tolerance of the individual investor. BFN 130-Beginning Investment and BFN 141-Personal Finance are intended for individuals desiring knowledge of personal investing while BFN 253-Principles of Finance is designed for individuals interested in learning how businesses make financial decisions.