Research

Economics is the study of how people, governments, and firms use scarce resources. These resources are not limited to what people typically think when they hear resources. Traditional resources like natural gas, timber, and oil are part of it, but in the bigger picture resources is nearly everything and anything. What is really interesting to me is the ways that concepts can be applied to situations to predict outcomes. For example the recent releases of new gaming systems by Sony and Microsoft. The marketing campaigns they ran built up a massive demand from the public, Microsoft and Sony knew they would be able to sell all of their stock that they had produced for the releases. By understanding this they could better prepare by running their production facilities at maximum capacity, without worry of producing a surplus.

The real life applications of economics are nearly endless. That is one of the biggest factors for me is that you can constantly be applying concepts and theories.  On an even larger scale there are many patterns in international relations that can be explained with economic concepts (Christina L. Davis).  

 

Bibliography

Christina L. Davis, Sophie Meunier. "Business as Usual? Economic Response to Political Tensions." American Journal of Political Science (2011): 628-646.