Economics, as a social discipline, is concerned with proper distribution and use of scarce resources to meet the infinite needs. In other words, the economics, is trying to answer the question of how scarce resources should be used for the production of goods and services to be consumed by the society today and in the future.
Economics is 'the science of welfare' according to Adam Smith. J.S. Mill Smith goes even deeper and defines economics as 'an applied science which analyses the production and the distribution of the welfare'. Similarly, Canon states that the aim of the economics is to 'express what the welfare of mankind depends on'.
On the other hand, Alfred Marshall, argues that the economics is a positive science 'questioning how the income obtained and spent by observing the individual's behaviors and attitudes'. Robbins has also introduced a similar definition: 'economics is a science that studies the behavior of individuals on the basis of the relationship between demand and scarce sources which can be used in different areas.'
Department of Economics’ main objective is to provide a solid foundation in economic theory and policy and to teach how to use mathematical and statistical techniques for the solution of theoretical and empirical problems. Graduates of the programme have extensive employment opportunities in public institutions, banking and financial sector, and business organizations.
