Undergraduate Economics Introduction

 

Since its creation in July 1948, the economics department has been firmly established as a major department that boasts a 60 year's of history and unique tradition. In 1999, our department was selected by the university as one of the first group of departments to be specialized. Recently, the department was also designated as the BK21 best academic institute by the Ministry of Education and Human Resources.

Economics deals with the issues of our daily lives and is a handy tool to get the objective picture of the world. The examples of the issues economists mainly take interest and study are like following: Why do the apartment complexes in the Gangnam area come with more expensive price tags than those in other areas? Why do many domestic companies seek to expand their businesses? What is the reason behind seasonal changes in job opportunity? Why do prices and currency value fluctuate? What kind of stock do you have to buy to have higher yields?

Though it is deeply related to our daily lives, economics is also regarded as a highly scientific and systematic field of study for its precise methods of research. Economics is based on precise analysis as well as a sense of rationality. For this reason, economics can be readily applied to understanding and forecasting various situations. That is the reason why economics is called "the queen of social science" and the only field of study in social science that was designated as the field of Nobel prize.

As globalization proceeds, the economic allocation of resources is gaining far greater importance in our cultural and political activities. Against this background, many other social sciences related to economics (politics, sociology, public administration, business management, and law) adopted some of economics' methods of research. In short, as one of the leading studies of social sciences, economics has a great influence on other fields of study.


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