By Asia Cupicha
March 20, 2026

Since joining Genesee Community College in 2020, Virgil B. Alcazaren, instructor of economics, has been challenging students to rethink what economics really means. He does not view it as a subject focused solely on money or complex graphs. From choosing between watching a movie and attending class to managing student loans in an era of rising costs, Alcazaren emphasizes that economics is woven into everyday decisions.

Before arriving at GCC, he spent 26 years teaching economics, marketing, finance, and accounting at Niagara University. He also worked for nearly 30 years at M&T Bank, where he retired before pursuing his doctoral degree in education.

Alcazaren’s academic background reflects his unconventional path into economics. He holds a bachelor’s degree in electrical engineering, an MBA, and a doctorate in education. His initial interest was technical rather than financial. “Electrical engineering was kind of interesting to me in the sense that I like things that move without major effort,” he said.

After graduating in the late 1970s and early 1980s, Alcazaren worked for the Manila Electric Company in the Philippines. There he discovered that technological excellence alone does not drive decision-making in business. “I thought if you have the best gizmo, you’re going to win it,” he said.

Instead, he learned that companies prioritize value. Alcazaren said, “It has to be the best bang for the buck.”

That realization led him to business school, where he encountered economics in a new light. He describes the field as “the social science that deals with maximizing your satisfaction of your endless wants and needs, given scarce resources.” The concept of scarcity, he said, was “a little bit earth-shattering” at the time.

For Alcazaren, scarcity remains the most important economic principle students should understand. “You live in a world of scarce resources,” he said. “Your most important resource is yourself.”

He often connects economic theory to students’ daily lives. Choosing between Netflix and studying, deciding whether to buy a new sweatshirt or an additional textbook, or even sleeping in versus attending class are all examples of economic decision-making. “You’re choosing between watching a movie or coming to class. That is an economic decision,” he said.

Alcazaren believes this perspective is especially important for community college students, many of whom are navigating tight budgets and rising costs. He said, “The cost of higher education is pretty high.”

Inflation has further strained student finances. Using eggs as an example, he explained how price increases directly affect consumption. “If my income stayed the same and the cost of goods went up, it’ll be harder for you to consume the goods and services that you’re accustomed to acquiring,” he said.

Students, he explained, often rely on fixed incomes from part-time jobs or parental support. “It impacts students a little bit more because their sources of income can’t keep up with inflation,” he said.

Despite financial pressures, Alcazaren encourages students to see opportunity in economic shifts. He advises those entering the workforce to stay aware of emerging trends, including artificial intelligence. Rather than fearing new technology, he compares it to a familiar tool. “It’s a tool, like a calculator,” he said. “How do you use it?”

In the classroom, Alcazaren aims to make economic theory accessible and engaging. He incorporates current events, including tariffs and macroeconomic policy, into lectures to demonstrate real-world relevance. He also addresses misconceptions head-on. “Money is only one resource,” he said. “You are more important.”

Alcazaren believes that education is not simply about delivering information but inspiring students to think differently. “People think education is where someone tells you what to do,” he said. “But it’s inspiring the student. There has to be a spark.”

Ultimately, he hopes students leave his class with more than just credits toward graduation. “If I don’t instill that curiosity in you, you’ll forget about economics,” he said.

Instead, he wants students to recognize their own value in a world defined by scarcity. “Developing yourself,” Alcazaren said, “that’s the most important investment you can make.”