Thanks @utfull, much appreciated. Actuarial Science in its simplest form is identifying and managing all sorts of risk. A lot of Actuaries work for insurance companies where they create models to calculate what premium to charge different clients, but nowadays an Actuary can work in pretty much any industry as long as there are a lot of uncertainty involved. So using statistics to better understand the upside or downside of a particular problem is something Actuaries do alot. Hope this explains it!
My economics posts are coming soon :)