What is economics?
The definition of economics is extremely straightforward. Simply put, economics is basically the study of how households, governments, individuals, and societies assign their resources.
The study has two distinct but equally important features. First, it develops abstract models of behavior, designed to anticipate any changes in market and policy conditions. Secondly, thorough mathematical and statistical analysis is employed to dissect and analyze these changes.
Why should you study economics?
Essentially, the question here should be why not? This is because economics graduates don’t merely graduate with a degree, but also a tonne of skills that will be useful in life generally.
The study of economics equips you with valuable analytical skills that you can employ while making everyday decisions. This includes decisions on how to approach financial investments and opportunities, costs and benefits of having a side career, and the potential impact of any policy changes, including public policies touching on things such as minimum wage and health care. Basically, as an economics major, there is no life decision or challenge you cannot successfully maneuver.
Additionally, even states recognize the importance of economics. Economists all over the world are from time to time called upon to advise their governments on varying degrees of economic issues. They are even called upon to aid in formulating policies and analyze the economic conditions for private sector businesses. They have been known to make invaluable contributions to the development of public policies.
The study of economics also helps one expand their vocabulary. You not only get to learn numerous economic terms, but you get to understand how they affect the market and society as a whole.
Understanding concepts such as supply and demand curves will also go a long way should you ever decide to set up a business of your own.
Economics will also give you a deeper understanding of your own spending habits, and consequently help you make more wise financial decisions.
This means that if you have always assumed economics is all about boring graphs and complex data, you need to rethink your opinion.
What can you do with an economics degree?
The list of career paths you can pursue with an economics degree is endless. Several jobs linked directly to economics have been listed below:
- Economics Researcher
- Financial Analyst
- Financial Planner
You can also pursue other careers such as business journalism and law. Economics is very wide and hence does not restrict you to one career path.
We tend to underestimate how crucial it is to have some knowledge about the economy. This is despite the fact that we really need it. You need economics knowledge to make mundane decisions such as which bank to use. People who have studied economics basically develop a strong sense of financial awareness that is extremely crucial regardless of whichever career they choose to pursue. If you have been thinking about studying/majoring in economics, then by all means go ahead. It might take long and can get tough, but the skills you will have gained at the end of it all are definitely worth it.