Friday, March 24, 2023
At its core, economics is a social science that studies how individuals, groups, and nations manage and use resources. Economics can be broken down into microeconomics, which looks at decisions at an individual level, and macroeconomics, which is concerned with the economy as a whole. Both types of Economics make predictions about how markets might behave in the future and how to create efficiency in today’s world.
So, why should we study Economics? Here’s a look at ten of the top benefits of studying Economics:
Studying Economics will provide you with insight into issues such as taxation, inflation, and interest rates that influence our daily lives. Having a degree in Economics helps uncover and understand current real-world issues. Learning Econ will give people insight into how individuals and organizations make decisions and predict potential changes in the world. Economics influences how much we pay for goods and services to how much employees get paid. Studying economics at university or school gives you a new perspective of the world and how it functions. Additionally, studying Economics prepares people for an ever-changing world. Economics allows people to understand the world around them, such as opportunities and threats from markets and governmental policies. Economics influences the world we live in. Understanding local and international perspectives can provide insight into how different cultures and societies interact.
Economics is the study of how to assess alternatives and make better choices. Studying Economics will provide you with a strong background to rely on to make decisions, like attending graduate school or investing your money somewhere, by weighing their benefits and costs.
Econ is known for its very well-managed job market. With an Economic degree, you can work as a stockbroker, economist, consultant, data analyst, statistician, market research analyst, credit analyst, business development, etc. In addition, an analysis of S&P 500 CEOs (PDF, 289 KB) showed that Economics majors are more likely to become CEOs than any other major. An Economics degree helps people succeed by making them better problem-solvers and decision-makers. This translates into success in work and in life.
Studying for a degree in Economics will give you a range of skills that allow you to apply your knowledge of Economics to real-life situations. The transferable skills you acquire from learning Economics are desired and sought after by a variety of employers. You will have a unique way of thinking that you can apply to everyday problems. You will develop a range of skills such as critical thinking, communication, problem-solving, and analytical skills that employers want. The skills gained through getting an Econ degree are communication (speaking and writing effectively), problem-solving, and analytical skills. All these aforementioned skills are highly desired by employers.
Through Studying Econ, you will gain insight on concepts such as your Willingness to Pay (WTP) that is the maximum amount someone is willing to pay for a good service. Learning about similar concepts will help you decode your own purchasing behavior and allow you to make economically sound decisions. Mr. Benton says that even “a simple grocery store visit becomes filled with economic references and analytical ponders.”
Economics vastly complements other majors. Not only do business majors like Accounting, Marketing, or Finance contain Economic theories, principles, laws, definitions, or concepts in their curricula, but also non-business majors like Journalism and Computer Science are interconnected to Economics.
Knowing terms like scarcity (limited resources), opportunity cost (what must be given up for the sake of obtaining something else), or equilibrium (the price at which demand equals supply) will give you a better understanding of market dynamics and whether people act rationally or irrationally.
Getting an Economics degree can be very rewarding and can provide a wide range of opportunities post-grad. It opens up several career paths and a variety of subjects it uses. You will explore questions that are key to the world’s economy, from what causes an economic crisis to how wealth is distributed around the globe. Economics is a degree that covers areas of Politics, Sociology, Psychology, History, Mathematics, Business, and International Relations, providing you with strong general knowledge.
Studying Economics will keep you intellectually engaged. Econ allows students to ponder about human interactions and social phenomena in a variety of ways (such as game theory, decision theory, etc.) Moreover, a myriad of different fields are intertwined into Econ: you get to learn some Statistics, Math, some Psychology, and a little Sociology.
Learning Economics is also beneficial if you’re considering pursuing a graduate Business degree. Studying economics will equip you with problem-solving skills that will prepare you for an MBA program. After taking several Econ courses, you will have developed clear reasoning and logical thinking skills. In addition, for those of you who would like to go to Law School, studies show that Economics majors consistently have one of the highest average LSAT scores among all majors. Other studies also show that Econ majors have the highest average GMAT scores among all Business majors. Economics provides a strong foundation for graduate school and pursuing graduate studies in Economics, Public Policy, Political science, Sociology, etc.
References: Chladek, Natalie. (2017, November 30). 7 Reasons Why You Should Study Economics. Retrieved from https://economics.appstate.edu/node/245 Durham University. (2020, July 13). Why is it important to study economics? Retrieved from https://www.durhamisc.com/blog/why-is-it-important-to-study-economics University of Illinois Chicago. Why Economics? Why study economics as an undergraduate? Retrieved from https://econ.uic.edu/undergraduate-program/why-study-economics/ Holland international study center. (2019, September 16). Why study Economics? Retrieved from https://www.hollandisc.com/blog/categories/study-abroad/why-study-economics Appalachian State University, Department of Economics. Why Study Economics? Retrieved from https://economics.appstate.edu/node/245