Economics | A detailed guide to the science of wealth and the world of econ

Economics | An overview

As a matter of fact, economics is everywhere around us; it is a significant part of our daily lives. The difference between micro and macroeconomics is that microeconomics is the study of economics that can help you plan your expenses, your families’ medical debt. In contrast, macroeconomics gives you an overview of the behaviour of a national economy as a whole.

What is economics?

Economics is a study that assesses the relationship between demand and consumption of products and services. It is the understanding of how people use resources and involves a lot of analysis and decision-making. It deals with topics such as wealth and finance. Economics helps us understand, interpret and predict economic trends.

Importance of economics

Economics intersects with many other disciplines like health, gender, environment, and education. It helps to know about scarce resources and the desire for efficiency. Economics sheds light on activities ranging from international trade to unemployment and inflation, from investing retirement funds, interest rates to controlling pollution. It offers us valuable insights that make us use available resources more efficiently. Ultimately, economics aims to improve the standard of living. Increasing the gross domestic product will mean higher incomes, better food, houses, and other facilities. It will result in the overall upliftment of humanity.

Who are economists?

All in all, economists are business advisors; they recommend solutions to several economic problems like consumer demand and sales to help a company maximize its profits. Economists also study human behavior and explain social phenomena. Economists have to perform various jobs, such as professors, government advisors, consultants, and private sector employees.

What does an economist do?

Economists typically focus on research of global economic issues; they conduct surveys and, collect data, analyze them by using different methods, techniques and software. They must prepare reports of the same and forecast market trends.

What skills should an economist have?

Economists usually have good thinking abilities. They also have persuading and organizing capabilities. Here are some of the beneficial skills to have as an economist –

#1. Analytical skills

Economists deal with highly critical data, and one must be able to review them well, observe patterns, and draw logical conclusions.

#2. Communication skills

While this is an essential skill in most fields, it is a must if you are an economist. You have to communicate and express your research convincingly to others. You may give presentations, explain reports, tables and charts. Economists also collaborate with colleagues to explain economic concepts, and without good communication skills, it may be challenging to have people listen to you.

#3. Critical-thinking skills

Economists are likely to come across unforeseen and sudden problems while working. As has been noted, they have to use their logic and reasoning to face challenging and complex situations. In addition to this, economists should identify economic trends and work towards an organization’s best interest by using their thinking abilities.

#4. Detail-oriented

A good economist must work with information and processes in an orderly manner. They must also be careful and pay attention to the details. It is necessary to be precise so that the findings are accurate and have no loopholes.

#5. Mathematical skills

Economists must be good with numbers and be able to work with mathematical principles, statistics, and more. Taking preparatory classes in mathematics can be very helpful.

#6. Writing skills

Economists are not only involved in research, but they must also present their findings. Economists will need to prepare reports for clients and even write for publication in journals or news media.

Economics | Subjects to study

All in all, the syllabus for economics is vast and thorough. Here are a few subjects that you will study –

• Economics of Money and Banking
• Statistics for Business Analysis 
• Marketing and Management
• International Economics 
• Human Resource Development 
• Income Tax for Business

Top universities for economics

• Harvard University
• Massachusetts Institute of Technology (MIT)
• Stanford University
• Princeton University
• London School of Economics and Political Science

Careers in economics

Studying economics makes students aware, and they can make a career in trade and commerce, banking sectors, etc. As a matter of fact, the knowledge and skills acquired during the study are versatile and provide you with experience using innovative techniques to master the problems.

In addition to this, an economics degree is a good foundation; you can further specialize in the areas of your interest. All in all, economics is an evergreen subject; it will always be in demand owing to its high utility in work areas.

As a matter of fact, an array of employment opportunities is available in this field. What’s more interesting is that you can work in some of the most prominent organizations as an economist, financial risk analyst, financial planner in the banking sector, economic researcher, and so on.

Key takeaways

• All in all, economics works simultaneously with other social science subjects such as psychology, history, and sociology. 
• As a matter of fact, in recent years, economics has become a desirable subject, and its need is increasing.
• Economists analyze large volumes of data to help businesses or governments make better decisions. 
• What’s more interesting is that they are in demand among central banks and governments. 
• In addition to this, economists play an essential role in developing financial regulations to meet the needs of the new market.

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FAQs

Question 1: What is the eligibility to study B.A. in Economics?

Answer: All in all, you must pass class 12 or its equivalent exam in the arts stream. However, the cut-off marks for admission into economics courses may vary from college to college, and you may have to appear for entrance exams and interviews.

Question 2: What are the application requirements?

Answer: While the requirements may vary, the standard requisites are – transcripts, statement of purpose, letter of recommendation, proof of language proficiency, and GRE or GMAT test scores.

Question 3: What is behavioral economics?

Answer: All in all, behavioral economics is a combination of economics and psychology that helps us understand people’s thought processes and behavior when making well-informed decisions based on preferences.