Economics can be defined as the study of scarcity and its implications on the use of resources, production of goods and services, growth of production and general output to consumption rate in a society.
Economics is a social science that deals with the wants and needs of man in relation to its availability. It encompasses political science, geography, mathematics, sociology, psychology, law and business as a course. Economics aims at determining the most logical and effective way to utilize available resources to meet private and public goals. It deals with various advanced complexes in society, from production and employment, investment and savings, finance and the banking system, health, taxation and international trade, urbanization, environmental and legal issues and many more, all make up the basic concerns of the science of economics.
Economics, as a major in higher institutions, studies how individuals, communities, organizations, and nations utilize their limited resources to achieve their maximum potential. It teaches impact students the right skills required to successfully analyze, utilize and manage resources such as food or water, health care, education, or environmental resources.
Why Study Economics?
The study of economics relies on empirical data, hence the application of science in social science. Empirical data is information gathered as evidence in order to support or dispute a claim based on factual observation and experimentation. This is heavily applied in Economics, as it conducts experiments based on collected data to predict human behaviour in relation to past and future events. These observations predict many of the decisions taken on a personal, societal, and even global level. Economics studies how taxes, interest rates, inflation, labour disagreements, and weather-related factors can complicate buying and selling.
Economics is the perfect blend of art and science, applying the different methods of this to two different fields in business and finance. Through the student of economics, the man better understands its resources, develops better management skills through analyses, experimentation and data collection in the forest of science, apply rules and laws to help us better reserve and manage these resources to achieve maximum utilization in limited resources through art, and use this science and art information to formulate better business and finance strategies.
Benefits of Studying Economics
Economics is a detail-oriented and statistical course that takes an interest in social, political, and economic problems applying a strong analytical, research, and communication approach to handling these issues. Economics students use these skills to explain complex patterns in our day-to-day world. Some of the major benefits gained from studying this course include the following;
Better Understanding of the World
Economics provides students with a comprehensive framework that helps them understand the world around them. By studying economics, you will gain insights into the behaviours of individuals and groups, businesses and the impact of public policies on the general affairs of the world, as the course focuses on social, environmental, financial and political topics and their relation to globalization.
Develop Quantitative Skills
Economics is a quantitative course involving mathematical and statistical methods to analyze and calculate data. Students are taught important quantitative skills by studying economics, such as data analysis, econometrics and database management. This is a highly valued and sought-after skill in many industries, including finance, engineering, and research.
Develop Critical Analysis
One of the key factors in economics is that it teaches critical thinking. Economics requires students to analyze, evaluate, and make decisions based on data and evidence. This skill set is the basis on which all of the economics falls under. Through economics, students are taught how to think critically and analyze based on facts and evidence before making decisions. This can be applied in all aspects of life, more day-to-day living down to world decisions.
Better Understanding of Global Issues
Economics studies the global interaction of countries and regions, giving insights into global trade, international finance, and the challenges facing nations and the world. From climate change, hunger, scarcity and even bad governance, economics deals with world-disturbing issues and provides possible solutions.
Career Opportunities in Economics
Economics as a major combines science, arts and business to provide a level field that covers almost all topics, fields and subjects. It provides the required skills and training to work in virtually every industry, company or organization. It opens doors for graduates in various fields, as economics graduates are one of the most sought-after grates in the world today thanks to the problem-solving, analysis and huge impact they add to whatever field they engage in. Some of the job opportunities for an economics major include;
- Financial Analyst
- Business Analyst
- Chartered Accountant
- Agricultural Economist
- Stock Broker
- Financial Advisor
- Environmental Researcher
Economic Major is more than just a good course; it is possibly the best course to take up in the university if you’re looking forward to becoming a smart businessman, entrepreneur, social scientist or even data analyst with the best critical, analytical and quantitative skills required to success the world today.