The benefit of studying economics in college or university cannot be over-emphasized. But the question often asked, is how beneficial is economics knowledge to an individual? People want to know what they will benefit studying economics among others.
If you want to keep up to date with current events around the globe and love anything to do with startups, businesses, or economics, it is probably a good idea to look into an economics degree to enhance your future with an economics career.
Economics can be studied on a singular base like just “economics” or combine with another subject (‘joint degrees’). The degree appears like Economics and Management; Economics and Financial study; Economics and Philosophy; Economics and Accounting; Economics and Statistics; Economics and History, etc.
There are many different ways to approach this diverse subject and a host of advantages of studying economics. In fact, there are both Bachelor of Arts and Bachelor of Science degrees available for undergraduates pursuing Economics major courses.
Below Are The Benefits of Studying Economics in College or University.
1. You Become An Economic Forecaster.
One of the leading roles of the economist is a forecasting future event with the use of economics phenomenon trends and statistics. As an economist, you can make a living from predicting future economic events with the help of econometrics. The key to being a good economic forecaster is to use a mixture of econometric analysis, dice and lottery numbers in predicting future events.
Statistics from the previous year sales, revenue, cost, growth, etc are a good source of forecasting- they are always more accurate than the actual predictions of economists. Every economy actually depends on the economist in determining the future wealth. Economists have successfully predicted 10 out of the last 2 recessions.
2. You Become A Consultant.
At its heart, economics is a human-oriented subject, though it may look to be all about money on the surface. Economics can, in fact, be defined as the study of how people allocate and utilise resources on an individual and collective basis. This human-centric element renders the Economics major courses available very wide-ranging, inde
An economist by profession is a consultant on economics issue-issues that borders on the allocation of scarce productive resources with alternative use in an efficient manner. As an economist, firms, industry, and the state consult you in relation to their finance.
An economics advises the state on issue of recession, you will be able to tell everybody why the economy is in a recession. Also, you will be able to suggest several conflicting reasons as to how we can get out of a recession. This will simultaneously, both confuse and impress everybody; but it doesn’t matter because nobody ever listen to economists.
3. You will Practice Rationality
Economics is the science of rationality, people ransack on the various economic phenomenon to make a decision. Economics assumes people are rational in their thinking and behaviour. Economics assumes that people choose the activity which optimizes utility.
Indeed, the skills acquired by students of Economics major courses extend far beyond the knowledge gained; students also develop transferable soft skills, including analytical problem-solving skills, and the ability to communicate quantitative data as well as qualitative research findings.
The advantages of studying Economics differ from the advantages of studying other humanities subjects since Economics allows students to learn how to analyse very specific figures which enable them to predict future economically-oriented events. This can render Economics graduates a marketable, employable asset that differentiates them from other graduates.
Rationality demand that you consider the pro’s and con’s of action before taking the decision, you consider the opportunity cost of such an action over time. You consider the best close line of action, it takes conscious practice to really be a rational thinker, because human-being often lack the judgmental power to take rational decision.
4. Economics Gets You a High Paid Job.
Actually, this is the major reason people study economics in the university or college. There are countless of opportunities available for you with a degree in economics. I often hear economist graduate ask the question, “Where can an economist work.” An economist can work virtually everywhere with fat salary, and this is the reason most people study economist.
Economics graduates are well equipped, having analytical and problem-solving skills, numerical and computer skills, as well as the ability to work well either alone or within a team. All of these skills are very transferable allowing economics graduates to branch into anything from investment banking and financial services, business and public-sector management and research, to working with charities, teaching or the media.
Unless of course, you have a strange desire to be an economics teacher; in which case you will enjoy your students repeatedly asking you the question; “Why didn’t you get a proper job in the city, Sir? Or other funny questions.
5. You will Understand Economics
Economics knowledge stands you out in the society. Economics is a social science that explores an entire range of issues that influence financial decisions. Economics looks at how individuals and organisations use, produce, consume, and distribute the world’s goods and services.
Knowing about money is not enough: areas like sociology, law, psychology, politics, geography, and history should be examined as well. Any knowledge in these expansive fields would further enhance and increase the benefits of studying economics, because of their inter-disciplinary nature.
Economics is made up of two distinct part microeconomics and macroeconomics. As the names imply, microeconomics focuses on the economical behaviour of individuals (e.g. industries, firms, families, consumers), while macroeconomics looks at economies of the global or national scale, with a focus on such issues as inflation, unemployment, and fiscal policy.
Both aspects of economics subjects have wide-range applications in the real world, thereby further broadening the career options for Economics majors graduates. There is a wide range of career option for you as an economist. For instance the Concept of Diminishing Return
The concept of diminishing return a helps economist to make decision as to when an addition to consumption, purchases, sales and many other economics activities no longer add any additional value.
As an employer of labour, the law of diminishing return will tell you when an an additional hire will not increase productivity and will make no impact. For instance, when you get ill from drinking 5 bottles of beer in one night, you will be able to impress your parents with the knowledge that the law of diminishing returns is actually perfectly correct.
A knowledge of diminishing returns helps you to prevent economic waist, because you will know when to stop increasing your capital stock-when any additional consumption of a glass of water will no longer lead to satisfaction but rather diminishing return.
5. On the Other Hand-All things be equal
Economics is the only subject where contradicting yourself is seen as a highly desirable attribute. To double the mark on your economics essays, just say after each paragraph: however, on the other hand, this is probably not true at all. You see economist are funny, Aren’t they?
This is the sweet part of economics as you have everything to justify your point at each point in time. You will also appreciate the concept of all things been equal. An economist cannot be separated from the concept of “All things been equal.” To deal with human beings you must assume that their behaviour do not change over time.
6. Economics is the Mother of All Social Science Subjects
Economics gives insight to every other social and finance subject. This is the singular reason an economist fits in to work in every sector of an economy. With a degree in economics, you have a wide array of knowledge on every other finance course.
Economics degree helps you to know where you can feature in the society by given you access to a variety of discipline that you can specialize in. With this knowledge, you can become a monetarist economist, developmental economist, quantitative analyst, statistician and many others. Are you still asking about the benefit of studying economics at university or college?
7. You will understand the Workings of the Economy
“Until studying a course like economics not a lot of people are aware of how the world works, including industries, businesses, and governments. You realise that it’s very important to be educated in this type of thing even if it gets to the stage where you become annoyed with family and friends for moaning about taxes!”
With a degree in economics, you will understand the workings of the economy as a whole. You see an understanding of how the economy works will help you to know when to invest, when not to. It will help you to know the reasons why there is so much unemployment in the country, whether the government is doing enough to solve the societal problems and much more.
An ordinary man will ask, why is the government not printing more money to enable people to spend more and solve their problems. But an economist will not ask such question because they knew that printing more money will not solve economic down-turn but will rather increase inflation and loss of money value.
8. Economies of Scale
Not all wants/needs can be solved simultaneously. Hence, the needs for the scale of preference of needs. You either decide to work as an employee and abide by all the bullying, the insult from your boss or be your own boss-with your little beginning and risk involved.
For instance, when you forget your wife’s / girlfriends birthday you can say that you were merely seeking to maximize economies of scale and productive efficiency because you are waiting to get her a really big present at Christmas. This always goes down very well and become the key benefit of studying economics at university or college.
What Economics Degree Covers in the University or College
What will economics students do at university? (benefit of studying economics at university or college) An Economics degree offers students an amalgamation of lectures, smaller-group seminars, written assignments, project reports, and perhaps examinations. A Bachelor of Science in economics will focus more on economics theory: micro and macroeconomics, mathematics and statistics.
The latter two subjects have broad-reaching application within a practical context, and most prestigious corporations and financial institutions require employees to have a solid grasp of mathematical principles. Thus, in such cases, the benefit of studying economics at university or college degree are particularly noticeable.
Whether you decide to pursue a BA or BSc, a degree in Economics will ask that you understand both Economic theory and how to engage in empirical investigation. A knowledge of statistics will help you investigate issues in public policy, business, or financial industries. If you do not have a ready aptitude for maths and information technology, or an ability to tackle problems, then the thrill and the benefits of studying economics at university or college may be far more diminished for you.
If you do not have a ready aptitude for maths and information technology, or an ability to tackle problems, then the thrill and the benefits of studying economics at university or college may be far more diminished for you.
A degree in Economics will certainly not preclude you from continuing onto an academic career; it is a very respectable degree that many professors and researchers are passionate about. It can also frequently be offered as part of an Honours programme and combined with many other subjects, including modern languages, politics, sociology, computer science, law, and engineering, among others. Hence, benefit of studying economics at university or college is enormous.
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