Choosing the subject that you are going to study is a big decision to make, one that has the power to impact your future job choices and earning potential. Therefore, before deciding on one subject to study, it is useful to first learn a little bit more about what advantage it might offer you. If you are considering studying economics, this guide is here to help you learn everything you need to know.
What is Economics?
First thing first, what is economics? Simply put, economics is the study of the production, consumption, and transfer of wealth. While economics uses many mathematic principles, it is at heart a social science that looks at the factors that influence the production and distribution of wealth.
What is the ?
If you are interested in studying economics, you will likely have wondered about the similarities between economics and applied economics. In very general terms, economics explores the production, distribution, and consumption of goods and services. Applied economics uses similar theories to those taught in general economics but focuses on how these ideas can be applied in everyday situations.
Why Study Economics?
Studying economics will prepare you to deal with the fast-paced business world of the future by equipping you with vital problem-solving and analytic skills. Economics also provides you with a deeper, theoretical understanding of why people behave in the manner they do. You would also be equipped with data and quantitative analysis modeling skills to help you be able to put your insights into action.
What are the Most Common Jobs for Economics Graduates?
Economics graduates can gather and interpret data using mathematical and statistical models. In addition, economic graduates also tend to have very high-quality communication skills. This combination makes economic graduates very desirable to employers.
Some of the most common jobs that economics graduates enter include:
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Market Research Analyst
A market research analyst looks at industry trends to predict how products or services might perform in different economic situations. This profession uses skills of gathering and interpreting data learned in the study of economics.
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Economic Consultant
An economic consultant uses analytical and research skills to analyze industry trends to help institutions improve their performance and increase their returns.
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Compensation and Benefits Manager
You will be studying the labor market to determine supply and demand for different jobs in this profession. In addition, you will be responsible for creating reports and working with a human resources department to improve performance.
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Financial Analyst
A financial analyst will study the stock market and bonds and use this research to benefit businesses or individuals to improve their wealth management.
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Lawyer
The most common areas of law for economic graduates include corporate law, tax law, antitrust law, or medical malpractice. In addition, lawyers tend to benefit from the data analysis, critical thinking, and communication skills they learn from studying economics.
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Quantitative Analysts
A quantitative analyst uses a range of mathematical and statistical methods to determine risk and other financial studies. For example, a quantitative analysis can either work for a public or private organization to determine profit possibilities or sales.
