Economics: Are There Any Career Opportunities
What is Economics all about? In the economics essay I will give the answer to this question. Every field of study has its own language and its own way of thinking. Just like Mathematics talks about Algebra, Accounts deal with profit and loss, Economics is no different. Economics is a social science which studies the way a society chooses to use its limited resources, which have alternate uses, to produce goods and services and to distribute them among different groups of people. In other words, Economics is all about making choices in the presence of scarcity. It studies human behaviour as a relationship between means (resources) and ends (human wants).
One of the earliest recorded economic thinkers could be dated back to 8th century. But the founding of modern Western economics took place much later, generally credited to the publication of Scottish philosopher and economist Adam Smith’s 1776 book, An Inquiry into The Nature and Causes of The Wealth of Nations.
Branches of Economics
Microeconomics - It is that part of economic theory which studies the behaviour of individual units of an economy. For example, individual income, individual output, price of a commodity etc.
Macroeconomics - It is that part of economic theory which studies the behaviour of aggregates of the economy. Its focus can include a distinct geographical region, a country, or even the whole world. For example, topics like level of inflation, interest rates, GDP, etc.
Areas of Study in Economics
As a subject, Economics is growing every day. Its scope is compounding; so many new fields of study getting included and recognised as a different domain under this subject. Economics has fields bordering on other areas, including economic geography, economic history, public choice, energy economics, cultural economics, family economics, political economics, Law and economics, Sociological economics, institutional economics and many other.
Putting Economics to Work
Economics has a different way of looking at the world altogether. This way of thinking has proven quite useful, training in economics can be put to work in a wide range of fields. One, of course, is in work as an economist. Undergraduate work in economics can be applied to other careers as well.
Career Opportunity in Economics
Economists generally work in three types of organizations: government agencies, business firms and academic institutions. Economists working for business firms and government agencies forecast economic activity to assist and provide the basic idea of the situation of the economy to their employers in planning. They also apply economic analysis to the activities of the firms or agencies for which they work or consult. Economists employed at academic institutes teach and take part in research programmes if they wish to.
Suppose that apart from the above-mentioned career options, you want to consider something else. Would choosing to study economics help you? The evidence suggests it may. Suppose, for example, that you are considering law school. The study of law requires keen analytical skills; studying economics sharpens such skills. Economists have traditionally argued that undergraduate work in economics serves as excellent preparation for law school. Of course, you may not be interested in going to law school. One consideration relevant to selecting a major is potential earnings in that field. The National Association of Colleges and Employers conducts a quarterly survey of salary offers received by college graduates with various majors. One’s choice of a major is not likely to be based solely on considerations of potential earnings or the prospect of landing a spot in law school. You will also consider your interests and abilities in deciding about whether to pursue further study in economics. And, of course, you will consider the expected benefits of alternative courses of study. What is your opportunity cost of pursuing study of economics? Does studying more economics serve your interests and will doing so maximize your satisfaction level? These considerations may be on your mind as you begin to study economics at the college level and obviously students will make many different choices. But, should you decide to pursue a major in economics, you should know that a background in this field is likely to serve you well.
Conclusion
Take Economics as a subject in high school with Mathematics / without Economics also will work but you need to crack the entrance test for undergraduate program otherwise Choose graduation with Economics Hns from any streamand prepare for the entrance well for the master’s program. And if you want to study abroad, GRE score can help. If you want to continue in academics then, you can pursue PhD or MPhil. The MPhil degree is mostly a thesis-based course and known as a Senior or Second Master’s Degree between a PhD and a taught master’s degree.
