Studying Economics will teach you the fundamentals that will be needed to interpret graphical illustrations that may be linked to typical economic discourse as well as the tools to develop a business strategy. The study of Economics exposes how individual, firms or government manage and utilise their resources for better efficiency.
Students who opt for Economics in their subject selection not only gain the skills needed to analyse various situation and complex market but they embrace problem solving skills in various ways as well as business sense necessary to succeed in the professional world. Notable mention is the need for Economist in every industry not just only in business as they have the skill to forecast business optimism.
Top 7 Reasons to study Economics
1. Economic Adviser
Just like Joseph in the Bible where a played the role of an economic adviser informing the Egyptian council when to spend and save. The economic adviser will be able to inform everyone if the economy is experiencing a growth or maybe its experiencing a recession. An economics student would be able to advise on what to do to move out of recession or experience more economic growth over a period of time. One funny fact is that everyone feels they are their own economist at their micro level but it usually is more than that.
2. Economics is Life
All the topics that would be taught from secondary to tertiary institutions are topics that you can always relate to. it is safe to say Economics is life because it is an everyday subject. Since we can’t be in two places at the same time, opportunity cost would be at play, since we can’t concentrate on two productive abilities at the same time, it informs our knowledge of production possibility curve.
3. Employment & Unemployment
Have you ever wondered if you can be out of job? Have you ever wondered that your skill might be insufficient for an industry? Have you ever wondered why some people do not get a job even when they are actively searching? The knowledge of economics would assist you in interpreting all these questions about employment and unemployment. The knowledge of economics can forecast a skill that will become acceptable in the nearest future and undergo its training now when the demand is growing.
4. Economics is Argumentative
If you love the argumentative lifestyle, then Economics is the right choice for you. Economics would be able to explore that side of you as you will be able to look out for the flip side of every decision that is to be taken. Economics allows you to largely contradict yourself giving viewpoints on why the decision which is about to be taken isn’t the best choice at the instance being given.
5. Understanding your own spending habits
The knowledge of economics will inform you about how you or your organisation or the market behaves. This understanding would help you decode your own behaviour and enable you make economical decisions.
6. Combining with other Courses
With economics pervading every element of our lives, it follows that the subject complements others so well. Many universities offer dual honours degrees so students can combine their economics degree with another passion or interest as it has impact on all walks of life.
7. Expanding your vocabulary
Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you a fluency in fundamental terms needed to understand how markets work. Even if you don’t use these words often in your current role, studying these economic terms will give you a better understanding of market dynamics as a whole and how they apply to your organization.
8. Economics Jokes are Lit
The First Law of Economics: For every economist, there exists an equal and opposite economist.
The Second Law of Economics: They’re both wrong.
Economics is the only field in which two people can get a Nobel Prize for saying exactly the opposite thing. Humor is evolving, now we have a refinement:
“Economics is the only field in which two people can share a Nobel Prize for saying opposing things.” Specifically, Myrdahl and Hayek shared one.