If you are considering to undertake a degree in Economics, but you still are still unsure and need further clarification, this mini guide can help you.
Economics is the study of how societies, governments, businesses, families and individuals allocate their resources in an efficient way for all the parties involved.
In order to reach its objectives, the study of economics should consider two important features. On one end, it develops conceptual models of behaviour to predict responses to changes in policies and market conditions. After that, it uses rigorous statistical analysis methods to investigate these changes.
Although there is a prevalent use of maths involved, economical theories and concepts are very important in a variety of jobs and sectors. This might be the reason behind the fact that young people enrolling in higher education institutions are choosing in first instance degree courses in business administration.
Why to Choose to study Economics
Many people think of economics as curves, models and graphs, but in reality economics -and our modern economy – are much more than that.
Economists can better understand the hypothesis that rule the global economy, while making assumptions about people and the way they behave in a rational way. Thus, mathematical formulas and models will need to be supported by a sound understanding of the society we live in, as well as the political and industrial environments.
Why study Economics?
Excellent job prospects
Graduates in Economics have excellent career prospects in a variety of sectors, and according to a recent statistic they are able to be employed in their field of study within six months of graduation.
The Economy and the World
The economy is not something abstract, it is rather palpable around us, and visible in almost every aspect of our lives. While studying the subject, students will be offered a general understanding of the world and its more vital internal mechanisms. For example, you will learn the dynamics that determine the price of goods and services and the reasons behind average living standards varying so widely within and between countries.
You will learn to adopt the right economic tools to maximise productivity and efficiency, meanwhile the study of the economics will also provide you with valuable knowledge to inform the decision-making in your everyday life.
When it comes to business decisions, economics will teach you the theoretical background at the basis of managerial reasoning and will also provide you with concrete tools to perform precise analysis.
Once graduated in Economics, you will be able to develop a sound business model and apply it in a practical way, especially if you decide to become an entrepreneur and start your own business.
Studying Economics: which exams you will have to take.
If you decide to study in the field of Economics, it is important that you are prepared and know which exams you will have to take and which subjects you will need to study. Find out here the subjects that make up your chosen course of study.