What is economics?
Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals.
There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics, on the other hand, takes a much broader view by analyzing the economic activity of an entire country or the international marketplace.
A study of economics can describe all aspects of a country’s economy, such as how a country uses its resources, how much time laborers devote to work and leisure, the outcome of investing in industries or financial products, the effect of taxes on a population, and why businesses succeed or fail.
What does an Economist do?
Economists seek to answer important questions about how people, industries, and countries can maximize their productivity, create wealth, and maintain financial stability. Because the study of economics encompasses many factors that interact in complex ways, economists have different theories as to how people and governments should behave within markets.
Economists research how to allocate scarce resources. They can focus on businesses and individuals or even governments and their economies. There are all kinds of careers for economists, ranging from management consultant to investment analyst to sociologist. If you want to be an economist, you can look forward to working for big business, the government or academia.
How do Ibecome an Economist?
To become an economist you need to have a unique way of thinking, a skill that comes naturally and is not necessarily taught. Understanding that unique way of thinking is the foundation upon which careers for economists are built. The best way to do this is to start taking math and economics classes in high school and then follow that up by majoring in economics in an accredited college or university.
It is important that potential students also gain that real world experience or gain a mentor to help teach them the intricacies of this field. You can have a great economist career after earning your bachelor’s degree, but earning a PhD in economics will open all kinds of new doors for you as well.
An understanding of economics is essential to any business or government career. Economic principles are always relevant and will give you a leading edge in whatever path you choose, whether its running a small business or the financial director of a publicly listed company.
Some other employment options that require an economics degree include:
• Agricultural Economist
• Building Economist
• Economic Natural Resources Manager
• Economic and Financial Markets Reporter
• Finance Manager
• Graduate Quantitative Traders Assistant
• Health Economics Associate
• International Trade Analyst
• Market Analyst/Researcher
• Marketing Consultant
• Natural Resource Manager
• Relationship Manager
Other opportunities can be found in journalism, teaching, foreign affairs and international consulting.