ECONOMICS
WHAT IS ECONOMICS?
Economics is the study of how people make choices when faced with scarcity. Because resources—time, money, land, water—are limited, we must make difficult choices about how we will spend them. For example, if we buy a less expensive car, we might be able to afford a needed computer. Economics is the study of choices on an individual, national, and global level. The principles of economics influence decisions that affect the well-being of people around the world. With the help of economics, we can understand the world and make better decisions.
WHAT COURSES DO YOU NEED TO TAKE?
Many universities offering a bachelor of arts degree in economics require some of the following courses:
- History of Economic Thought
- Principles of Macroeconomics
- Intermediate Macroeconomics
- Principles of Microeconomics
- Intermediate Microeconomics
- Statistics
- Introduction to Economics
Elective courses are usually offered in areas such as:
- Economic Development
- Economic Forecasting
- Environmental Economics
- Industrial Organization
- International Trade and Finance
- Labor Economics
- Money and Banking
If you are considering a graduate degree in economics, it is very important to take several advanced courses in mathematics.
WHAT CAN YOU DO WITH A DEGREE IN ECONOMICS?
Economists are needed in many industries and can apply their knowledge in a number of careers. In the insurance industry, economic majors are hired to be actuaries and underwriters. Because they understand the interactions of many economic variables and policies, economists are needed in the financial industry as bank administrators, financial analysts, and investor relations managers.
Economists, working in other types of business and public utilities, spend much of their time applying economic theory to analyze issues that are important to their firms. They may analyze the effects of economic activity in the U.S. and the world or study demand for a company's product. They conduct cost-benefit analyses of projects that the company is considering, or help determine the effects of government regulations on the company. Careers in these areas include compensation analyst, business administrator, market researcher, and cost estimator.
Economists in governmental agencies may forecast the effects of various policy proposals on the economy and study the impacts of governmental regulations and taxes on industries. Economists in international development and trade are especially in demand. The governmental sector also needs regional planners, demographers, and statisticians.
Research and university teaching are open to individuals with master's and doctoral degrees. Study in economics also provides a very good basis for law school.