Economics is a wonderful subject and if you are planning to pursue this academic discipline then you are at the right place. Many students opt for specialization in economics at graduation and post-graduation level. It is a very useful academic stream and its practical importance is also commendable. As far as the scope of economics is concerned it is very wide and there are lots of things to learn in this field.
So, stay tuned as you will get some really impressive information on economics in the coming paragraphs.
The exact meaning of economics
Economics can also be called as a discipline of social science. In this field, the study is associated with the production, consumption and distribution of goods and services in an economy. Β It is a really elaborate stream and there are lots of concepts and topics.
There are lots of definitions of economics and some are given by the really famous economists. In all such definitions you will realize the basic fact that economics is a field that analyzes human behavior. Economics clearly describe that how various means are utilized in the most productive manner. Thus, whether it is the study of scarcity of resources, the way people utilize these resources and the process of decision making; all such aspects are covered under economics.
In economics you will get to study that how individuals, business corporations, government and the economy as whole, make different kinds of choices related to resource allocation and satisfaction of needs and wants. By studying economics you will get a chance to analyze that how various groups in the society coordinate, and work together to achieve the goal of maximum output.
Economics is a branch that focuses on the interaction process and behavior of economic agents. Thus, if you always wanted to know that how economies actually function then economics is the right academic stream for you.
Why economics is an important subject?
Economics is a really important academic stream because its analytical findings are useful for different fields. The economics based analysis and interpretations are useful for multiple domains like finance, business, government sector, healthcare etc. Lots of times economic data and analysis is needed in the fields like environmental studies, education, politics, religion, war strategies etc.
Thus, the scope of economics is really elaborate and there is a great demand for economics experts in the current times.
Breaking down the economics study
There are lots of branches in economics and here is an idea about them β
Micro economics
Micro economics is the study related to individual agents and markets in an economy. This branch analyzes that how these forces interact with each other and the outcomes of such interactions. There are lots of individual agents in a society like sellers, buyers, firms and households.
One can say that micro economics focuses that how individual producers and consumers make their decisions. In this branch you will get a chance to analyze that how the prices get affected because of the demand and supply of goods. You will also get to study the aspects like game theory, risk and uncertainty, process of allocation of resources, cost analysis etc.
Macro economics
Macroeconomics analyzes the whole economy. Thus the aspects like investment, consumption; saving, aggregate production etc. are covered in macroeconomics. There are lots of economic issues discussed under macroeconomics like unemployment, public policies, economic growth, inflation etc.
Macroeconomics can include a distinct economic region, a continent, a specific country or even the economics of whole world. There are lots of vital things to understand in macroeconomics like GDP, expansion, depression, recession, expansion, population growth, business cycle etc.
International economics
In the branch of international economics you will get to study that how goods as well as services flow across the international boundaries. Various economies gain from international trade and the exact gain of each economy is going to be different. Various aspects that are analyzed in international economics are like policy formulation on international level, the tariff rates in various economies, trade quotas, flow of capital, exchange rates, the outcomes of contemporary globalization etc.
Developmental economics
Developmental economics is a distinct field that evaluates the economic aspects related to the developmental process. In this stream basically the focus is on low income economies and the study is based on analyzing the structural changes, state of poverty and the prospects of economic growth. Both social as well as political factors are seen while evaluating the aspects related to developmental economics.
Other distinctions
There are various other distinctions in economics. Some of the examples are like positive economics, normative economics, applied economics, rational economics, behavioral economics, heterodox economics, mainstream economics etc.
As far as the economic theory is concerned then there are various approaches like classical political economy, Marxism, neoclassical economics, Keynesian economics, Chicago school of economics and various other schools and different kinds of approaches.
Thus, this is a brief description that what all branches are there in the field of economics. The reality is that there are lots of other things as well. So, by choosing this academic stream you will get an opportunity to understand a broad range of economic concepts.
Economics at graduation and post-graduation level
Lots of students opt for economics as their main field of study in graduation as well as post-graduation. A thing to note is that many reputed colleges conduct entrance tests for granting the seats in economics based courses. Thus, if you are planning to pursue this academic stream then you should surely check the eligibility criteria as required by different colleges.
If there is a requirement related to entrance test then you should do the preparations beforehand. On the internet you will find useful sample papers. By going through such sample papers you can get a genuine idea that what types of questions are asked in the entrance examination and right way of answering them.
The entrance tests for economics courses are not that easy. Thus, you should do a lot of hard work because then only you will be able to secure a seat in a good college. Once you have cracked the entrance examination then you should complete the course with absolute dedication.
The way you perform at graduation and post-graduation level will decide your grades and placement opportunities. Thus, the task is not over with the admission process, but you will have to gear up in order to complete the degree with exceptional grades.
Career options after pursuing economics
There is a lot of scope on the career front after pursuing economics. There are various kinds of job openings for economists like economic consultant, professor, advisors in the government department, economic analyst in private organization, data scientist, quantity surveyor, policy officer, business development manager, statistical researcher, risk and uncertainty analyst etc.
This is just a very small discussion. In reality there are lots of other career prospects as well. There are lots of branches in economics and you can make the career in any field of your choice.
The main ideology of students is to get a well-paying job after pursuing a degree in economics. This is a wrong way of thinking. If you want to be an exceptional economist then your focus should be on learning. As your knowledge would grow, so would your pay scale. Thus, when you are just out of college then grab the best possible opportunity and try to learn as much as you can.
In the initial phase of your career the pay may not be that impressive but there is nothing to worry about this situation. With time you will get an opportunity to learn a lot of new things and the job position as well as income will get better. So, focus on learning, analysis and improving the interpretational skills.
Why students feel that economics is a tough academic discipline?
A lot of students complain that economics is a tough academic discipline and here are the reasons for that β
- Widespread theory portion
There is no doubt about the fact that the theoretical portion in economics is really widespread. There are lots of subjects, concepts and topics. Sometimes you may feel overburdened with the academic curriculum and the theory portion may appear to be really boring.
In such a situation you should try to learn the aspects from an analytical point of view. Donβt just mug up the theoretical portion but try to understand the interpretation behind such concepts.
- Difficult practical questions
Economics is not just about theoretical portion but there is a lot of practical portion as well. There are lengthy numerical and for solving them your mathematical skills should be impressive. Many times you may feel that the practical questions are a real burden and a professional should solve them on your behalf.
- Diagrammatic explanations
There are lots of diagrammatic explanations in economics and many times the diagrams can be really complicated to interpret. Some of the common diagrams are related to demand, supply, price mechanism, market analysis, marginal curves, elasticity, unemployment rate etc. It can be really difficult to depict data based information through diagrams, bar charts, pie figures etc.
- Complicated assignments and homework
There is no way to escape economics homework and assignments. At your graduation as well as post-graduation level you will get lots of assignments and homework to complete. If you will underperform in these academic tasks then your grades will automatically come down.
- Difficult and lengthy exams
Economics exams are not that simple. The questions are lengthy and complicated. Students think that they will get straight questions out of text books and reference books. But the reality is somehow different. The exam questions can be really twisted and you will have to do a lot of brainstorming for interpreting the correct answers. You canβt expect that your professors will give easy questions.
These are some of the main reasons why students feel that economics is a tough academic discipline. A thing to note is that be it economics or any other academic branch, if you are not ready to put in efforts then there are no chances of success. So, instead of fearing the obstacles your goal should be to pass the course with outstanding grades.
How to deal with the academic pressure?
Sometimes economics topics and concepts can appear to be really confusing and the only way to get rid of confusion is to seek professional help. Now you must be thinking about the best way to contact a professional expert. In this case you can undoubtedly trust online academic help. On the online platform you will get a chance to interact with highly experienced experts and they will eradicate all your doubts related to economics.
The best thing about online academic support is that the services are open 24×7 and the rates are very reasonable. Whether you are stuck with the homework or assignment questions or you need exam based help, you can contact the economics tutor in an easy going manner. Just submit the topics or questions, in which you are having doubts. You will get original answers before the promised date and time.
Online academic services are student friendly in nature and it is one of the best ways to attain utmost concept clarity. Once your concepts will become crystal clear then you can score excellent grades on the academic front.
Some tips to qualify the economics degree with exceptional grades
If you want to qualify the economics degree with exceptional grades then study on a regular basis. Pay attention during the lectures and note down the important explanations in your notebook. Practice a lot and try to understand the concepts from an interpretational point of view. In case of doubts, you can always think about seeking professional guidance. With persistence and hard work you will be able to qualify the degree with impressive grades.
Author bio
Dana Davis is a professional online tutor for the subject of economics. She has years of experience in the teaching field and she really understands the problems faced by students in the subject of economics. Her blogs provide a valuable insight into the diversified field of economics and she is always ready to provide her guidance in relation to homework, assignments and detailed projects.