Lots of students choose economics as their major every year. In 2020, a total of almost 49,000 degrees in economics were awarded in the United States alone. There are good reasons for that.
Let’s talk about what economics means first. As one of the key social sciences, economics is concerned with the study of the production, distribution, and consumption of goods, wealth, and services.
Why is it important? Well, the study is based on the understanding that we live in a world of scarce and finite resources. So, there is a limit to how much can be produced, distributed, and consumed with conventional models and approaches. This is a crucial factor that influences decisions made by governments, companies, and individuals. It also invites innovation, efficiency, and ingenuity to get more with less.
A corollary of the above is that the study of economics helps develop a broad range of analytical and critical thinking skills that pave the way for so many career options and development opportunities. Still not convinced? Let’s take a closer look at why it makes so much sense to opt for economics.
- Comprehensive knowledge base
As an interdisciplinary field, economics encompasses lots of other subjects, such as political science, history, psychology, mathematics, anthropology, and sociology. To put it bluntly, you can’t go wrong by picking economics because it broadens your mindset, diversifies your academic acumen, and makes your analytical skills versatile. As you learn how the world works, you are better positioned to find your place in it.
- Better planning skills
As you study the entire continuum of economic thought development, you learn how instrumental and creative economic scientists have been at exploring more effective economic planning and execution means. When you come to grips with the reality that resources at your disposal are not limitless, you start appreciating the value of effective resource allocation, priority setting, and time management.
If you are a high school or a college student, you must be busy with your never-ending assignments, tasks, and exams. At times, the ever-increasing workload must be driving you nuts. That is why many students use APA paper writing service to ease the burden of managing multiple competing assignments. You can do the same to avoid burnout and late submissions.
- Improved communication skills
Before you know it, you will start seeing significant improvements in your communication capacity. As your grasp of economic theory, economic tools, and economic models widens, you will be talking about them in a more lucid, persuasive, and confident manner.
Economic studies train your brain to develop well-structured cognitive frameworks to investigate, scrutinize, process, and present some of the most complex and intractable ideas and issues. It would be remiss of you not to benefit from them.
In addition, you can use many of the common economic terms in your everyday speech, academic settings, or other formal and non-formal situations. Opportunity cost, equilibrium, demand and supply, comparative advantage, and many more will enrich your vocabulary, leading to more engaging and insightful conversations and analyses.
- Profitable business decisions
Whether you are a student or not, starting a successful business undertaking is never a bad idea. But it is one thing to take a stab at it, relying on intuition and luck, and the other to draw on a sound and scientific knowledge base.
However cool your business idea looks, you should carry out proper market research, analyze market dynamics, study customer behavior, and plan your marketing strategies. You cannot afford to be sloppy with any of these. Being lax, inconclusive, or simply naive about how market forces work renders your great idea useless. When equipped with sound and solid economic knowledge, the risk of failure is minimal and manageable.
- Better chance of getting well-paid jobs
Many people with economic degrees go on to build successful careers in other fields that are not directly related to economics. They are more adept at understanding the ebbs and flows of the labor markets, business trends, and specific job requirements. With a strong economic background, the range of opportunities seems limitless.
You can aspire to work for government agencies or companies. You can also choose to work as a management consultant to help organizations address erratic performance issues. Either way, you will be equipped to compete for well-paid employment opportunities successfully.
- Ensuring personal financial security
Irrespective of how much you earn, you need to be judicious about your spending. There is no wealth that can’t be wasted if managed foolishly or unwisely. Economics is all about using resources in a way that meets your current needs without detriment to your needs in the future.
You will know how to analyze your spending patterns and dubious offers to avoid some of the most widespread and toxic ones, such as impulse buying, Ponzi schemes, gambling, and many more. You will also become better at managing your personal or household finances by developing long-term expenditure plans and projections based on sound statistical methods. All these habits will have a direct bearing on your bottom line and your quality of life.
Bottom Line
Studying economics can be challenging because it is an interdisciplinary subject, and it requires a lot of dedication, consistency, and concentration on the part of students. But the benefits outweigh your inputs by far.
If you are a good and diligent learner, you can make an utmost professional who will have a huge comparative advantage no matter what kind of a career you decide to pursue. Opportunities are immense. Whether you want to become a decision-maker, a successful entrepreneur, or an industry-leading policy expert, vast opportunities will present themselves to you to choose from.
