Economics, at its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.
When you study economics you gain a toolkit of skills, approaches and ways of thinking that you can apply to a wide range of problems. Economics is one of the central disciplines underpinning the study of business and management and public policy.
Economics - a useful tool
An economics degree gives you a high level of mathematical and statistical skills and the ability to apply economic principles and models to problems in business, finance and the public sector. More broadly, economic concepts can be applied to understand the logic of complicated data, to see how things relate to each other, and to see the broader context.
Some of the specific skills you develop include:
communication - presenting ideas in a well-defined framework and supported by evidence that uses complex data
numeracy - handling complex data and techniques of mathematical and statistical analysis
problem-solving
analytical skills.
There are careers that use specific knowledge of economics, for example banks, insurance, accountancy firms, businesses and in government. These jobs may involve identifying financial risks or making decisions about where a company or a government should invest its resources in the future, or even how to design a bidding platform for eBay. There are also roles for economists in think tanks and consultancies that advise governments and companies on public policy, such as how to deal with the Greek debt crisis.
More broadly, an economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.
Especially in demand are people who have studied Economics and Finance as they are particularly well-prepared for jobs in banking and the financial sector, such as in accountancy firms.
The well-developed methodologies used in the economics profession have helped the subject expand into providing tools for other disciplines, such as politics, law, health, education, management, and many others. Some worry that by using the approaches of economics, the assumption is being made that people are rational in the way they behave. To counter this, economists are bringing in insights from behavioural science, psychology, and neuroscience.
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Macroeconomics
Macroeconomics is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy’s growth and stability. This includes regional, national, and global economies.
Learn Economics Topics
Economics Introduction
Economics Planning
Economics Natural Resources
Economics Demography
Economics National Income
Economics Capital Formation
Economics Poverty
Economics Unemployment
Economics Agriculture
Economics Food Security
Economics Cooperative Movement
Economics Industries
Economics Infrastructure
Economics Balance of Payments
Economics Foreign Capital
Economics Prices
Economics Currency
Economics Financial Market
Economics Public Finance
Economics Parallel Economy
Economics Major Problems
Economics Micro
Economics Macro