Economics is a social science that studies the decisions humans make when faced with scarcity of resources. Resources such as labor, tools, shelter, and raw materials are limited, thus economics look at how people allocate these limited resources to satisfy their needs and wants.
These can be individual decisions, family concerns, or business decisions. If you look around, you’ll see that scarcity is all around us. For example, if someone is looking to call a Grab during peak hours, they’ll need to pay a higher price due to the high demand. Drivers will then be motivated to hit the road despite the onslaught of traffic, as people are willing to pay higher prices.
Economics can be divided into two major types; microeconomics and macroeconomics. Microeconomics focuses on the behavior of individual consumers, whereas macroeconomics focuses on the overall economy on a regional, national, and international scale.
An Economist studies the production and distribution of resources, goods, and services through the collection and analysis of data. They conduct surveys, study research trends, prepare reports and evaluate economic issues to understand the current situation of the economy.
Economists are highly sought after for their analytical and detail-oriented skills that can deal with large amounts of data. Their expertise is required in various fields such as education, business, healthcare, finance, and the environment.
An economics degree will provide you with knowledge and skills related to the economics and finance industry. In the first year, you’ll be introduced to the basic concepts of economics, before taking on more complicated subjects in your second and third year.
If you’ve always been interested to understand what makes the economy flow and how governments and businesses base their decision-making amidst limited resources, an economics degree will provide you with the perspective to understand how the world works when it comes to business and economics.
A degree in economics is highly sought after by employers. This is because you gain a strong foundational knowledge of how the world works and learn skills that are easily transferrable between industries. Thanks to that, you can choose to work in an economic career or explore other fields not directly related to your degree.
An economics degree can be a great career option as it opens up a number of paths, thanks to the variety of subjects you study about. From understanding what causes an economic crisis, issues about tax and inflation, to being able to predict the impact on different industries, economics covers aspects of politics, sociology, business, finance and international relations, giving you a strong grasp of general knowledge.
Studying a degree in economics will give you a range of skills such as cultural understanding, commercial awareness, data analysis, and research skills that will develop a unique way of thinking you can use to solve everyday problems. This allows you to apply your knowledge of economics to real-world situations, a skill that is highly desired by employers.
Economics is a broad field, so you have several career options that you can seek upon graduation:
You will also be qualified to work in other fields, such as:
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