Economics is a very broad subject as it is a social science that not only examines how people manage and use the resources they have, but also looks at the production, distribution, and consumption of products and services. Taking economics in college opens up your career options because studying economics does not mean you only get to become an economist. Economists are needed in almost all areas of human life where there is a need to manage resources. Here are 5 reasons why you should study economics.
Ability to Work in Several Roles and Industries
A major in economics will lead to a career in different areas. You could work for the government, in finance, healthcare, education, or business, where you will be required to use your skills and knowledge to apply your critical thinking, analytical, analysis, and research skills to come up with economic strategies that help these institutions improve their performance. If you want to work in even more exciting and challenging roles, you can bolster your academic qualifications by taking a Master’s of Science in Applied Economics. Boston College has a great program that you can apply for at https://appliedeconomics.bc.edu/.
You Become an Economic Forecaster
As an economist, you will be equipped with the skills and knowledge to predict the future of different economies. Some areas you might focus on in your economic forecasts include inflation, unemployment, and fiscal deficits.
Economic forecasts can be generated annually but can be updated as and when needed. In your job as a forecaster, you will have tools that you can use, but your statistical knowledge, models, and analytical tools will be critical.
You Will Be Able to Understand Market Dynamics
Market dynamics are the factors that affect any market, and studying economics will give you the skills to analyze and understand them. Although an understanding of market dynamics is not essential if you do not wish to become an economist, it will help you better understand the market your organization operates in and give you the tools to influence the strategies and decisions that will help improve the organization’s performance.
It Will Make You a Better Money Manager
As an economics major, you will get a better understanding of how money works as well as how to utilize this vital resource without wasting it. This means that if you start a business or partner with someone to help them manage theirs, you will be able to make better money decisions, thereby helping the business succeed. As a business person or at a personal capacity, you will understand the value of money and therefore seek to make better use of it instead of wasting it.
You Can Become an Economic Advisor
An economic advisor helps businesses understand the business which in turn helps them make better use of their business resources. You can choose to be paid to do this or enroll with different government agencies to give advice and provide your insight on the economy during a recession.
Economics touches every part of our lives. As an economist, you will be in a better position to apply economics in your life and businesses to make them succeed. Additionally, an economics major gives you access to many career options, goals, and industries.