What is Economics?
Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. If you look around carefully, you will see that scarcity is a fact of life.
First Economist
However, Adam Smith (Scottish, 1723–1790) is generally regarded as the first focused “economist” and “father” of the formal study of “political economy”. He wrote a number of books on the subject but is best known for his seminal work “The Wealth of Nations” published in 1776.
Courses in Economics
This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels. The two major veins of economics are microeconomics and macroeconomics. Microeconomics looks at the behavior and interactions of individual agents, such as households, companies, buyers and sellers.
- Business and Economics
- Creative Economy
- Economic Development
- Economic Policy
- Environmental Economics
- International Economics
- Microeconomics
5 Basic Concepts of Economics
- Utility
- Scarcity
- Transferability
- Forms of Wealth
- Individual Wealth
- Social Wealth
- National or Real Wealth
- International Wealth
Study in Economics Major
Both macroeconomics and microeconomics are considered social sciences. Social science helps to explain how a society functions and is an umbrella term that incorporates several fields of study, including economics.
Four key economic concepts–scarcity, supply and demand, costs and benefits, and incentives–can help explain many decisions that humans make.
You can use an economics degree to study industry trends, labor markets, the prospects for individual companies, and the forces that drive the economy. Economics majors learn to gather, organize, and interpret data, using mathematical formulas and statistics to make calculations.
Types of Economy
The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; a traditional economy, a market economy, command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.
Value of Economical Degree
It isn’t useless unless you choose to not use it. Economics is one of those degrees where your school matters a lot. … A straight econ major doesn’t really do that. Also, like another user said, plan on grad school if you want government jobs or just to be in high level positions.
The Bachelor of Economics (BEc or BEcon) is a four-year academic degree in economics. Specialized degrees in Economics are also offered as a BSc, or a BA, and often as a social science degree (BA, BSocSc); these may span three years.
Scope of Economists
Employment of economists is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations.
Demand for economists should come from the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment.
For any career related to finance, an economics degree is a good foundation to build on. … An economics graduate will have some unique and highly sought after skills and in most cases, employment prospects are good.
Read on for our top picks for international students interested in studying Economics.
- The United States
- The United Kingdom
- The Netherlands
- Australia
- Switzerland
- China
- Italy
Top Universities of Economics
1: London School of Economics and Political Science
Public university in London, England
2: University of Oxford
Collegiate university in Oxford, England
3: University of Warwick
Public university in Coventry, England
Chicago, IL Private, non-profit 4-year
4: University College London
Public university in London, England
5: Bocconi University
Private university in Milan, Italy
6: Bocconi University
Private university in Milan, Italy
7: University of Warwick
Public university in Coventry, England
