Why Study Economics?

Why Study Economics?

Introduction

Why Study Economics?

Now that we have gotten an overview on what economics studies, let's quickly discuss why you are right to study it! Economics is not primarily a collection of facts to be memorized, though there are plenty of important concepts to be learned. Instead, economics is better thought of as a collection of questions to be answered or puzzles to be worked out. Most important, economics provides the tools to work out those puzzles. If you have yet to be been bitten by the economics“bug,” there are other reasons why you should study economics...

01

Being a well-rounded Thinker

Being a Well-Rounded Thinker

Why Study Economics?

A basic understanding of economics makes you a well-rounded thinker. When you read articles about economic issues, you will understand and be able to evaluate the writer's argument. When you hear classmates, co-workers, or political candidates talking about economics, you will be able to distinguish between common sense and nonsense. You will find new ways of thinking about current events and about personal and business decisions, as well as current events and politics.

02

Be a Problem Solver

Be a Problem Solver

Why Study Economics?

Virtually every major problem facing the world today, from global warming, to world poverty, to world conflicts, has an economic dimension. If you are going to be part of solving those problems, you need to be able to understand them. Economics is crucial.

03

Being a Good citizen

Being a Good Citizen

Why Study Economics?

It is hard to overstate the importance of economics to good citizenship and being engaged with what is going on with your city, your state and your country. You need to be able to vote intelligently on budgets, regulations, and laws in general. When the U.S. government came close to a standstill at the end of 2012 due to the “fiscal cliff,” what were the issues involved? What could have been done to avoid that?

04

Transferrable skills

Transferrable Skills

Why Study Economics?

One of the best reasons for studying economics is the development of transferrable skills. These skills can be applied to any field of economics and will also boost your employability in any industry you choose to work in. Some of the transferrable skills you will develop during your economics study might be...

• Research
• Analytical thinking
• Spoken and written communication
• Problem-solving
• Time management

05

Career Opportunites

Career Opportunities

Why Study Economics?

If you are interested in economics and eventually pursue a degree in this subject, you will have many excellent job prospects and potential career paths available to you. Economists play an important part in everyday life and are present in all sectors of business, meaning economics graduates are in high demand by employers around the world. In the U.S., the average starting salary for an economics graduate is $66,000 per year (American Economic Association, 2021). This can increase to more than $146,000 USD over time as you gain more experience.

Conclusion

Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. Becoming an economist or simply studying economics means that you learn more about how you make choices and how you can impact the world. What is YOUR reason for studying economics?