Why Should You Study Economics? 5 Reasons To Pursue A Degree In Economics

Reasons To Pursue A Degree In Economics

Why Should You Study Economics? 5 Reasons To Pursue A Degree In Economics

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Economics is the extensive study of how certain economies, markets and industries function. When you pursue a degree in economics, it teaches you what factors make them work such as good fiscal policies and balanced financial budgets. You get to learn about the components of economies and their ability to function in times of scarcity of resources.  

Ideally, there are three types of economies, namely capitalist, socialist and mixed economies. In a capitalist economy, the prices of goods and services are decided by demand and supply in a particular market and most of the production ownership lies with private entities. These private entities set the prices of goods in order to maximize their profits. 

In a socialist economy, the government often acts as a centralized authority to determine the production and prices of goods and services while keeping social welfare in check. 

A mixed economy is a combination of both capitalist and socialist economic structures. In a mixed economy, the prices are often determined by supply and demand as well as government policies and regulations. The production is owned by private as well as public entities. Thus, in a mixed economy the prices are influenced by the motive to make profits as well as social welfare. 

Advantages Of Pursue Degree In Economics: 

1. Economics helps you develop tangible skillset. 

When you pursue a degree in economics, studying the effects of scarcity of resources on human decisions becomes the core of the course. It teaches you how certain individuals take personal financial decisions in times of scarcity. In such a situation, peoples’ needs overwhelm the supply of goods to them. 

Economics teaches us to navigate in these circumstances and make smart financial choices by understanding the market and industry on a more intellectual level. You also learn to evaluate scarcity and make intelligent utilization of resources. In this way, you get a wonderful opportunity to improve peoples’ lives and to sustain their welfare. 

2. You get to make significant changes in the industry. 

After completing this course, you get practical knowledge of the factors that affect the production and supply of goods. In order to solve these shortcomings, you can improve the production of goods by doing quality checks and most importantly, allocating important tasks to only those people who have gained expertise in it. 

In most factories, there are workers who must get multiple tasks done in a limited time frame and most of the time they are not experts at those tasks, thus decreasing their productivity. We must assign tasks to only those workers who are good at it and try to divide the workload as efficiently as possible. 

3. The job opportunities you get after completing a BA (Bachelor of Arts) or BS degree in economics are: 

SR.NO Job Average Salary Requirements 
Economist USD 103,961 A bachelor’s degree in economics or finance or statistics or a related field. Typically, a master’s degree is required for entry-level jobs. Good research skills, good analytical skills, good critical thinking skills. 
Data Analyst USD 69,517 A bachelor’s degree in statistics or economics. Excellent numerical and analytical skills, Practical knowledge of data analysis factors. 
Investment Analyst USD 75,248 A bachelor’s degree in finance or economics or accounting or related field. Practical work experience, excellent research and statistical skills. Proficient writing and communication skills. 
Market Research Analyst USD 65,810 A bachelor’s degree in marketing, finance, computer science, economics or related field. Practical work experience is crucial, good advertising skills and great marketing skills.  
Corporate Lawyer USD 106,020 A bachelor’s degree in economics, finance or related field before entering law school. Approximately seven years of education is required. Effective communication skills, good interpersonal skills, good analytical skills. Practical work experience is compulsory. 
Statistician USD 92,270 An undergraduate degree in statistics or economics or mathematics or a related field. Good mathematical and IT skills. Great data analysis skills. 

4. It enhances your skills. 

You get to learn the components or characteristics of economies at domestic, national and international levels in order to better understand the world around you. A major in economics will strengthen your critical thinking skills to analyze certain markets and industries and determine the effects of certain policies on them. You will also develop analytical skills since the essence of economics is calculating possible outcomes of circumstances. 

5. Economics as a subject is diverse.  

When you major in economics, the knowledge that you acquire becomes a stepping stone to a wide range of careers in law, risk management, actuary, finance, foreign affairs, public administration, politics, policy analysis, health administration, entrepreneurship, market analysis and journalism too! Such possibilities help students to better navigate their careers and do what they genuinely love to do no matter what and they can tackle unexpected problems as well as turn obstacles into opportunities. 


Economics is one of the best majors anyone can take, owing to the fact that its knowledge and principles can be universally applied. Its advantages are profound and career opportunities immense. An economics major goes beyond just teaching about markets and industries and how they work. It helps you solve real problems in today’s world and gives you the chance to actually make a significant difference in people’s lives. So, if you want to become a vibrant modern-day sailor who can tackle rocks and surging waves alike then you should pursue economics! 

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