What is Economics?
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.
Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.
The principle (and problem) of economics is that human beings have unlimited wants and occupy a world of limited means. For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and more efficient use of resources, they argue, could lead to a higher standard of living.
Why study B.A. Economics?
Studying B.A. Economics is all about choice and is at the heart of all decision-making. Broad in scope, it explains how people, businesses, governments, and even families, schools, and charitable organizations make decisions with limited resources.
Studying economics can help you to face many social problems in the world, including unemployment, inflation, poverty, pollution, health care, human rights, and gender and racial inequality. Effective solutions to these problems require rigorous training in economics.
The study of economics develops a wide range of analytical and critical thinking skills, which opens up many diverse career opportunities. Economic analysis hones your skills at both understandings and influencing today’s policy debates. A bachelor’s degree in economics prepares you for a career in not just business, banking, government, and financial transactions, but also areas such as urban planning, international development, policy analysis, journalism, education, and the non-profit sector.
An economics degree is also excellent preparation for graduate study — in law, business, economics, government, public administration, environmental studies, healthcare administration, labor relations, global studies, diplomacy, and other fields
Common skills gained from a B.A. Economics degree includes:
- Writing Skills
- Communication Skills
- Logical Thinking
- problem-solving
- Analytical Skills
- Statistical Analysis
