Why do you study economics?

Dr.Fatma.ElHadad Date : 26 Jul 24

The study of economics includes all major areas related to micro and macroeconomics, especially about production, consumption, and international trade. Through the article, we will review the advantages of studying economics, the professional opportunities available to the most important graduates, the cost of study, and the best available universities.

What is economics? 

Economics is a social science that focuses on the production, distribution, and consumption of various goods and services. The study of economics analyzes the choices available to individuals, companies, and countries for allocating scarce resources to production and distribution, and has implications for various fields, including politics, law, psychology, and business.

The economy is divided into two types: micro, which is related to the production of goods and services and how individuals consume them and focuses on the choices of individuals and companies.

Macroeconomics is related to comprehensive economic progress and international trade between countries and each other and focuses on the behavior of the economy at the macro level, Comprehensive economic growth, development, government fiscal and monetary policy, unemployment rates, inflation level, interest rates, GDP growth, and the business cycle.

Economics is based on efficiency in production and trade.

The GDP and the Consumer Price Index are among the most widely used economic indicators.

Economists analyze how resources are allocated to production, distribution, and consumption, and use macroeconomic models in formulating economic strategies.

Why Study economics? 

The importance of studying economics is based on students gaining experience in understanding complex markets and the analytical skills necessary to solve problems, in addition to professional experience. Here are the most important reasons to study economics:

Understanding the world around them 

Studying economics prepares you for a constantly changing world, understanding people, companies, and markets, and thus improving your response to problems and threats that may arise as situations change. Therefore, economics students enjoy a distinguished position in an ever-changing world because they possess analytical skills that enable them to confront and solve problems.

Acquiring skills 

Studying economics helps provide you with the knowledge and skills necessary for employers, especially critical thinking and problem-solving skills, which contribute to making correct decisions that benefit the business. In addition to the analytical skills to support those decisions.

Achieving the public good 

Economics is based on the analysis of public policies related to the market and production. The economist is concerned with immediate policies such as trade-offs, benefits versus costs, and public finance, but also with broader issues of generational economic impact, welfare effects, inequality, and promoting economic growth.

Multiple career paths 

Studying economics provides you with many job opportunities in many industries, especially with the skills required by employers, especially making decisions and solving problems. This means success in work and life, ensuring a successful future and multiple career prospects.

The field of economics enhances your career in your current industry, making you more effective in your role.

Preparation for postgraduate studies and the study of law 

Economics enhances the student's ability to think clearly and logically, which contributes to his personal and professional success and prepares him for graduate programs and law school.

A student may choose to undertake postgraduate studies in economics or undertake a course in economics to increase the career opportunities available.

Strengthening other specialties 

Economics has breadth and flexibility that make it an ideal complement to many other disciplines. This leads to career diversification, such as accounting, marketing, finance, or non-business majors, such as computer science or healthcare administration.

Expand your vocabulary 

Studying economics helps you learn about many terms, such as limited resources, opportunity cost, or equilibrium, thus giving you a better understanding of market dynamics.

What does a student study in economics? 

The student studies many subjects throughout his university years that ultimately qualify him to obtain a bachelor’s degree in economics, as follows:

First-year

• Business Economics I
• International Economy
• Introduction to Economics
• Law
• Mathematics I
• Mathematics II
• Spanish Economic History
• Statistics I
• World Economic History
• Introduction to Accounting

second year

• Statistics II
•  Econometrics I
• Financial Statements Analysis
• Integration and Economic Globalization
•  Macroeconomics I
• Microeconomics I
• Microeconomics II
• Public Sector Economics
• Sectoral Economics
• Spanish Economics

Third year

• Contemporary Economic History
•  Econometrics II
•  Economic Policy
•  Finance I
•  Game Theory
•  Macroeconomics II
•  Macroeconomics III
•  Microeconomics III
•  Public Finance

Fourth-year

• Bachelor's Degree Final Project

Optional subjects

•  Capital Markets
•  Catalan Economy
•  Corporate Growth
•  Cost Accounting
•  Development Policies
•  Economic and Financial Planning
•  Economic and Management Control
•  Economic Demography
•  Economic Development
•  Economic Growth
•  Economics, Organisation, and Management
• Entrepreneurship
• Environmental Economics
• Essentials of Marketing
• Finance II
• Financial Accounting
• General Sociology
• History of Economic Thought
• Human Resources
• Industrial Organisation
• Information Economics
• Public Sector Accounting
• Regional Economics
• Sociology of Business
• Internship
• Sociology of Business
• Regional Economics
• Marketing Management
• Labour Law
• Organizational Design
• Strategic Management
• Operations Research

Admission requirements for economics study 

Admission requirements vary from one university to another. Some universities do not accept certain qualifications, such as T Levels or BTEC for specific courses, while others encourage them.

Students nominated to study economics must have a high school diploma or its equivalent and pass the prescribed credit hours, including English language and mathematics.

Admission requirements to study economics in Türkiye

• Obtaining a high school diploma with a grade of no less than 60% for public universities, or 50% for admission to private universities.
• Passing the Turkish YÖS test or the American SAT exam for admission to public universities. 
• Certificate of passing the English or Turkish language tests.

The cost of studying economics 

• The cost of studying an economics course varies from one university to another. 
• In general, the cost of studying for a bachelor's degree in economics ranges between $9,000 to $35,000 per year in the United States.
• Tuition fees for international students are £30,000 for studying economics in the UK.
• It costs between 15000$ and 61000$ to study economics in Canada, while it costs between $4000 to $10000 in Turkish private universities.

What are the qualities that economics students should have? 

Your success as an economics student requires the availability of a set of qualities, which are the following:

Analytical skills 

It includes quantitative analysis, where the ability to deal with data and statistics and perform mathematical operations skillfully. In addition to critical thinking, where the ability to evaluate and provide logical conclusions.

Research skills 

Includes the ability to collect data and surveys from multiple sources, and empirical analysis to analyze data and develop hypotheses.

Communication skills 

Includes written communication, through your ability to write reports and research papers, and verbal communication in discussions and presentations.

Artistic skills 

The student must be familiar with statistical programs and programming necessary to analyze data.

Economic theoretical knowledge

The student must have sufficient knowledge of micro and macro economics, and understand economic principles and basic theories.

Ability to solve problems

Applying studied economic theories to real-world problems and challenges. He must also possess creative thinking to devise solutions to complex economic issues.

Interpersonal skills 

Teamwork and effective cooperation with co-workers, and establishing fruitful relationships with professionals and fellow students.

Ability to manage time 

Organize and manage deadlines for coursework and projects.

Dealing ethically

The economic analyst must possess the ethical dimensions of making economic decisions and policies.

Student development of these skills helps enhance their academic performance and work in all career paths in economics, finance, and related fields.

Postgraduate studies For economics 

Universities provide many study options after the bachelor’s degree to obtain a master’s degree in economics, which is the technical training necessary to start a successful career, and includes master’s degrees in the following subjects:

• Economics
• Economic Research
• Finance and Economics
• Economics and Data Science
• Urban Economic Development
• Innovation and Entrepreneurship
• Economic Analysis
• Economics of Competitive Excellence
• Accounting
• Business Administration
• Banking and Financial Sciences
• Political Economy
• Statistics
• PhD in Economics

Job opportunities for economics graduates 

Studying economics offers many successful career opportunities, including the following:

• Economist
• Financial risk analyst
• Data analyst
• Financial planner
• Accountant
• Economic researcher
• Financial consultant
• Investment analyst
• Actuary
• Public sector roles
• Compliance Officer
• Compensation Manager
• Statistician
• Financial Analyst
• Financial adviser
• Quantitative analyst
• Economic Consultant
• Stockbroker
• Credit analyst
• Policy analysis
• Management consulting

What is an economics salary? 

Working in the field of economics and finance is one of the lucrative professions with high income for those in these professions.

For example, The average salary for an economist is $112,826 annually in the USA, while it reaches £44,673 per year in the UK, and 89000$ in Canada.

The economist's salary in Germany is about 60,000€ per year, and 180,000TRY in Turkey.

Best universities to study economics 

Here are the best universities in the world to study economics according to the 2024 ranking:

1. Harvard University
2. Massachusetts Institute of Technology (MIT)
3. Stanford University
4. University of Chicago
5. Princeton University
6. University of California, Berkeley (UCB)
7. London School of Economics and Political Science
8. Yale University
9. University of Oxford
10. University of Cambridge

The best universities in Turkey for studying Economics ranked based on their research performance:

1. Middle East Technical University
2. Istanbul Technical University
3. Bilkent University
4. Hacettepe University
5. Koc University

Conclusion

If you are a student passionate about working in the business and finance sector, studying economics is the right choice. Economists hold many important jobs in various sectors, and their contributions influence many roles, whether public policies or family decisions.

FAQ about study of Economics 

Is studying economics important? 

Indeed, economics has a powerful influence on society as a whole, including understanding news, making financial decisions, and shaping public policy.

Is studying economics difficult? 

The difficulty of majoring in economics is relative and varies from one student to another. Its study includes complex concepts across a wide range of topics from macroeconomics to microeconomics. It is also linked to many other disciplines such as sociology, psychology, political science, and others.

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