Studying Economics

Economics programs offer a wide range of courses across various fields of study. The specific courses offered will depend on the program’s specialisation and the university.

Studying economics can be both intellectually stimulating and practically valuable. Economics is the study of how societies allocate resources, make choices, and manage scarcity. Here’s what you can generally expect when studying economics:

  1. Core Concepts: You’ll delve into fundamental concepts like supply and demand, opportunity cost, elasticity, market structures, and macroeconomic indicators.

  2. Microeconomics: Microeconomics focuses on the behavior of individual consumers, firms, and industries. You’ll study topics like consumer theory, production, cost analysis, market structures, and game theory.

  3. Macroeconomics: Macroeconomics examines the economy as a whole. You’ll learn about topics such as GDP, inflation, unemployment, fiscal policy, monetary policy, and economic growth.

  4. Quantitative Skills: Economics often involves data analysis and mathematical modeling. You’ll learn to use statistical techniques and economic models to analyze real-world problems.

  5. Policy Analysis: You’ll explore how economic theories and models are applied to analyze and shape public policies related to taxation, trade, healthcare, education, and more.

  6. Behavioral Economics: This area studies how psychological and cognitive factors influence economic decisions, challenging traditional economic assumptions about rational behavior.

  7. International Economics: You’ll examine global trade, exchange rates, international finance, and the implications of globalization on economies.

  8. Econometrics: This combines economics, statistics, and mathematics to analyze economic data, test hypotheses, and develop economic models.

  9. Research and Critical Thinking: Economics encourages critical thinking and problem-solving skills, as you’ll be analyzing complex issues, evaluating data, and formulating logical arguments.

  10. Economic History: You’ll study historical economic events and their impact on societies, providing insights into economic development and change over time.

  11. Public Finance: This area focuses on government spending, taxation, and public policies that affect the allocation of resources in society.

  12. Labor Economics: You’ll explore topics related to employment, wages, human capital, and labor market dynamics.

  13. Environmental Economics: This subfield studies the economic impacts of environmental policies, resource depletion, pollution, and sustainability.

  14. Development Economics: You’ll examine the challenges and strategies for promoting economic growth, reducing poverty, and improving living standards in developing countries.

  15. Real-World Application: Economics has real-world applications in business, finance, government, international organizations, consulting, research, academia, and more.

  16. Continual Learning: Economics is a dynamic field that evolves with economic developments and advancements. Expect to engage in lifelong learning to stay current.

Studying economics provides a solid foundation for various career paths, as well as a framework for understanding complex societal issues and making informed decisions. It hones your analytical skills and equips you to contribute to policy discussions and economic research.