What will I study under Economics?

Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. The study of economics can be divided into two main branches: microeconomics and macroeconomics.

Microeconomics

Microeconomics is concerned with the market behavior of individuals and firms. It includes topics such as:

• Supply and demand
• Consumer behavior
• Production and costs
• Market structures (perfect competition, monopoly, oligopoly)
• Factor markets (labor, capital)

Macroeconomics

Macroeconomics is concerned with the overall performance of the economy. It includes topics such as:

• National income and output
• Unemployment and inflation
• Money and banking
• Fiscal and monetary policy
• International trade and finance

Other areas of economics that you may study include:

• Development economics: how to promote economic growth and development in developing countries
• Environmental economics: the relationship between the economy and the environment
• Behavioral economics: how people make decisions in real-world situations
• Game theory: how people behave in strategic situations
• Econometrics: the application of statistical methods to economic data analysis.
• Depending on your program and your interests, you may also study other topics such as history of economic thought, economic history, or public economics.

What are the skills that I can develop by pursuing Economics?

By pursuing Economics, you can develop a variety of valuable skills that are highly sought after by employers. Here are some of the skills that you may develop:

• Analytical skills: Economics involves analyzing complex data and information to draw conclusions and make recommendations. You will learn how to identify patterns, analyze trends, and make predictions based on data.
• Critical thinking skills: Economics requires you to think critically about the causes and effects of various economic phenomena. You will learn how to evaluate arguments, consider multiple perspectives, and make informed judgments.
• Problem-solving skills: Economists are often tasked with solving real-world problems related to business, government, or society. You will learn how to identify problems, propose solutions, and evaluate the potential outcomes of different courses of action.
• Communication skills: Economics involves communicating complex ideas and data to a variety of audiences, including policymakers, business leaders, and the general public. You will learn how to write clear and persuasive reports, give presentations, and communicate your findings effectively.
• Quantitative skills: Economics requires you to work with numerical data and use statistical methods to analyze it. You will learn how to use mathematical models, data analysis software, and other tools to make sense of economic data.
• Research skills: Economics involves conducting original research to answer questions about the economy. You will learn how to design research studies, collect and analyze data, and report your findings in a clear and concise manner.

These skills are not only valuable in the field of Economics but are also in high demand across a variety of industries and professions.

What are the different degrees offered in Economics?

Bachelor of Arts (BA) in Economics

• BCom - Economics
• BBA - Economics
• Bachelor of Science (BSc) in Economics
• Master of Arts (MA) in Economics.
• Master of Science (MSc) in Economics
• Master of Philosophy (MPhil) in Economics
• Doctor of Philosophy (PhD) in Economics

What are the prerequisites for pursuing a degree in Economics?

The prerequisites for pursuing a degree in Economics can vary depending on the level of degree and the institution you plan to attend. However, here are some general prerequisites that are typically required:

• Class 12 completion: You will need to have completed class 12th or an equivalent qualification to be eligible for an undergraduate degree in Economics.
• Mathematics: A strong background in mathematics is essential for studying Economics. Most undergraduate Economics programs require that you have completed high school-level math courses such as algebra, geometry, and calculus.
• English: You will need to be proficient in the English language, as Economics programs often involve reading and writing complex texts and communicating effectively in English.
• Computer skills: Basic computer skills, including familiarity with word processing, spreadsheet software, and presentation software, are often required for studying Economics.
• Statistics: Many Economics programs require you to have a basic understanding of statistics. If you plan to pursue a graduate degree in Economics, you may need to have completed more advanced courses in statistics and econometrics.
• Economics courses: While not necessarily a formal prerequisite, having taken some economics courses in high school or community college can be helpful in preparing you for an undergraduate degree in Economics.

It is important to note that admission requirements can vary widely between institutions, so be sure to check with the schools you are interested in attending to determine their specific prerequisite.