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Introduction to Economics

Economics is a social science concerned mainly with description and analysis of the production, distribution and consumption of goods and services. Economics focuses on how economies work. As per Alfred Marshall in his textbook Principles of Economics, "Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man."

In simple words, economics is a science that studies human behavior as a relationship between ends and scarce means that have alternative uses.

Economics is an integral part of any business. Economics is important to analyze the production, distribution and consumption of goods and capital. Economics focuses on pricing, demand and supply and output of individual organization. Some economists describe economics as a study of money whereas some economists say that economics deals problems such as unemployment and inflation.

Branches of Economics

Economics is a very broad subject and hence it is classified into two branches namely microeconomics and macroeconomics.

Microeconomics Microeconomics determines the performance and behavior of organization and consumers in an economy. It involves around the study of individual, organization and consumer. It focuses on demand and supply and price and its output determination of market. Microeconomics tells how and why different goods and have different values.

Macroeconomics Microeconomics deals with behavior and performance of whole economy. It is the study of changes in employment, rate of growth and national income. It helps in analyzing and understanding the overall performance of economy. It focuses on trends in economy and how economy works as a whole.

Topics Covered in economics

Economics is a very vast subject that covers many topics. Some of the important topics covered in economics are:

  • Exchange and trade
  • Demand and supply
  • Equilibrium of demand and supply
  • GDP
  • Inflation
  • Credit
  • Financial Market
  • Econometrics
  • Economic Integration
  • Environmental economics
  • Trade Theories
  • Trade Policies

Courses in Economics

There are many courses offered in economics. Some of the most popular and widely opted courses are:

  • Postgraduate coursework studies
  • Graduate diploma in economics
  • Master of Economic Analysis
  • Bachelor of Economics
  • Master of Commerce in Economics
  • Bachelor of Business Program

Career options in economics

An economics degree will boost your career opportunities in many areas. Job opportunities for economics graduates are quite high. Economists can work in both public and private sector. Economist performs economics analysis and research and advice government and organizations on economic issues. A career in economics offers some of highly sought after courses.

  • Actuarial Analyst
  • Chartered Accountant
  • Data Analyst
  • Economist
  • Finance Risk Analyst
  • Forensic Accountant
  • Investment Analyst
  • Statistician
  • Stockbroker
  • Auditing
  • Pricing Analyst
  • Insurer
  • Business Manager

Apart from above career options you have other broader options as well such as market research, business intelligence, international development, human resource management, taxation and public relations.

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