Economics is a part of our everyday life. It affects our daily lives in obvious and subtle ways.
Supply and demand, opportunity costs, the law of diminishing marginal returns, and the trade war are the applications of economics in the real world. You contribute to the economy by buying a Starbucks coffee and chocolate-filled croissant.
As our lives are influenced by macroeconomic trends, like inflation, interest rates, and economic growth, an in-depth understanding of economics is imperative to make informed decisions and gain a global perspective. In-depth knowledge of economics allows individuals to drive positive change. Economics helps think strategically and optimize the outcome.
Economics graduates are in huge demand across the world. In this article, we will discuss the literal meaning of economics, how it impacts our lives, and why studying BA in Economics and Business Administration is essential for creating a rock-solid career foundation.
What Does Economics Entail?
Economics study people, their behavior, decisions, and reactions in the face of scarcity and successes. It is a combination of politics, sociology, psychology, and history.
Studying economics provides a high level of mathematical and statistical skills. This discipline also allows individuals to apply economic principles and models to business or finance problems.
Moreover, pursuing economics equips individuals with a broad economic concept that can be applied to understand complex data and the relationship between things in the broader context. Upon completing a bachelor’s in economics, you will develop a wide range of skills, including communication, numeracy, problem-solving, and analytical skills.
What Can You Do With A Bachelor’s In Economics?
BA in Economics graduates has various employment opportunities across a spectrum of industries. Common career paths for BA in Economics graduates include:
As an economist, you will study the production and distribution of resources, goods, and services by gathering and analyzing economic data and researching trends to provide financial advice to businesses.
2. Investment Banker
As an investment banker, you will be working towards raising capital for corporations. Investment bankers usually combine financial services, analytical prowess, and practical communication skills to support institutional clients in raising money and acquisitions.
3. Data Analyst
Data analysts solve business problems by collecting, cleaning, and interpreting data sets. They identify key business insights using data analytics, data cleaning, and statistical knowledge.
These professionals evaluate and advise on the impacts of financial risk and uncertainty in business. With business and economics acumen, actuaries provide reports and assess the risk of potential events.
5. Financial Analyst
As a financial analyst, you will evaluate investment opportunities, create financial modeling for investors, assess stock performances, and evaluate outcomes for business decisions.
If none of the above appeals to you, there are several other lucrative career options you may want to consider. You can seek a role in international development, human resource management, IT, journalism, law, market research, public relations, or taxation. Check out the top-ranked college in Germany’s Berlin to enroll in the course.