What Is The Scope Of Doing A Bachelor’s In Economics?

09 September 2022

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:

1. Economist

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.

4. Actuary

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.

Conclusion

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.

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Effective Time Management Tips for Entrepreneurs Scaling Their Business

As an entrepreneur, the journey of scaling your business is exhilarating yet demanding. With growth comes increased responsibilities, more tasks, and greater demands on your time. Effectively managing your time becomes paramount to not only survive but thrive in this dynamic environment. Here are some valuable time management tips explicitly tailored for entrepreneurs on the path to business expansion. This article will also look at the benefits of dedicating some of your valuable time to giving back to society and helping others along the way using the example of Peter Dodge Bridgehampton, Founder and Chairman of Hanover Research. Prioritize With Purpose Time management starts with prioritization. Understand that not all tasks are created equal. Begin by identifying your most critical and high-impact activities. These are the tasks that directly contribute to your business’s growth and success. By focusing on what matters most, you’ll ensure that your time is well spent. Set Clear Goals And Deadlines Goals give you a sense of direction, and deadlines create a sense of urgency. Establish clear, measurable goals for your business expansion. Break these goals down into smaller, actionable steps with associated deadlines. This approach helps you stay on track and avoid procrastination. Embrace The 2-Minute Rule The 2-minute rule is a straightforward yet efficient time management strategy. If you can do a task in two minutes or less, do it right away. Responding to short emails, jotting down quick notes, or making brief phone calls right away prevents these small tasks from piling up and becoming time-consuming later. Delegate Wisely Scaling your business requires recognizing that you can't do everything yourself. Delegate tasks that others can handle efficiently, allowing you to focus on strategic decisions and high-value activities. Trust your team and empower them to take ownership of their responsibilities. Time Blocking For Efficiency Time blocking involves allocating specific blocks of time to specific tasks or categories of work. This technique minimizes multitasking and helps you concentrate on one task at a time. Create a daily or weekly schedule that designates time blocks for essential activities like planning, meetings, and deep work. Harness The Power Of Technology Entrepreneurs have a wealth of technological tools at their disposal for efficient time management. Use project management software, time-tracking apps, and digital calendars to streamline your workflow and stay organized. Automation can also handle routine tasks, freeing up your time for more critical matters. Learn To Say No As an entrepreneur, you may find yourself bombarded with opportunities and requests. While it's tempting to say yes to everything, doing so can lead to burnout and inefficiency. Learn how to gracefully decline projects or opportunities that do not connect with your goals or consume too much of your time. Regularly Review And Adjust Time management is not a one-size-fits-all solution. It's essential to regularly review your strategies and adjust them as needed. Evaluate what's working and what's not, and be willing to make changes to optimize your time management practices. Mindfulness And Breaks Don't underestimate the power of breaks and mindfulness. Taking short breaks throughout the day can boost productivity and creativity. Incorporate practices like meditation or a quick walk to clear your mind and reduce stress. Continuous Learning And Improvement Effective time management is a skill that can always be honed. Invest in personal development by reading books, attending workshops, or seeking advice from mentors. Learning new techniques and strategies can help you refine your time management skills over time. The Power Of Philanthropy As your business grows, so do your influence and resources. Many successful entrepreneurs recognize the privilege they hold and choose to use it for the greater good. Philanthropy, whether through charitable donations, volunteering, or community involvement, not only benefits those in need but also enriches your own life and business. Peter Dodge Bridgehampton, for example, is the Founder and Chairman of Hanover Research, a multinational information services organization based in Washington, DC. Dodge is the Chairman of one of the world's fastest-growing companies and largest market research agencies. Peter Dodge also operates a nonprofit, devoting his time to assisting others in living lives free of addiction. The Peter G. Dodge Foundation exists to assist people in living lives free of the consequences of alcoholism. Conclusion In the fast-paced world of entrepreneurship, mastering time management is not just an option; it's a necessity. By prioritizing tasks, setting clear goals, and embracing efficient techniques, you can make the most of your valuable time while scaling your business. Remember that effective time management is an ongoing process, so be patient with yourself and keep refining your approach. As you implement these tips, you'll find that you have more control over your schedule, reduced stress, and greater success in your business expansion endeavors. Start managing your time wisely, and watch your business thrive. Additional Reading: 4 Tips To Maintain Your Fleet Deep Dive Into Project Management With Informative Podcasts The ROI Of Proactive Pest Control For Property Management

Benefits that Employees Actually Look For

As company culture is changing across US workplaces, potential employees are being more choosy about the things they’re looking for from an employer. Employees needs are different today, and so are the benefits people are looking for. To attract top talent, you’ll want to offer a strong benefits package with benefits employees are actually looking for. Recruiters are working harder to find top talent by helping companies create more attractive benefits offerings. Benefits Offerings Should Change With the Times In a recent survey by GlassDoor, approximately 60% of those asked said they strongly consider benefits and perks before accepting a job offer. A full 80% said they would prefer better benefits over a bump in pay and feel valued when employers offer good benefits. Job seekers are looking for a robust benefits package, that includes at least some of these. Benefits that Employees Actually Look For: Flexible Work Schedule: This might mean the ability to work from home or adjust your work schedule on occasion. The goal is for employees to achieve a better work-life balance, especially those with children. Companies like Netflix are leading the industry in employee flexibility, giving workers autonomy to create a schedule that works for them, while still being productive. It may mean that parents of young children come in earlier than their co-workers and leave earlier to pick their kids up. This flexibility also allows for self-care and a sense of independence and helps companies attract and retain top talent. Good Health Benefits: Employees are not interested in bare-bones, fall down and break something insurance policies or those with high deductibles. More businesses are listening and offering more benefit-rich insurance, with the option for Flexible Spending Accounts or a wider variety of plans to choose from. Employers can also opt to cover a portion of employee’s coverage as a benefit. Health insurance may be the most expensive perk that you can offer employees, but it is one of the most important. Better Vacation Time: Employees want to be able to take time off as needed. Americans are notoriously bad at using vacation days and leave $224 billion dollars in vacation time behind annually. More companies are beginning to adopt open, or unlimited, vacation policies. This can be a win-win for both employers and workers, saving an average of $1,898 per employee annually. Companies save time and money by no longer having to track employee vacation or having to pay out unused vacation days. Employees benefit by taking days as they need them, delivering more flexibility and autonomy. It sends a message to employees that the company trusts them to make their own decisions, so long as their work is not affected. Other Perks: Things like paying for parking, offering tuition assistance or a free gym membership also rank high on the list for employees. Small gestures like free snacks go a long way with employees, making them feel valued. If you aren’t working hard to create meaningful personal connections with your employees, you are making a mistake. Showing genuine interest in them, and their families if applicable, goes a long way. By offering meaningful benefits for your employees, you’ll boost morale, and retain a better workforce. Read Also: Is Your Company Offering Enough To Potential Employees? 5 Major Tips To Increase Employee Engagement In A Call Centre Industry

Exploring A Full-Time Remote Working Opportunity: Here Is How To Prepare

The COVID-19 Pandemic resulted in the creation of a new working order that was only being used earlier in a sparing fashion. Remote working or working from home was models that were earlier employed by employees who could not make it to their offices because of some other reason. As the pandemic resulted in the closure of physical workspaces because of governmentally mandated protocols, businesses rushed towards adopting remote working models and started hiring remote workers. This allowed businesses to stay afloat, run their operations, pay employees and carry on with economic sustenance. In this article, we are going to look at a comprehensive guide on jobs remote. We are going to discover some of its benefits of it and prescribe how employees who are looking for full-time remote working opportunities should prepare themselves. Remote Working: Meaning and Definition Remote working/teleworking/working from home is the process of an employee working for an organization, not within the confines of office space. In this working arrangement, an employee can work from anywhere for a business. Remote working means that employees do not have to travel to their place of work. It means that employees are no longer bound to come to office space, showroom, or warehouse to do actual company work. Remote working necessitates the use of technology, digital platforms, and software to enable employees to connect with their managers, bosses, and colleagues. Major Benefits of Ful-Time Remote Working Opportunities Many studies conducted over the last few months have shown that remote working comes with its own sets of advantages for both employees as well as employers. In this section, we will try to shed some light on both. Benefits For Employers- Data shows that remote working has allowed employees to become 13% more efficient and productive in terms of work output and task completion rates. Businesses who opt for remote working can save a lot of additional overhead costs that are part and parcel of an office setup. It has given businesses the ability to attract the best talents from any part of the world. This has opened up an exciting new prospect, which was earlier not possible. Studies have also shown that remote working has allowed for the creation of a fitter and leaner workforce with fewer employees taking sick or casual leaves. Finally, employers have smartly been able to add to the working hours as employees have on average been saving close to 5 hours on traveling to and from the office. Benefits For Employees- The remote working model has allowed employees to spend more time with their family members and carry on a healthy mix of work-life balance. It has allowed for lesser travel stress, especially in developed countries of the world where traffic issues can lead to tensions and exhaustion. The rise of the Digital Nomad means an employee that is enjoying his stay in a location of their choice while working full-time with an organization. Remote working has also allowed employees to add to their savings. Whether it is the fuel or train costs, or additional money spent on lunches, everything is getting saved. Lastly, employees are able to put in their best productivity and performance and win a good chance of getting higher increments, bonuses, and promotions. 5 Easy Steps to Help you Prepare for a Full-Time Remote Working Opportunity In this section, we are going to look at 5 easy steps that can help professionals prepare for a full-time remote working opportunity- 1. Create your Home Work Station/Office- If you think you are going to work on the kitchen top one day and in the bedroom, the other, think again. You need to set up a separate and designated workspace or create a home office for work. This will bring in productivity, and discipline and ensure all your official things are in one place and not getting lost. Systems, family photo frames, green plants, and so on can help. 2. Apply for Full-Time Remote Working Jobs- Many businesses are using this bait to attract the best talent. However, you need to be very careful when applying for such jobs. It might be that the business is now working remotely, but can in the future ask the employees to come in. This is why choosing the best online job platforms that list 100% remote working opportunities should be preferred. 3. Create a Working Routine for the Day- Working from home or remote working does not mean you are working for the first ten minutes and then doing something else. Remote working means you are setting aside office time just in the same way you would if you were working in the office. It is essential that you stick to the same in order to fulfill the timelines, responsibilities, and expectations that have been set on you. 4. Start becoming familiar and using Remote Working Tools- As someone who is looking to not step into a physical office again, you need to start understanding how remote working tools work. This is because you will be doing all of your work using them. Workflow software, video conferencing apps, and cybersecurity protocols are some areas that you need to know about before you start applying for opportunities. 5. Make Family Members understand ‘you are at work’- In most families, if someone is working remotely, family members tend to take them less seriously. It is essential that you make your parents, partner, kids or fiancée understand that you will not be able to step aside from your system during working hours. This will prevent them from having any expectations from you during that period. The Bottom Line Remote working has been proven to result in happier employees and better-run business organizations. If done in the right fashion, it is a win-win situation for both the employee as well as the employer. A lot of friction between managers and employees can also become better if they are not occupying the same physical space day after day. In this article, we have tried to discuss some of the major advantages of remote working for both employees as well as employers. We have also discussed some important ways how professionals looking to pursue full-time remote working opportunities should prepare themselves. If you have any other questions, you would like us to address, or require clarifications on any points mentioned in the article, feel free to state them in the comments section below. Read Also: 5 Ways to Get a Better Work-Life Balance for Remote Employees Top 10 Apps for Team Communication and Remote Work How To Increase Your Chances Of Getting Hired During A Pandemic

What Is The Scope Of Doing A Bachelor’s In Economics?

What Does Economics Entail?