Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.
Skills and Competencies Required in Economics
You'll need developed valuable transferable skills including:
- communication - presenting findings and explaining complex data;
- numeracy - handling complex data and applying mathematical and statistical analysis methods;
- problem solving - extracting information, drawing conclusions and making recommendations;
- computing - using specialised software;
- time management - completing specific tasks within designated time frames;
- Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions.
- Communication skills. Economists must be able to explain their work to others.
- Critical-thinking skills.
- Detail oriented.
- Math skills.
- Writing skills.
Career Options and Job Prospects in Economics
- Actuarial analyst
- Chartered accountant
- Chartered certified accountant
- Chartered public finance accountant
- Data analyst
- Economist
- Financial risk analyst
- Forensic accountant
- Investment analyst
- Statistician
- Stockbroker
- Actuary
- Civil Service fast streamer
- Data scientist
- Diplomatic service officer
- Local government officer
- Management consultant
- Quantity surveyor
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