Economics is a social science that deals with the production, distribution and consumption of goods and services. It analyses the decisions made by individuals, governments and nations regarding the allocation of resources to their best use.

The study of economics helps people understand the world around them. It helps people understand people, businesses, markets and the like, enabling for a better response to threats and opportunities that emerges when things change. The essence of the subject is to evaluate alternatives and make better decisions.

Economics is a field that is interdisciplinary. It draws from other fields such as politics, sociology, psychology and history and so in order to become a successful economist, students must have a global interest in history, politics, international affairs, and consumer behaviour.  A degree in the subject will help develop the critical thinking skills and problem-solving skills of the student, while also developing the communication, numeracy and analytical skills to explore data. This is beneficial as these are the skills that are sought after in all careers, both in the private and public sector.

Study Levels:

While content varies depending on the course, and whether the student is choosing a B.A/BSc./B.com degree in Bachelors or M.A/MSc. degree in Masters, there are many Undergraduate, Post-graduate and Doctoral programs that are of value to prospective economists. The various courses offered by colleges and universities throughout the world are as follows:

• B.A (Hons) in Economics
• B.A Business Economics
• BSc in Economics
• BSc in Econometrics and Operations Research
• BSc in International Business, Finance and Economics
• B. Com (Applied Economics)
• B. Com (Business Economics)
• M.A (Hons) in Economics
• M.Com (Applied Economics)
• MSc Financial Economics and Administration
• M.Phil. (Business Finance and Economics)
• Ph.D. (Business Economics)

Specialisations:

Since the study of Economics is extensive, it overlaps with many other fields such as business, finance and politics. For this reason, different universities offer a variety of programs that specialises in different areas. In order to choose an area of specialisation, students must first focus on their goals and career options so they can pick a specialisation program that best suits them.

The different areas of specialisations offered within the field of Economics are:

• Development Economics
• Agricultural Economics
• Business Economics
• Natural Resource Economics
• International Economics
• Financial Economics
• Welfare Economics
• Theoretical and Regional Economics
• Poverty and Unemployment
• Development Indicators
• Economic Theories
• Econometrics
• Industrial Organization
• Labour Economics
• Monetary Economic Theory
• Economic Analysis
• Approaches to Demand and Supply
• Laws of Production
• Classical and Keynesian Theories
• Public Finance and Public Economics
• Fiscal Policies
• Banking
• Economic Policies

Employability:

A wide variety of topics like banking, industry, trade, commerce, taxation, finance, insurance and many other areas require basic to advanced knowledge of economics.    In this regard, any student graduating with a degree in economics usually offers good job opportunities whether the student wants to pursue a specific economics career or take on a broader approach.

For those more passionate about the subject, becoming an economist may be the very first choice, but there are many other economics-related and economics friendly careers to choose from and these include:

• Economist
• Economic consultant
• Financial analyst
• Accountant
• Statistician
• Actuary
• Stockbroker
• Banker
• Auditor

Other career paths include roles in auditing, business intelligence, economic planning, insurance, international development, management, market research, poverty reduction, retail merchandising, statistics, social research, tax, human resource management, information and technology, journalism, law, public relations, politics, sales and entrepreneurship.