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1. Economics Explained: Why You Should Study It And Your Career Prospects
Economics plays a role in our everyday life. Studying economics enables us to understand past,
future and current models, and apply them to societies, governments, businesses and
individuals. ISI MA Economics Entrance Coaching shares in this article about the study of
economics, your career options, and how to be a successful economist.
What Is Economics?
To understand why the study of economics is important, we first need to understand what
economics is.
Collins English Dictionary defines economics as: “The study of the way in which money,
industry, and trade are organised in society.”
Considered a social science, economics uses scientific methods to understand how scarce
resources are exchanged within society. Economists study theories and techniques useful for
developing policies in government as they have a deep understanding of how to create efficiency
in today’s world.
American economist Thomas Sowell provides another useful definition: “Economics is the study
of cause-and-effect relationships in the economy.”
So, why is economics important? This inquiry into cause-and-effect relationships is key to
influencing economic growth. Economists will look at risks and benefits on people, the job
market and society as a whole when advising how to allocate resources.
Economic theories
There are many different areas of economics you can study. You can look at these at
macroeconomic (large-scale) or microeconomic (individual) levels.
There are four types of economic systems:
 Traditional economic system
 Command economic system

2.  Market economic system
 Mixed economic system
Economics in real life
Applied economics is the term used to describe how economic theories can be applied to real-
world situations. This looks at everything from costs and benefits to predicted human behaviour
to make an informed decision.
Importance of studying economics
So, why do we study economics? Here are important reasons why studying economics is
important.
1. You Learn How the World Functions/You Understand the World We Live in
Studying Economics will provide you with insight into issues such as taxation, inflation, and
interest rates that influence our daily lives. Having a degree in Economics helps uncover and
understand current real-world issues. Learning Economics will give people insight into how
individuals and organizations make decisions and predict potential changes in the world.
Economics influences how much we pay for goods and services to how much employees get
paid. Studying economics at university or school gives you a new perspective of the world and
how it functions. Additionally, studying Economics prepares people for an ever-changing world.
Economics allows people to understand the world around them, such as opportunities and threats
from markets and governmental policies. Economics influences the world we live in.
Understanding local and international perspectives can provide insight into how different
cultures and societies interact.
2. You’ll Understand Your Own Buying Habits
Through Studying Economics, you will gain insight on concepts such as your Willingness to Pay
(WTP) that is the maximum amount someone is willing to pay for a good service. Learning
about similar concepts will help you decode your own purchasing behavior and allow you to
make economically sound decisions. Mr. Benton says that even “a simple grocery store visit
becomes filled with economic references and analytical ponders.”

3. 3. Variety Of Programmes:
Economics are part of most aspects of everyday life. This is why universities offer a large variety
of modules reflecting this. From economic public policy to environmental economics, everything
is part of your economics degree.
4. A focus on real life:
Economics is focused on learning from case studies. This makes it easy to understand how
theory can tell you something about real life. Moreover, many universities make internships part
of their degree programmes.
5. Excellent graduate prospects:
Most students easily find a job after graduation as economists are needed in most businesses.
6. Informs decisions
Economists provide information and forecasting to inform decisions within companies and
governments. This knowledge of economics – or economic intelligence – is based on data and
modelling.
7. Influences everything
Economic issues influence our daily lives. This includes issues such as tax and inflation, interest
rates and wealth, inequality and emerging markets, and energy and the environment. A broad
subject, economics provides answers to a range of health, social and political issues that impact
households and wider communities.
8 Impacts industries
Firms of all sizes and industries have to rely on economics, whether that’s for product research
and development, pricing strategies or how to advertise. This wide influence means studying
economics can open up a variety of career options across all sectors of the economy, from
agriculture to manufacturing, to banking and consultancy.

4. 9. Inspires business success
Understanding how consumers behave is vital for a business to succeed. Economists use theories
and models to predict behaviour and inform business strategies. For example, how to analyse
‘big data’.
10. International perspective
Economics affects the world we live in. Understanding domestic and international perspectives –
historic and current – can provide a useful insight into how different cultures and societies
interact. For international corporations, understanding the world economy is key to driving
success.
Should I study economics?
An economics course will give you an in-depth understanding of core economic theory and how
to apply it to the real business world.
You will also develop a range of transferable skills, such as:
 communication
 problem solving
 research
 numeracy
 time management.
Economics is a widely respected field of study and provides an alternative to an Accounting and
Finance degree as it offers similar career opportunities for graduates. You could work in job
roles within industries, such as:
 Banking
 Finance
 Accountancy
 Business
 Government
 Consultancy

5. Study Economics at Deep School of Economics
Deep School of Economics provides a specialist pathway programme for international and
nationasl students. Economics optional coaching online will allow you to understand
many issues driving economic policy and financial decision-making. . We offer
several classes, from beginners to experienced students. You can learn about a
range of economic problems and subjects like aggregate demand and supply, fiscal
policy, labor market policy, the federal reserve, marginal costs, and antitrust laws,
and so on. Our students have gone on to pursue master’s degrees in business (MBA), statistics,
public policy, and economics. Some of our students continued their education at the Ph.D. level
at respectable institutions.