Why study Economics?
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Pros
1. Gain Analytical Skills
By studying Economics, you will gain analytical skills. As you move on towards more advanced courses, you will be forced to consider why a certain economic event is happening? What are the causes? What led to this happening? What were the effects? Who gained and who lost? This skill will be beneficial in many future jobs.
2. Understand current affairs better
Similar to accounting, Economics will allow you to make better business and financial decisions. As most businesses are impacted by the economy, thus it would be vital to understant the impact of an increase in interest rates, unemployment and so on. Have you ever wondered why deflation in Japan is not a good thing? Remember this: decreasing prices are not always good!
3. Wide career options
This is related to point 1 but can stand on its own too. As many firms hire analysts, they usually do not hire from a particular degree. Thus, an Economics graduate could work in various sectors such as in the financial sector, the public sector and in a marketing research company.
Cons
Similar to Accounting, there are no outright disadvantages of studying Economics. However, unlike Accounting, Economics is not a professional qualification. Instead, it is considered to be a general degree. This will allow you to work in various sectors as mentioned earlier but in order to stand out among the crowd, I would recommend that you focus on either being more quantitative (to increase your chances of becoming an economist) or to pair your Economics qualifications with another specialization.
By doing so, you would have the best of both worlds.
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Some hubs on Economics
- Causes of economic recession
Even though the exact causes of an economic recession are still a mystery there are numerous theories that have been put forth as to what causes an economic recession. - CASE STUDY: ECONOMIC VALUE ADDED
While value is a general term, value added has specific meanings. I teach Management Accounting and when I say What is value added? most of the students would say that it is adding a... - Fiscal and Monetary Policy: Recession & Economic Growth. Pros and Cons.
2 Pros and 2 Cons of using Fiscal and Monetary Policy Tools in the case of a Recession and Robust Economic Growth Fiscal policy tool: Taxation Recession and robust economic growth Taxation Pros on...
Hubs by lilian_sg
- Siem Reap, Cambodia: My Memory of Angkor Temples
Using our one-day pass to the Angkor temples in Siem Reap, we fully utilised it and visited countless temples. For me, the most memorables ones are definitely Ta Prohm with the tree roots taking over... - 7 weeks ago
- Visiting Phnom Penh, Cambodia
Finally, after a six hour journey by bus from Siem Reap, we reached the capital city of Cambodia, Phnom Penh. Our very first stop here was the Central Market or Psar Thmei. This market is well... - 7 weeks ago
- Visiting Siem Reap, Cambodia
This was my first visit to Cambodia and I was not sure what to expect. We took a red-eye flight and landed early in the morning at the Siem Reap International Airport. Our hotel offered a free pickup... - 7 weeks ago
- My Favourite Songs From Korean Dramas (2011)
The Hallyu fever is definitely still going strong. In the many popular Korean dramas that we watch, there are lots of Korean songs which stand out and continue to remain in our minds, even long after... - 2 months ago
- Day 6 in Paris: Opera, Perfume and Fashion!
In the 2nd arrondissement, there are many covered passages. Within these passages, you will find a variety of shops selling food, souvenirs, antiques and so forth. We started off by exploring Passage... - 3 months ago
