Economics
Economics is the branch of social sciences that deals with the production, distribution, consumption, and management of material goods, services, and wealth. In other words, it is the study of how people use resources like space, equipment, buildings, and products to increase their wellbeing.
Economists study the behaviors of individuals as well as companies, governments, societies, countries, and the entire world. The field is generally split into two categories: microeconomics, which studies the decisions of individual people; and macroeconomics, which studies larger-scale decisions, outcomes, and trends.
The sorts of questions that economists seek to answer include: What causes a financial recession? Who determines the interest rate on loans? How does immigration impact the economy? Is it a financially smart decision to pursue higher education? How do oil prices impact U.S. inflation? How does supply and demand work?
Economists study things like taxes, energy costs, competition, business cycles, monetary exchange rates, and employment levels. They examine these topics by conducting surveys and interviews, analyzing financial data, using statistics, and employing mathematical modeling, among other techniques. These techniques are learned over the course of an economics degree.
Typical courses taken to obtain this degree include:
- Microeconomics
- Macroeconomics
- Money and Banking
- Economic Research
- The Public Economy
- Finance Theory and Policy
- Industrial Organization Theory
- Statistics
- Contemporary Economic Issues
- Game Theory
- Econometrics
Specializations: There are a multitude of subsets within economics, which you can choose to specialize in, or pursue as a career after graduation. These include international, environmental, demographic, monetary, transportation, labor, industrial, organizational, and mathematical specializations, among many others.
Careers and Skills: People with a degree in economics are well prepared for careers in business, government, law, medicine, research, non-profit work, consulting, international relations, and academia. They are well suited to any of these jobs because they have highly marketable skills. These include analytical thinking, time and priority management, and the ability to apply sound research techniques to real-world issues. They also tend to have a firm grasp of mathematics and computer science, as well as being detail-oriented people who perform well under pressure.
Salary: Median annual salaries for economists in 2008 were around $83,590. Market/survey researchers typically earned an average of $61,070 per year, while financial analysts made $73,150. Some people in each of these positions, however, earn well over $100,000 a year.
Article Resources:
Oregon State University
Princeton University WordNet Search
The University of Wisconsin, Madison
The U.S. Bureau of Labor Statistics: "Economists"
The U.S. Bureau of Labor Statistics: "Financial Analysts"
The U.S. Bureau of Labor Statistics: "Market and Survey Researchers"
Vanderbilt University
Western Michigan University