Economics 101
Why Economics is Lit AF?
WHY STUDY ECONOMICS?
At its core, economics is the study of how individuals, groups, and nations manage and use resources. Students who choose to study economics not only gain the skills needed to understand complex markets, but come away with strong analytical and problem-solving skills, as well as business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.
ADVANTAGES OF STUDYING ECONOMICS
Here’s a look at five of the top advantages of studying economics and how it can benefit both your organization and career:
1. You'll Expand Your Vocabulary
Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you a fluency in fundamental terms needed to understand how markets work. Even if you don’t use these words often in your current role, studying these economic terms will give you a better understanding of market dynamics as a whole and how they apply to your organization.
2. And Put It Into Practice
Economics isn’t just learning a fancy set of words, it’s actually using them to develop a viable business strategy. When you understand these terms, you can use theories and frameworks like Porter’s Five Forces and SWOT analyses to assess situations and make a variety of economic decisions for your organization, like whether to pursue a bundled or unbundled pricing model, or the best ways to maximize revenues.
3. You’ll Understand Your Own Spending Habits
Economics will teach you about how your organization and its market behaves, but you’ll also gain insight into your own spending habits and values. For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service. There’s frequently a gap between hypothetical and actual WTP, and learning about it will help you decode your own behavior and enable you to make economically sound decisions.
Kathy used the concepts she learned in Economics for Managers to maximize her income for a rental property.
“I recently had to look for a new tenant to rent a property I own,” she said. “The real estate agent suggested a price based off of market comparisons. I didn't want to assume what the WTP would be for the property, especially since I thought I could get more. Since supply was in demand, I listed it much higher and ended up getting it rented in two weeks.”
4. It’s More Than Demand Curves
Many people think of economics as just curves, models, and relationships, but in reality, economics is much more nuanced. Much of economic theory is based on assumptions of how people behave rationally, but it’s important to know what to do when those assumptions fail. Learning about cognitive biases that affect our economic decision-making processes arms you with the tools to predict human behavior in the real world, whether people act rationally or irrationally.
5. You’ll Learn How to Leverage Economic Tools
Learning economic theory is one thing, but developing the tools to make business decisions is another. Economics will teach you the basics and also give you concrete tools for analysis. For example, conjoint analysis is a statistical approach to measuring consumer demand for specific product features. This tool will allow you to get at the surprisingly complicated feature versus price tradeoffs that consumers make every day.
For example, pretend you work for Apple Inc. and you want to know what part of the iPhone you should improve: Battery life, screen size, or camera. A conjoint analysis will let you know which improvements customers care about and which are worth the company’s time and money.
What might be the careers after Economics?
India is the 5th largest and fastest growing economy of the world and have surpassed united kingdom and france in 2019.The incumbent government of india is firmly determined to make it a 5 trillion dollar economy by 2024 by various means of reforms and strict measures in conjugation with RBI policies . The burgeoning economy also brings various employment opportunities for people having specialised knowledge in economy .
𖣔 Prerequisite conditions to excel in the field of economics are as:-
1.Should have good command over numerical calculations and ability to play with large figures and data.
2.Should have ability to interpret and analyse graphs,charts and other tables related with economy,gdp and market.
3.Have good command over mathematics specially accountancy to build up a carrier in this field
4.Should be updated regularly with economics and share market news and new trends and behaviour of market.
5. Have a good communications skill and good command over various topics in economics .
✪ 𝑪𝒂𝒓𝒓𝒊𝒆𝒓 𝒐𝒑𝒑𝒐𝒓𝒕𝒖𝒏𝒊𝒕𝒖𝒆𝒔 𝒂𝒇𝒕𝒆𝒓 𝒔𝒕𝒖𝒅𝒚 𝒊𝒏 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔
1. 𝑨𝒄𝒂𝒅𝒆𝒎𝒊𝒄𝒔 :
After completing master in economics i.e( M.A.+ Bed) you can teach in +2 colleges.If you want to pursue higher studies then after completing master in economics you can sit for National eligibility test organised by national testing agency .
Securing high rank in this exam,you will be granted junior research fellowship for higher studies like phd and if you ace the exam with normal rank then you will get an appointment as an assistant professor in various colleges and indian universities.
Secondary,
you can also work as a content creator for various educational institutions,online classes.You can also start a youtube study channel by small investment which not only give you confidence but also improve communicating skills with students.
2.𝑮𝒆𝒏𝒆𝒓𝒂𝒍 𝒄𝒐𝒎𝒑𝒆𝒕𝒊𝒕𝒊𝒐𝒏
𖣔𝑰𝒏𝒅𝒊𝒂𝒏 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒔𝒆𝒓𝒗𝒊𝒄𝒆𝒔 𝒆𝒙𝒂𝒎(IES)
UPSC also conducts a separate exam known as economic services exam.The minimum eligibility criteria for this exam is to have master's in economics and allied subjects with at least 55%
It is highly specialised and professional service within India catering to policy advice and economic analysis in NITI aayog,NSSO, planning board under ministry of finance
𖣔𝑹𝑩𝑰 𝒈𝒓𝒂𝒅𝒆 𝑩 𝑺𝑩𝑰,𝑰𝑩𝑷𝑺,𝑵𝑨𝑩𝑨𝑹𝑫 𝑬𝑿𝑨𝑴
••RBI also regularly releases notification of grade B exam and other specialised exam which comprises of questions from quantitative aptitude,reasoning ,english .Apart from this indepth questions from economics are also asked and the students from economics background have an extra edge over others
••SBI and IBPS also regularly releases job notification every year for the post of probationary officer and specialist officer(SO) .
•• NABARD also releases vacancy every year for limited post for officer grade post and the students with a good economics background adds an extra wings in their success in these exams
𖣔𝑹𝑬𝑺𝑬𝑨𝑹𝑪𝑯 𝑭𝑰𝑬𝑳𝑫
* Students with good academic background can also opt for research in governmental institutions,Private institutions,Think tanks, magazine, newspaper and publication houses and credit rating agencies
* Candidates can get research opportunities in National council of applied economic research,newdelhi
Indian council of social science research, Institute of economic growth,New Delhi
* They can also join private institutions, NGO's and various think tank which regularly writes commentary on government's social, economic and political policies.
* They can also start their carrier as a free lancer and hone their writing skills and gradually can write for publication, magazine and websites
𖣔𝑰𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 𝒔𝒆𝒄𝒕𝒐𝒓,𝑺𝒉𝒂𝒓𝒆 𝒎𝒂𝒓𝒌𝒆𝒕 𝒂𝒏𝒅 𝒎𝒖𝒕𝒖𝒂𝒍 𝒇𝒖𝒏𝒅 𝒂𝒏𝒅 𝑻𝒂𝒙𝒂𝒕𝒊𝒐𝒏
*The post graduate in economics have also opportunities to work in government and private sectors insurance companies as insurance consultants, insurance agent and insurance policy makers.
*The student who have gained knowledge and experience in capital market, money market,commodity fund and mutual funds can also work as investment consultant.
*After pursuing diploma/certificate course in taxation apart from economics background can act as a tax consultant.
Lastly candidate who have spend a long duration in researching and have plethora of experience and gained popularity can get job opportunities in eminent financial institutions like asian development bank,brics bank,world bank, International monetary fund,United nations.
𝑰𝒏𝒔𝒕𝒊𝒕𝒖𝒕𝒆 𝑻𝒐 𝑺𝒕𝒖𝒅𝒚 𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔 𝑰𝒏 𝑰𝒏𝒅𝒊𝒂
University of Delhi, South Campus
Delhi School of Economics (University of Delhi)
Jawaharlal Nehru University, New Delhi
University of Bombay, Mumbai
University of Agricultural Science, Bangalore
Stephen College, Delhi University
Jamia Milia Islamia University
Maharaja Sayajirao University of Baroda
Bangalore University
University of Calicut
Banaras Hindu University, Uttar Pradesh
Kumaun University, Uttarakhand
Meerut University, Meerut
University of Pune, Pune
Sri Ram College of Commerce, Delhi
Lady Sri Ram College for Women, Delhi
Hans Raj College, Delhi
Hindu College, Delhi
Presidency College, Kolkata
Xavier’s College, Kolkata
Xavier’s College, Mumbai
Loyola College, Chennai
Symbiosis School of Economics
Madras School of Economics
IIT, Kanpur
Indian Statistical Institute, Kolkata
Ravenshaw University, Cuttack, Orissa
𝑻𝒉𝒆 𝒍𝒐𝒏𝒈 𝒋𝒐𝒖𝒓𝒏𝒆𝒚 𝒕𝒐 𝒆𝒙𝒄𝒆𝒍 𝒊𝒏 𝒍𝒊𝒇𝒆 𝒅𝒆𝒎𝒂𝒏𝒅𝒔 𝒂𝒎𝒑𝒍𝒆 𝒕𝒊𝒎𝒆 , 𝒔𝒆𝒓𝒊𝒆𝒔 𝒐𝒇 𝒄𝒐𝒏𝒔𝒕𝒂𝒏𝒕 𝒆𝒇𝒇𝒐𝒓𝒕 𝒂𝒏𝒅 𝒑𝒆𝒓𝒔𝒆𝒗𝒓𝒂𝒏𝒄𝒆 𝒂𝒔
" 𝑹𝑶𝑴𝑬 𝑾𝑨𝑺 𝑵𝑶𝑻 𝑩𝑼𝑰𝑳𝑻 𝑰𝑵 𝑨 𝑫𝑨𝒀"
𝑳𝒂𝒔𝒕𝒍𝒚 𝒚𝒐𝒖𝒓 𝒑𝒂𝒔𝒔𝒊𝒐𝒏 𝒂𝒏𝒅 𝒅𝒆𝒅𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒎𝒂𝒕𝒕𝒆𝒓𝒔 𝒕𝒉𝒆 𝒎𝒐𝒔𝒕 𝒂𝒏𝒅 𝒂𝒍𝒔𝒐 𝒕𝒉𝒆 𝒒𝒖𝒆𝒔𝒕 𝒇𝒐𝒓 𝒔𝒐𝒎𝒆 𝒇𝒓𝒆𝒔𝒉 𝒃𝒍𝒐𝒘 𝒐𝒇 𝒑𝒐𝒔𝒊𝒕𝒊𝒗𝒊𝒕𝒚 𝒊𝒏 𝒕𝒉𝒆 𝒍𝒊𝒇𝒆 𝒘𝒉𝒊𝒄𝒉 𝒘𝒊𝒍𝒍 𝒖𝒍𝒕𝒊𝒎𝒂𝒕𝒆𝒍𝒚 𝒃𝒓𝒊𝒏𝒈 𝒔𝒐𝒎𝒆 𝒑𝒆𝒂𝒄𝒆 𝒂𝒏𝒅 𝒑𝒓𝒐𝒔𝒑𝒆𝒓𝒊𝒕𝒚.
