The world is powered by money. Politics, society, law, geography, and practically everything else in life are all significantly impacted by it (Ranjan, 2021). One of the most important abilities for any employer is the ability to comprehend how people, businesses, and nations manage their financial
resources.
But handling currencies is only a small part of economics. Its an interesting investigation into psychology, the motivations behind peoples choices, and the distribution of resources globally. There are two primary streams of study in economics:
Microeconomics is the study of how specific parties—individuals, teams, and organizations—use their wealth. In macroeconomics, entire economies are examined. the problems with unemployment, inflation, and money in cities, nations, and continents. You can also hire Economics Dissertation Writing Service to get help with your thesis.
What is economics?
We must first comprehend what economics is to comprehend why studying it is crucial. Economics is defined by the Collins English Dictionary as “the study of how money, industry, and trade are organised in society.”
Economics, which is regarded as a social science, use scientific techniques to comprehend how society exchanges limited resources. Since they have a thorough understanding of how to produce efficiency in the modern world, economists research theories, Economics Dissertation Topics and methodologies beneficial for creating policies in government.
Another helpful explanation comes from American economist Thomas Sowell: “Economics is the study of cause-and-effect interactions in the economy.”
What makes economics so crucial, then? The investigation of cause-and-effect connections is essential for affecting economic progress. When recommending how to allocate resources, economists will consider the risks and rewards for individuals, the labour market, and society at large.
Economic theories
You can study a wide range of economics topics. These can be examined on a macroeconomic (global) or microeconomic (individual) basis.
Four different types of economic systems exist:
Traditional economic system
Command economic system
Market economic system
Mixed economic system
Economics in real life
The phrase applied economics refers to the application of economic ideas to actual circumstances. To make an informed choice, this takes into account everything from costs and advantages to expected human behaviour.
A Necessity to Learn Economics
Why do we study economics, then? Here are the top five benefits of studying economics.
1. Helps decision-making
To help businesses and governments make decisions, economists offer knowledge and projections. Data and modelling serve as the foundation for this economic understanding, or economic intelligence.
2. affecting everything
Our daily lives are influenced by economic challenges. Concerns like tax and inflation, wealth and interest rates, inequality and developing markets, and energy and the environment are included in this. Economics is a vast field that offers solutions to a variety of social, political, and health issues that affect households and larger populations.
3. Affects industry.
Economic principles are used by businesses of all sizes and in all sectors, whether it be for product development, price decisions, or marketing initiatives. Due to its broad impact, studying economics can lead to a wide range of job opportunities in all areas of the economy, including banking, consulting, manufacturing, and agriculture.
4. Encourages commercial success
For a firm to be successful, it is essential to comprehend how customers behave. Theories and models are used by economists to forecast behaviour and guide business decisions. for instance, the analysis of big data.
5. A global outlook
The world in which we live is impacted by economics. Understanding historical and contemporary local and international viewpoints can help us better understand how various cultures and societies interact. For multinational firms, success depends on having a solid understanding of the global economy.
UK career opportunities for graduates in economics
Academically, students face several difficulties that occasionally obstruct their path to achievement (BAW, 2022). Respected transferable abilities like presentation, research, and communication are taught in economics degrees, along with how to cope with facts and figures that are constantly changing. Accountants, economists, risk analysts, investment bankers, statisticians, actuaries, civil servants, quantity surveyors, and government workers are just a few examples of specific occupational roles. Graduates in economics can also find employment as consultants in banking and finance, state treasuries, central banks, and statistical offices. There are also job openings in the manufacturing, transportation, communication, insurance, nonprofit, investment, and retail sectors.
Typical annual starting pay for professionals: £30,000
Starting non-professional pay on average: £18,000 per year
Prerequisites for admission to the uk’s economics programme
Each university will have its own set of entry requirements. Higher entry standards will apply to top- tier UK universities than to others. To get a Tier 4 (General) student visa, an overseas student must complete the English language requirements. A Level (or an equivalent) in mathematics is typically required for economics courses.
For Undergraduate:
36 points are the typical IB minimum criterion.
A-level requirements typically include mathematics: AAA (90 per cent or above) IELTS standard standards are 6.5 overall with no component scoring lower than 6.0.
For graduate students:
A bachelors degree with a cumulative grade point average (CGPA) of 3.5/4, 5.5/7, 6.5/8, 7.5/9, or 8/10 is granted after at least three years of study.
Statement of Purpose
References
CV
Best institutions in the UK for studying economics
The top ten universities in Economics included in the Guardian University Guide for 2021 are as
follows:
Oxford University
Cambridge University
St Andrews University
Strathclyde University
Stirling University
Warwick University
Leeds University
East Anglia University
Bristol University
Durham University
Cost of Economics Education in the UK
For an undergraduate programme, the tuition for an overseas student who wants to study economics at a top UK institution ranges from £ 15,000 to £ 23,000 per year, and for a postgraduate degree, it varies from £15,000 to £30,000 depending on the university. The cost of attending the same university increases with prestige.
The annual cost of living in London, without tuition, can be over £12,000, whereas living outside of London can cost between £9000 and £10000, depending on the UK city you are attending school in.
The next step
Economists would be well-equipped for jobs in "Big Data" in terms of new employment sectors. This is a new area that involves analysing massive amounts of data to find patterns and aid organisations or governments in making better decisions. This might pertain to consumer behaviour, the development of diseases, criminal behaviour, or trends in the financial markets, for instance.
As the 10 countries of South East Asia work toward forming an integrated ASEAN Economic Community, there may be a demand among central banks and governments for financial economists who can recognise and manage risks and create financial regulations to suit the demands of the new market.
If you want to work in a competitive field, such as for governments, banks, or consultancies, or if you want to specialise in a field like health, employment, insurance, or regional economic development, you might need to follow your bachelors degree with a masters to get the necessary specialist skills.
References
Harsh Ranjan (2021). Study Economics in the UK. https://www.zoomabroad.com/uk/study-economics/
BAW (2022). How Academic Help Providers Save the Students’ Future?
https://bestassignmentwriter.co.uk/blog/how-academic-help-providers-save-the-students-future/