Today’s era is ruled by the Millennials, who all want best of everything without too much hustle. With this technologically advancing scenario, students find it difficult some way, that on what they should keep their focus aligned. The world has never-ending options available to choose from, for building your career. But Economics as a subject is currently trending in the curious minds of students.
Picking an appropriate career path that too in a serious subject related to world economy will surely test your thoughts for real. Because one has to analyse values, interests, skills and aptitudes before finalising upon the correct career choice.
Putting your focus into the world of Economics, the subject is practically proving to be a worldwide successful career choice for students in the US.
Do not worry; we are here to solve out all your queries regarding choosing ‘Economics’ as a career and succeeding in the same with high growth prospects.
What is Economics?
People around the globe have a very narrow-eyed view upon Economics, they think of money-making, poverty causes and relief studies, taxation policies, all goods and services tax, and many more economic prospects.
But in real ‘Economics’ has whole new aspects to discover by the students around.
Economics is a social science, focuses upon producing, distributing and later consumption of goods and services. This subject relies upon a simple philosophy- ‘Human wants are unlimited, and resources are scarce in nature’.
According to Adam Smith- The Father of Economics
“The great object of the Political Economy of every country is to increase the riches and power of that country.”
Economic studies show how organisations, individuals, governments, nations are making their particular choices upon the allocation of resources, to satisfy people needs, wants and desires in line.
It also reveals tips and tricks to place your resources optimally, by coordinating human and technological efforts, you can quickly achieve maximum level of output.
Economics is generally categorised into two major parts:
It focuses upon the behaviour of the aggregate economy on both national and international levels.
It concentrates on the decisions taken by firms and individuals, the price and demand levels of goods and services in this overall economy.
Main Learning Aspects of Economics:
- Three essential building blocks of Economics:-
Exchange of products and services between business parties or consumers in terms of monetary rewards.
Economics suggests, specialising upon specific labour type to make your business run more smoothly with satisfying all the needs and wants of consumers.
The rational response of human beings provide insights for having a better understanding of financial markets. Most of the Economic models are based upon social assumptions which seek the optimal level of benefits or utility.
- Key indicators of Economic studies in the US:-
- Gross Domestic Product (GDP)
This particular report represents facts and figures upon the overall market value of all finished products and services in a country within a specific allotted accounting year or period. GDP Report shows a broader picture of a country’s economic performance.
- Consumer Price Index (CPI)
It is mainly issued by the Bureau of Labor Statistics (BLS), which act as a benchmark for measuring the rates of inflation. It calculates upon the levels of retail price ranges changing during a specified period. This particular report of CPI is considered one of the critical indicators, as it can predict the rise in prices and income rates for consumers in the economy.
- Retail Sales
It is for measuring the aggregate value of receipts or dollar value of all merchandise sold in stores around the economy. The required data is accessed from the retailer’s account. This report is generated by the Department of Commerce, in between each month. It is also a significant report as it represents consumer spending levels, which is essential to sum-up GDP reports further.
- Employment Data
This report is developed to have a watch on the employment increase or decrease levels for measuring better economic growth. It is drafted by The Bureau of Labor Statistics (BLS) as a report named non-farm payrolls. It is released by first Friday of each month. It is necessary as it helps for the betterment of economic health and recovery.
- Industrial Production
These are other vital reports released mainly by the Federal Reserve on a monthly basis. It validates upon the points needed for changes in the construction of production factories, mines and other utilities in the US. It is mostly referred for capacity utilisation ratio because it’s necessary for a country to have a check on the production levels and utilisation rates of goods and services by its consumers. The capacity utilisation ratio should be more than 85% otherwise; the country has an increase in the chance for facing recession.
All these reports are crucial that helps in a detailed analysis of a country’s economic performance periodically. These also help in making important investment decisions for country benefits in the long-run even for high rates of economic growth.
- Three types of Economic Systems:
- Capitalist Economy
This type of production market depends upon the ‘capitalist theme’ of workings. It means, here, the market relies upon the market forces of demand and supply for allocation of resources and production of output. The US market is one of the most known and developed capitalist economies in the world.
- Socialist Economy
This particular type of market is based on the sharable partnership fact where there will be no private ownership terms to follow. Here, the market is owned by the government and several workers perform collectively for production and sales of all finished goods and services.
- Mixed Economy
This economy has privately owned firms for production and sales of finished goods and services in the market. But if any of the market forces choose to disrupt the flow of demand and supply of products in an abnormal form, the government intervenes and perform corrective measures for protecting the interest of consumers.
These types of economic systems are aligned to make the country self-sufficient in all terms with proper division of labour and reciprocal exchanges of goods and services in terms of money.
Why study Economics in the US?
Firstly, if you choose Economics as a field for the future, then you also need to look after some of the best schools and universities options for the same. The United States of America has one of the world’s leading to economic studies.
With these top-ranked universities in the US, students will learn the diverse aspects of the subject of Economics. Students graduating or post-graduating in the field of social sciences are earning way more than other sectors in the US.
Every student is being provided with excellent study-wise materials along with international tours as industrial visits. Proper research areas are there with a strict panel for checking those research papers by students. Counselling is being provided in each step the students’ needs.
By enrolling into courses offered by these universities in the US, students get a chance to foster their skills in this field of economics. And you also get several opportunities to explore for your personal and professional growth. Later, the degree provided is acknowledged on a global basis.
Economics with Excellent Careers:
By now, you have a clear picture of what Economics stands in real terms and all other main prospects to learn in this vast area of a subject.
Economics covers almost every sector in its diversified job roles present throughout the country.So, let’s view upon all these available job roles after completing your undergraduate or Master degree in Economics:-
This designation of professional Economist involves researching various issues in this economy. They also focus on analysing current trends in the world market and building reports with proper facts and numerical figures. They also help firms to embrace huge profits by predicting the future market scenarios. Apart from the required degree in economics, you should have an aptitude and excellent analytical skills to predict future forecasts in the economies.
- Financial risk analyst
This particular job role is highly demanded in the field of banking. These graduates or post-graduates in economics are suitable for this role. It consists of working as in financial planning and controlling, data and risk analysis along with monetary consultation. They also look after budgetary plans for the on-going years and plan for cost control measures for any unforeseen cases.
As we know, every business firm in today’s world market needs an accounting professional to manage their accounts and finances. Accounting peoples are necessary for any organisation with huge turnovers as they maintain each record in need. They also formulate small budgetary policies if required. This role typically concentrates on contextualising data collected over a period within precise communicable terms.
- Financial Planner
They are in high demand in the world of business and finances. Every large-scale or small-scale business needs a planning official for their financial terms. They handle company dealings regarding their products and services offered with multiple clients; produce each financial statement with a higher level of accuracy rates, later also propose advice on business strategies and many more.
- Economic researcher
In public or governmental finance dealings, it is mostly in appeal. The economic researcher has to keep a check on each of the government spendings in each area of concern as in all public welfare works, federal taxation, auditing services for firms who don’t comply with accounting principles while developing documents. At last, they also view all regulatory policies and procedures around the globe.
- Data analyst
This post is famously known as an actuary, a professional who handles the finances of a business entity. These data which are being collected for each on-the-go transactions are categorised and analysed later by the company’s data analyst. He or she mainly works on evaluating the financial risks and uncertainties associated with the business. Then, they advise on every monetary decision to be taken as they look after the company and clientele records in detail.
These are one of the high-level job roles you can choose after the degree completion in Economics. But there are a lot many roles and responsibilities to explore in this field of economic study as in:
Business strategist, investment analyst, advisory consultants, marketing manager, economics teaching professionals and much other business, government and academic jobs.
The Final Words:
Economics as a subject, chosen for having a flouring career on is a great decision any student will make. Because it is continually proving to be a thriving option to take forward after you finish the higher class studies.
Before we hop onto any field for our graduation or post-graduation, we always have one thing in mind, i.e. job security. And in this area of economics, as a student, you will not have any such doubts as this particular field has endless opportunities in line which are to be discovered by students like you.
Try and choose the subject currently trending and which will be in trends until the economy exists, i.e. Economics. And it also has a high rating in the parameters of success, so without any hesitation in the back of your mind – you can give it a thought!
He is Peter Persson. He has done my post-graduation with a specialisation in Economic studies and data researches from the London School of Economics and Political Science. But currently, he is in the US and working with a renowned economic research firm as a senior economist. He has been working from the past six years now and entirely experiential in this field of economics and finance studies.
Economics is a subject where a student needs to understand each concept and theories in detail. He teaches based on modern applied methods along with solving numerical after each course. So, he’s here, full-time for all your queries related to economic fields or other financial data inquiries.