Why Economics?

Why Economics?The major reason for studying economics is that it is useful. Everyone makes economic decisions every day. In your professional career, as well as in your personal affairs, you will face problems of scarcity and consequently must make choices. A knowledge of economics helps you make wise choices. Economics might be best described as a way of thinking about problems—a logical system for processing and using information. The real world is a very complicated place. Economic theory is designed to apply to the real world; it allows you to gain insights into real world economic problems that would be impossible to solve without a theoretical structure. Economic theory helps you make sense out of confusion by helping you determine which variables are important to the economic issue at hand and which are not. In other words, theory allows you to abstract away unnecessary and irrelevant details, and enables you to better decide what information is relevant to the decision at hand and how to use that information.

A number of different career paths are open to students who major in economics. The four main areas of employment opportunities for economics majors include careers in: