From sub-prime mortgages to credit bubbles, it is clear that economic activity has a direct impact on every person’s life – either for better or for worse. In these times of boom and bust, more and more students are learning Economics with an eye to entering the business and financial sectors. But sharpening up one’s about economic principles and practices can be useful for anyone already working in business, public policy or involved with financial management-whether for a large corporation, NGO / charity, or small company.
Put simply, Economics is the study of how our decisions affects us, and how to use the knowledge we have to make better choices for the future. It relates to every aspect of our lives, from the choices we make as individuals or families, referred to as micro-economics, to the large scale macro economic structures created by governments and businesses.
The food is cheap but the service is very poor. I’ve spent so long waiting for something I might not enjoy, and the chances that I won’t be satisfied and will buy more food later is higher than if I’d gone to the expensive restaurant. Should I be willing to accept poor customer service because the food is cheap? Would I have gained better value for money if I’d just gone for the expensive option?
These are the kind of questions that economic theory will help you to answer. Economics helps us to realise the process behind decisions that affect our day to day lives on every level, from restaurant dilemmas to becoming a more informed voter and political debater.
In the times in which we live, a basic knowledge of Economics is indispensable and an expert knowledge is invaluable; economists are relevant to almost all sectors of work. It is also a fascinating subject, and appeals to individuals who enjoy finding new, efficient solutions to economic problems, as well as understanding the world’s financial trends and being able to predict their future course.
When referring to the financial crisis of 2008, many people do not understand how the so called ‘credit crunch’ came about or how it might have been prevented – the experts included. Economics is a field where the textbooks are constantly updated and the theories re-tested, with different schools of thought taking different stances. Global finances are constantly in a state of flux, and as a student it can be fascinating to study a subject that is both so immediately accessible and dynamic. Studying economics goes you knowledge that most people don’t have – it means you can look at the news, see the increase in interest or CRR rates and be able to predict the effects these may have on exchange rates.
Economics provides a host of transferable skills; indeed by the end of your course at degree level, you emerge as a student who can process information like a law graduate, calculate like an accountant and analyse data like a statistician.
You will develop the following skills:
- Communication Studying economics means presenting often complex theory in a comprehensible way.
- Problem-solving skills.
- Numeracy, IT and the use of statistical methods.
- Team-working skills as group work is often employed.
- Evaluational, analytical and interpretive skills.
Economic graduates often find work in manufacturing, transport, communications, banking, insurance, investment and retail industries, as well as in government agencies, consulting and charitable organisations.
In all these settings, employers value economics graduates’ understanding of decision-making, their research and analytical skills, and their experience of viewing problems in their national and international context.
If you are keen to develop your economic expertise, Mayfair Consultants’ tutors can help you understand and apply the methods and principles of economic development and growth, including the flow of goods and services and the reasons why economies go boom and bust. We also offer private Economics tuition for beginners and younger students with a budding interest in the subject – including those taking Economics GCSE, AS and A-Level. Many of our tutors have professional experience of the financial sector and all are fully-qualified.
If you’d like arrange private lessons in London, Oxford or Cambridge or have any questions about our tuition services please call us on Tel: +44 (0) 207 665 6606 or you can send us an email via our contact form.
https://wetheeconomy.com/films/ – a series of short films demonstrating how economics impacts our everyday lives
http://www.studyingeconomics.ac.uk – Studying Economics; a website with useful study tools
http://www.studyingeconomics.ac.uk/blog/ – The website’s blog with current issues
http://timharford.com/articles/undercovereconomist/ – Tom Hartford Economics Blog
http://www.enlightenmenteconomics.com/blog/ – The Enlightened Economics Blog
http://www.rogerfarmer.com – Roger E. A. Farmer Economics blog
https://krugman.blogs.nytimes.com – The New York Times Economics blog page
https://mainlymacro.blogspot.co.uk – A blog focussing on macroeconomic issues
http://www.post-crasheconomics.com – The Post-Crash Economics Society
http://www.rethinkeconomics.org – Rethinking Economics
https://academic.oup.com/qje The Oxford Quarterly Journal of Economics
http://www.res.org.uk/view/economichome.html – The Royal Economic Society
https://www.ft.com – The Financial Times Website
http://www.economist.com – The Economist Website
https://iea.org.uk/essay-competition/ – The Institute of Economics Affairs, which holds student competitions