Economics falls into the category of social science, which more specifically studies the pattern from production to the distribution of goods and services. It describes how a human being deploys any resources in order to meet their needs. It is one of the vital concepts that can be applied to advise the presidents and congresses, to compose policies for Reserve Bank of India as well as scrutinising economics factors for banks, real estate business, brokerage and business sectors.
In addition to all these, economics also contributes to the development of health and welfare of society, in the reduction of crime, environmental problems, or other disturbing factors. Economics studies or economic system can be divided into two main categories namely microeconomics and macroeconomics.
Microeconomics focuses on the behaviour of an individual or a firm regarding the decision making in terms of allocation of insufficient resources as well as the interaction among them.
Macroeconomics, on the other hand, can be described as the part of economics that dedicatedly deals with broader concepts including serious issues in relation to growth and development, unemployment, inflation, etc. It can be said that macroeconomics is the analysis of the entire economic aspects on a global grading. Thus, economics plays a vital role in the fields of education and pursuing a degree in economics will benefit a student in various ways.
Now, the main question is where to study economics so as to gain maximum benefits from it. Is there any economics classes provided in India or is it has to be done from a university directly?
Before we come to the availability of economics programme, let us enlighten what purposes does it serve in Indian society?
Importance of Studying Economics
Before you take the subject lightly in terms of career, here are a few most convincing factors that will give you true prospects of studying economics.
Economics in Contrast to the World
Economics lies in almost daily aspects of our lives. It focuses on the fact of how the world’s allocation of resources works and how the overall requirement is satisfied even if there is scarcity or insufficiency. At the same time, it also deals with the interaction and transaction of the world. It will help to understand the basics from the pricing of the goods or services as well as the varied difference in the livelihood of different nations.
For instance, India is considered as one of the developing countries due to its unstable economics. In the present year, India has also faced a slowdown in GDP growth to 5%.
Application in everyday life
Believe it or not but all human beings are engulfed with economics, both in subtle or absolute ways. The factors such as inflation, financial growth, job opportunities, bank interests, property and so on are the basic influential factors.
Also, economics is related even with the smallest of shops and local businesses to the huge corporate world and governments bodies.
Choosing economics as your degree subject is more fruitful in various ways. Once you graduate in economics, you will find various economics degree jobs ready to welcome your step.
Moreover, it is fairly easy to score good grades in the subject. The pattern of syllabus consists of theoretical as well as practical teaching that keeps an individual continuously indulging and thus achieving a good score becomes easier.
With time, economics is becoming one of the most important subjects, especially in today’s lives. From banks to industries, private to a government organisation, every field is looking for it. In addition to that, students can also get a handsome package without any effort.
Furthermore, the subject covers the varied syllabus for specific fields. For example, there are economics degree courses in the fields of education, hospitals, industry, government sectors, and many more.
Uses of Economics Degree in Various Fields
Economics can be considered as one of the richest subjects in terms of information, theories, applicability, stats, banking, and even GDP. Its widespread popularity is the main reasons why it has developed as a key subject to graduate from.
Another best part about the subject is that it can be studied as both B.A and B.Sc degree, which offers an honors program. Although B.A Economics and B.A Business Economics are two different subjects in the graduate program, B.Sc Economics is somewhat similar to that of B.A Economics.
B.A in Economics and B.A in Business Economics
B.A Economics mainly describes the gist of economics with its various theories related to the study of the subjects. This economics program includes lessons like the history behind the birth of economics, Indian Economy, elements of economics, Statistics, and more. B.A Business Economics, on the other hand, focuses on the commerce-oriented areas and is applied in the study of business and economics sectors.
B.Sc in Economics
Although the pattern of the syllabus is similar to that of B.A Economics, B.Sc Economics has more practical studies including statistics, economic data and mathematics.
Career Options for B.A Economics graduates
Due to the number of varied courses in the field of Economics, it can be confusing for a student to find a suitable career option. And if you find it really difficult to choose a career option after studying economics, here are some of the best courses which will help you.
Finance: Although the finance department is a vast field in itself, graduates in economics can grab the standard positions in this field. After graduating from the economics department, they can opt for Chartered Financial Analyst course.
Indian Economic Services: Those who aspire a career in civil services can go for the Indian Economics Services. In this field, an economists major role is to create and execute development policies in addition to dealing with the economic policy, monetary system, financial system like pricing, and many more.
Corporate Law: Combination of Law and Economics plays an important role in dealing with issues in corporate law. This role can provide an excellent career option for the ones who are economics graduate and choose law as their further studies.
In addition to corporate law, it can also provide great career option in market economics research, public policies and more.
Management: An economics degree along with MBA programmes can open up the opportunity of an individual in the fields of sales, human resource management, human capital, public relations, and many more.
There are many more fields in which a student can select to study further. Economics graduated can even go for MBA or M.A in finance. Other domains include consulting firm, development policies, actuarial science, etc.
Economics in Addition to the Related Fields or Subjects
Economics is described as social science topics, which is developed from the humanistic values and concepts. Thus, there are many more specialisations one can go for. Listed below are some of the major subjects:
Agricultural economics: In this topic, one can learn in detail the application of economic theories in relation to the production or factors of production, income distribution and allocation from food and fibre industries.
Financial economics: It deals with the fact that how a resource is distributed and utilised in the market. This also includes future plans relate to resources, service, good, etc.
Industrial economics: It studies the pattern of production, its distribution, consumption, and services related to goods. The industrial organisation looks forward for experts in this field.
International economics: It explains in detail the transaction and interaction between countries in the world. It put emphasis on more vital things such as international trade, investment, transaction, money and banking and so on.
Apart from the above major specialisation, students can also opt for other specialisations that include labour economics, business economics, banking economics, environmental economics, developmental economics, and econometrics.
Each and every subject listed here holds utmost importance, not only in India but in the whole world.
There are various undergraduate and postgraduate programmes that offer studies in economics. Besides, many top ranking universities in India also offers complete degree courses in this field. There are many online programmes which include economics as one of the subjects.
If you have studied in a different specialisation and want to gain knowledge in economics, you can also go for online economics courses in India. Knowing the value of the subject and the fact that economics can be applied in various fields, you can have a basic idea of how fruitful this subject is in real life.
Also, seeing the demand in both corporate and government sectors as well as private companies or firms, one cannot neglect it. It not only put emphasis on financial loss and gain but also describes facts relates to that.
Furthermore, it is worth noting that B.A in economics has provided us with some of the best economists of all time including Dr. Manmohan Singh in India. In the world platform, you can look for many such inspiring personalities.
It also gives you one of the basic understandings that without economics, the world would have been empty. In fact, it is one of the most reliable subjects to study if you want to achieve a well-built career.
Even in the coming times, the demands for economics students will be indispensable, which will give students of today, the major inspiration to take it as their degree course.