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What is Economics Really?

By Benjamin Mahalik

In theory what is it?

Economics is really more about learning to think effectively than learning hard and fast technical skills. Everything you learn will be based on theoretical models, and how to apply those models to the real world. Ideally, economics will teach you how to economize your own life.

What is it used for?

Since economics is mostly a way of thinking, individuals with a bachelors find success in many different carreer paths. Economics is the foundation of all branches of business particularly finance, so that is where many of them go on to work.

What does the major actually entail - work-wise?

Basically, in economics you learn the ins and outs of different models (supply and demand), and how to apply real life events to those models. Like on a test you might be asked how is price effected by an increse in demand? or how is quantity demanded different from an increase in demand? Basic algebra and writing go along with this. Depending on your program, you might have to take a few courses in calc and stats.

What kind of jobs do you get with it?

Basically any job in business or banking that requires analyzing information.

Common Misconceptions

Economics is not boring.
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Economics Major unemployment rate

_EconomicsAll Majors
Unemployed%4%7
Minimum Wage%2%4
All Others%93%88
More: Unemployment for all Majors *** not counting stay at home parents *** not counting those currently in grad school

Are things going well in Economics?

Going Well%89
Not Going Well%11
More: All Majors Satisfaction ??? This is a social "life satisfaction" question. Overall, would people who graduated with a degree in Economics say that their life is going well? It could be interpreted in terms of stress, salary, long hours, future prospects, etc. *** not counting those currently in grad school

Graduates who stayed in Economics

Still in Field%65
Got out%35
More: All Majors Still in field ??? A high "got out" percentage can be interpreted a couple of ways -- for instance, perhaps the major is a great stepping stone to becoming a totally different career -- like a doctor. Or perhaps the jobs one gets with the major just aren't that great. *** not counting those currently in grad school
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