Economics is the study of how people, institutions or firms choose to allocate resources. Studying and learning Economics is a rewarding experience as you learn about economic theory, sharpen your skills of logical thinking, and also develop new interpersonal skills along the way.
Decision-making is all about making choices. Individuals, governments, and business are all faced with making choices in scenarios where resources are limited. This is where the knowledge of Economics is crucial.
Economics Applies to Various Aspects of Life
If you enroll in JC Economics Tuition in Singapore, you will come to learn how Economics can be applied to various aspects of your everyday life. By studying this subject, you will analyze topics of obvious importance and make decisions accordingly. Economics is applicable to variety of different fields, including:
- Local and national government
Apart from these, policy debates are also often casted in economic terms. The knowledge of Economics is invaluable when it comes to understanding most current issues.
Economics Provides Valuable Intellectual Skills
Economics is not merely a subject – it is a way of thinking. By learning Economics, you acquire the skill of looking at different issues logically. Learning Economics allows you to practice analytical techniques and as a result, you learn to develop your:
- Critical thinking
- Skills of logical deduction
- Skills of abstraction
- Numeracy and communication skills
- General literacy
By learning Economics, you gain insights into:
- Government policy and project evaluation
- Trade-offs and opportunity costs
- The general environment of resource allocation decisions
All the skills and insights you learn by studying Economics are extremely important in many areas. These insights and skills may not be obvious at times but they can be counter-intuitive to individuals who don’t apply economic reasoning. Teaching these skills is the key focus of many Economics tuition centers around the world.
Economics Graduates Make Great Employees
Flexibility and transferable skills, along with strong personal qualities, tend to be more important in today’s working world than specific training in a vocational, narrow area. Employers nowadays look for graduates with good problem-solving and analytical skills. These skills are the main focus of Economics.
Employment Opportunities Are Diverse
The variety of skills and insights developed through learning Economics (particularly to Honors or degree level) opens up numerous, diverse career opportunities for graduates. There is a general misconception that employment prospects for students graduating in Economics are not as favorable as opposed to some other Commerce areas. This is not true. Although Economics does not offer vocational training in the same way as some other disciplines in Commerce, Economics graduates have the same employment rates as other Commerce students.
Economics graduates find employment in a wide variety of niches, both in public and private sectors. Many of the Economics graduates can be found working in the following areas:
- Ministry of Commerce
- Share brokers
- Finance and investment companies
- Law firms
- Major commercial and industrial companies
- Accounting firms
- Business services
- Department of Labor
- Department of Internal Affairs
- Hospital administration and health authorities
- Universities and other educational institutions
Your life is affected by Economics in many ways. Economics is not just a subject, it is the overall breakdown of people’s lives.