Economics is the study of the factors that influence the production, consumption and transfer of wealth. The economy affects us all individually and as a society. The impact on businesses, jobs, and money for healthcare has implications for the wellbeing of everyone within that economy. Consequently, well-trained economists are in high demand!
Economics is a social science that explores how economies work. This includes ‘microeconomics’, which examines the basic elements in an economy such as individual agents (like households and firms). At the other end of the scale comes ‘macroeconomics’ – the study of the entire economy and the issues affecting it, such as unemployment, inflation, growth and fiscal policy. Never has this been so important, as economists look to explore the options now that the country aims to move away from recession … and not fall back into it! If you have an interest in understanding how businesses and government interact and how this affects all of us, then economics may be for you.
What will I study?
Students will be introduced to the different theories of how economies work, and how economies should ideally work. You will understand all the factors that impact on a system affecting money transfer, including legal restrictions, government policy and market expansion.
Economics involves the studying of economic models, and you will learn the skills to contribute to these models. You will also gain a broader appreciation through the teaching of legal studies, management studies, banking and more. This gives students a broad concept of the role of the economy in the governmental and private sectors, and enables you to integrate within a team and fully appreciate the role that they provide.
You can also choose to specialise and study Business Economics, which bridges the gap between theory and practice and is directly relevant to business decision making, or International Economics, which focuses on the international financial markets.
A common route for Economics graduates is to forge a career in finance and work in banks, the government or businesses. You will also be equipped with the skills to work in the private sector and take on roles such as financial consultancy, auditing or trading and in the public sector for Her Majesty’s Treasury or in education. Graduates can work as advisors, part of the financial team or even go into a journalism career offering their advice through the media.