By the time young people come around to choosing their GCSEs or A Levels, they may not have much idea of what Economics actually is, let alone what a qualification in it might entail. If you fall under this category then this blog post is for you! Many secondary schools don’t teach economics and because, let’s face it, economics has a reputation for being a bit dry, some students may merely skim past it without giving it a closer look. However, thankfully economics is actually really interesting and relevant and many students find it a useful and eye-opening subject.
So, what actually is Economics?
In simple terms, Economics is the study of the ways in which people, businesses and industries use resources. It covers a variety of topics, for example production, efficiency, macroeconomic policy, international economy, and market failure; each of these will teach you a lot about the society we live in today. You will learn all about how economics affects the world and the ways we live and how we can improve the economy to benefit the whole world.
What is Economics useful for?
There are a variety of reasons why people choose to study economics. The first one, of course, is that many students aim to follow careers in finance, banking, sales and marketing, insurance or public policy. Studying economics opens up a variety of reliable careers to young people as well as teaching you important information concerning resources that would also benefit students aspiring to start their own businesses. Alternatively, many students enjoy the personal benefits of studying economics. The economy affects unemployment, poverty, inflation: issues which all affect not only our everyday lives but our livelihood that we mustn’t take for granted so it’s a very interesting subject, on a personal level.
Economics is useful for students who want to study degrees in History, Politics, Law or Sociology. Studying economics will definitely open your eyes to how much economic issues affect various aspects of society, both historically and today. Indeed, if you are choosing your A Levels and considering economics, it may be advisable to study Politics and Economics alongside each other in order to put the economic concepts in to context. Many economic theories are tied in with political theories about personal freedom, choice and the role of the government. If these links sound interesting, studying A Levels in both Economics and Politics might be right up your street.
Additionally, Economics allows you to develop your logic and critical thinking skills as you will get the chance to apply economic theories to various contexts in order to analyse their strengths and limitations. Economics also helps to prepare you for adult life and all of the challenges that come with becoming financially independent. Overall, Economics is a really relevant, useful and interesting subject that engages you in debates, grounds you in the main economic theories and allows you to become more aware of the economic issues that affect you and the world around you.