Why Is Studying Economics Important?

Studying economics can offer you an interesting opportunity to maximize your potential in both school and the workplace. The benefits are extensive, according to a number of studies, and research identifies economics as one of the best paying fields in the 21st century.

According to Georgia State University, studying economics can teach strong skills that will benefit an individual in a variety of jobs. Among these skills are the ability to: perform proper analysis and critical thinking; understand quantitative theory; and develop better communication.

If you receive a major in economics, the average starting salary is in the upper range compared to other business degrees. A 2007 survey conducted by the College of Business Administration at Bowling Green State University showed that the average starting salary of a person with an economics degree was $48,483.

The University of Otago states that studying economics as important because it is related to nearly every decision made in the world. From private individuals to businesses and governments, judgments about the scarcity of resources must be made.

Graduate schools look heavily at the comprehensive training an economics major offers. According to Georgia State University, anyone interested in business, law, politics and public policy needs the foundations of economics.

The challenge behind economics can be rewarding to individuals. It offers a unique opportunity for people to apply specific concepts in a flexible way.