What is Economics? Back
"…a study of mankind in the ordinary business of life."
Alfred Marshall
"the theory of economics does not furnish a body of
settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind,
a technique which helps its possessor to draw
correct conclusions."
John Maynard Keynes
Economics is the study of the way society uses its limited resources to produce the goods and services that it needs. It is a social science that studies many of the problems facing our society, and it is the foundation of most theories of business finance, management, and marketing. Economics provides a logical, ordered way of looking at various problems. Whether we are discussing how a firm decides where to locate a business, how individuals choose where to invest their money, or how the federal government determines how to balance the budget, each is faced with the problem of making a decision about the best use of limited resources. Economics provides a logical method of analyzing the trade-offs involved in the decision-making process.
Microeconomics is the study of smaller units of the economy, such as firms and households, and is often concerned with issues like competition, markets, prices, incomes, and efficiency. Macroeconomics is the study of the aggregate economy, focusing on inflation, unemployment, interest rates, economic growth, taxation, international trade, and international financial flows. Other areas of economics specialization include labor issues, urban topics, international economics, economic development, money and banking, healthcare, public finance, law and economics, the gaming industry, energy economics, econometrics, and mathematical economics.
What Do Economists Do? Back
A major in economics prepares you for a wide range of professional careers. Individuals, employers and graduate schools find the techniques used in economics "to draw correct conclusions" very useful. For these reasons economics majors are found pursuing all sorts of careers after graduation.
Economists are employed by businesses to study market problems, make predictions concerning market trends, and analyze how the overall economic system will affect a particular industry. Economists working in government analyze public policy issues such as taxation, labor markets, welfare, international trade, and transportation.
Research and consulting firms also employ economists in such areas as forecasting and industry analysis. Academic economists teach and do research on a variety of theoretical and applied topics.
An undergraduate degree in economics provides excellent preparation for graduate programs in law, business, and social sciences including economics. An undergraduate major in economics can be an ideal preparation for work on a Master of Business Administration degree and many business graduate schools encourage students to take at least some economics courses. Economics also offers an excellent preparation if the student's goal is to become a lawyer. Government and other nonprofit organizations provide job openings for those with degrees in economics. Business firms, banks, and other financial institutions employ economists to evaluate their market positions and many business managers believe that economic training is desirable for positions in sales or management. Publishing companies and trade associations also employ economists. Newspapers provide economics majors with opportunities to write reports on economic and business events. The demand for economics teachers in secondary schools is growing as economics becomes an increasingly important and popular course.
The information below was collected at one liberal arts college (Mary Washington College) over many years. The data show that there is no single type of employer that tends to hire economics majors upon graduation. The large percent (9.8) found in the "other" category also highlights the inability to limit what you can do with an education in economics!
|
Type of Employer |
% of Graduates |
|
Traditional Business |
23.3 |
|
Government |
18.4 |
|
Financial Business |
17.7 |
|
Graduate School |
13.1 |
|
Consulting Business |
4.4 |
|
Private/public school |
3.9 |
|
Law Firm |
3.5 |
|
Other |
9.8 |
What Skills Will I Acquire? Back
Economics is a powerful tool that helps you understand the world better. It is the foundation of all business studies. Economics majors have a good deal of institutional knowledge about the business world, the economic environment in which businesses operate, and the governmental policies that affect businesses.
A major in economics is attractive to job recruiters and graduate school admissions directors because of the excellent background it provides in critical thinking and quantitative analysis.
The skills listed below are representative of those acquired from the study of economics, and may be applied in various occupations. For example, an investment banker, a technical writer, and an urban planner might use analytical thinking skills on a daily basis, although for different purposes.
Financial
| Maintaining accurate records |
| Tabulating figures |
| Manipulating numerical data |
| Developing budgets |
| Performing cost/benefit analyses |
| Creating and evaluating financial reports |
Research/Analysis
| Designing projects |
| Generating/developing ideas |
| Organizing materials |
| Computing data |
| Analyzing results |
| Testing an idea/hypotheses |
| Using computers |
| Applying statistical methods |
Communication
| Writing reports/articles |
| Summarizing |
| Writing proposals |
| Justifying a position |
| Reading and interpreting reports |
| Speaking persuasively |
| Making presentations |
| Explaining ideas/goals |
Problem Solving
| Assessing needs |
| Defining problems |
| Reviewing/evaluating goals |
| Relating theory to practice |
| Projecting/forecasting results |
| Applying quantitative analysis |
| Generating solutions |
| Evaluating policies |
at UNC Charlotte? Back
The Economics Department offers two programs leading to the Bachelor of Science degree. Students who plan to pursue careers in business-related fields such as banking, finance and international commerce, or who plan to enter an MBA program, are encouraged to select the Business Administration emphasis program. Students planning to pursue a career in education, enter graduate school in economics, or attend law school are encouraged to pursue the program with the Social Science emphasis.
In order to be classified as an economics major in the Belk College of Business, students must have achieved junior status (minimum 60 hours. In addition, students transferring from outside the University or from other majors into the Department of Economics must have a 2.5 overall GPA and a 2.5 GPA in eight (8) specified courses: ENGL 1101 and 1102; MATH 1100 and 1120 (or 1241); STAT 1220; INFO 2130; and ECON 2101 and 2102.
If all requirements for classification as an economics major have not been met, students are advised to change their program status to PECO (Pre-Economics), indicating their desire to enter the economics degree program. This classification allows advisors in the economics department to monitor your progress, and to inform you of important events taking place in the economics department. In order to qualify as a pre-economics major, students need only to have a current GPA (or PGI for new students) of 2.5.
BACHELOR OF SCIENCE IN ECONOMICS
Business Administration Emphasis
Note: Students are also required to fulfill all University Goal Requirements for Degree Completion.
BACHELOR OF SCIENCE IN ECONOMICS
Social Science Emphasis
(Catalogs prior to 2005-07. See below for 2005-07
requirements)
BACHELOR OF SCIENCE IN ECONOMICS
Liberal Arts Emphasis
(F0r students in 2005-07 catalog)
Note: Students are also required to fulfill all University Goal Requirements for Degree Completion.