What is Economics?

Are you often hearing people talking about economics, but never understanding what it actually is? Not to worry. Here are 5 key points on what economics is, why you should study it, and where a degree in the subject can take you.

Simply put, Economics is a major social science which informs major challenges faced by our societies today. These challenges include inequality, environmental sustainability, and economic policy. Economics helps to understand how and why people make choices about what to buy and sell, and how these decisions can impact everyone. It can help make sense of why people have more money than others and why different things cost what they do.

1. What topics are covered within economics?

At BCU, you’ll cover a vast range of topics within economics as well as having the opportunity to study abroad. Some concepts include:

• Principles of Economics: This provides you with a good foundation of basic theories, concepts and models around economics, which will help you to predict the behaviour of various businesses, consumers, markets and national economies.

• Political Economy: Here you will gain an introduction to the major works of four great, and very different, thinkers: Adam Smith, Karl Marx, John Maynard Keynes and Friedrich Hayek. 

• Econometrics: Simply, econometrics uses maths to figure out how different things in the economy are connected, such as the prices of things or people’s actions. This module covers some of the main practical techniques used to analyse economics, business, and financial data.

In your second and third years, you will be able to choose some of your modules to suit your interests. Check out the course in depth for the full list.

2. Why should I study economics?

A degree in Economics could give you more career options than you think, including pathways in finance, business, banking, consulting, and government roles. All these options could allow you to work in most places around the world.

You could have the potential to earn a high figure salary, including a rough starting salary of £25-30k in your first graduate job, which can increase to £75k+ once you become more skilled in your field. You'll also have the opportunity to tackle real-world issues and challenges faced by our society today. 

3. What skills do I need to study economics?

You don't have to be a genius at maths to study economics, but if you are ambitious, have great verbal and written communication skills, and can think analytically, you’ll be in good stead to study for an Economics degree.

It’s an added bonus if you have an interest in current local, national, and global affairs, and enjoy research, as this will give you a good foundation for your degree. 

4. What career can I go into with an economics degree?

As we’ve mentioned, the career possibilities with an Economics degree are extremely broad. According to Prospects (2022), here are just some more specific job roles you could find yourself in:

• Chartered accountant: provides financial advice, and auditing services, and prepares financial documents for individuals, businesses, and organisations.

• Compliance officer: is responsible for ensuring that an organisation adheres to regulatory requirements and internal policies to mitigate risks and maintain ethical standards.

• Data analyst: interprets and analyses large sets of data to extract insights and inform decision-making processes.

• Stockbroker: a licensed professional who facilitates the buying and selling of securities on behalf of clients in financial markets.

• Business development manager: identifies growth opportunities, builds strategic partnerships, and implements plans to expand a company's market presence and revenue streams.

• Data scientist: utilises statistical analysis and machine learning techniques to extract insights and solve complex problems from sets of data.

• Quantity surveyor: manages and estimates construction costs, materials, and labour for building projects.

5. How can an Economics degree help me in real-life?

You’ll gain transferable and subject-specific skills with a degree in Economics, which will make you seem valuable to employers. Prospects (2022) has highlighted a few:

• Communication: you will often be presenting your findings and explaining complex data.

• Numeracy: you’ll gain the ability to handle complex data and apply mathematical and statistical analysis methods.

• Problem-solving: you’ll be able to extract important information, draw conclusions, and make recommendations based on your knowledge.

• Computing: you’ll have the skills to use specialised software.

• Time management: you’ll be confident in completing specific tasks within designated time frames.