Economics
Introduction:
Economics is mainly associated with production, distribution and consumption of goods and services. The study of economics has become crucial because the issue of human development is now almost synonymous with economic development. Economics addresses many of prevailing economic problems such as inflation, unemployment, poverty, market fluctuations, recession and overall economic growth. There are various branches in economics such as Microeconomics, Macroeconomics, Development economics, Econometrics, Public economics, International economics, and Welfare economics etc.
Nature of Work:
Economists study the ways that society uses limited resources, such as land, water, raw materials, and human labor, to satisfy their needs and wants. They are social scientists who have expert knowledge about systems that produce, distribute, and use goods and services. Economists are concerned with how individuals, businesses, and governments at all levels obtain, invest, and spend money. They also study the reasons why people follow certain economic courses. They sometimes analyze the relationship between the supply and demand of goods and services.
Personality:
- A logical and analytical bent of mind
- Numerical ability
- An interest in current social and political activities
- Sincerity, commitment and devotion
- An interest in problem solving
- A high level of patience, with a positive and optimistic attitude
- Knowledge of overseas economic ideas and trends
- Knowledge of maths, including statistics
- Decision-making ability
- Good oral and written communication skills
- Good time and project management skills
Professional courses, Duration and Eligibility Criteria:
List of Courses:
- B.A. (Hons.) Economics.
- B.A. Applied Economics.
- B.A. Economics.
- B.A. Politics.
- B.A. Politics and International Relations.
- B.Sc. Economics.
- M.A. Applied Economics.
- M.A. Business Economics.
- M.A. Econometrics.
- M.A. Economics.
- M.A. Politics.
- M.Phil. Development Studies.
- M.Phil. Economics.
- M.S. Quantitative Economics.
- M.Sc. (Hons.) Economics.
- M.Sc. Economics.
- M.Sc. Financial Economics.
- Ph.D. Development Studies.
- Ph.D. Econometrics.
- Ph.D. Economics.
Basic Eligibility:
UG:
After completing 10+2, a student can enroll for an undergraduate course i.e. Bachelor of Arts (B.A) in Economics.
PG:
After completion of undergraduate program, one can pursue Master of Arts (M.A) in Economics from a reputed university.
Career Prospects:
Economics continues to be ranked among the most popular majors chosen by the majority of students. Due to the widespread use of economics in various sectors, graduates are employed in a range of posts which may, or may not, be related to the discipline they studied. They work in manufacturing, transport, communications, banking, insurance, investment and retailing industries, as well as in government agencies, consulting and charitable organizations. In addition to the economic consulting work in both the private and public sectors, employment prospects in sectors such as government jobs, journalism, administration, sales, finance, investment banking, and venture capital seem quite bright for economic graduates. Various international organizations like the World Bank and the International Labor Organization offer ample job opportunities to well-known economists.
Remuneration:
In the age of globalization and liberalization economists are supposed to get good returns from their jobs whether in a private or public sector. In government sectors economists are getting Rs. 10,000 to 12,000 per month as assistants while a experienced and seniors have a average salary of Rs. 25,000 per month.
In colleges and universities, economics teachers are earning somewhere in between Rs. 12,000 to 25,000 per month depending on their seniority and private sectors. In private sector remuneration are even higher. Economic consultants are also earning better returns depending upon the number of clients they own.
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