Economics

What is Economics?

The word economy comes from the Greek for “one who manages a household”. Alfred Marshall, a prominent British economist of 19th century, wrote in his textbook: “Economics is a study of mankind in the ordinary business of life”. But what is economics?

Economics is a way of thinking. It entails describing economic events, explaining why they occur, predicting whether they might occur in the future, and recommending appropriate course of action to policy-makers.

Why should you, as a person living in the twenty-first century, know economics? There are at least three reasons:

1. It will help you to understand the world in which you live.
2. It will make you a more astute participant in the economy.
3. It will give you a better understanding of the potential and limits of economic policy.

What Can You Be With a Major in Economics?

A major does not dictate your career; it provides you with invaluable skills and knowledge that you can apply to many areas of life and work. Here are some the careers you may want to consider pursuing with your major:

• Entrepreneur/Venture Capitalist
• Operations Manager
• Technical Writer
• Search for Careers for more career possibilities.

With additional education/training…

• Financial Planner
• Stockbroker
• Investment/Securities Analyst
• Economic Forecaster
• Professor
• International Trade Specialist
• Accounting Manager
• Risk Analyst
• Underwriter
• MA — Economics
• MBA
• Lawyer

Where Can You Work?

• Brokerage Firms
• Banks
• Government
• Insurance Companies
• Market Research Firms
• Investment Dealers

What Skills Can You Develop?

An Arts degree helps you develop transferable, functional skills such as writing, critical thinking and communication skills that employers and most work situations require. Concentrating your studies in a major allows you to gain specific transferable skills, such as those below, which are attractive to particular employers and industries.

• Ability to organize and memorize detailed information
• Ability to implement concrete strategies based on theoretical information
• Ability to conduct and explain scientific research
• Ability to analyze problems and make appropriate decisions
• Understanding general trends and their impact on specific variables
• Computational ability
• Computer literacy
• Ability to build models to explain and predict economic behavior
• Proficiency for details
• Knowledgeable of socio-economic class issues
• Ability to work well under pressure
• Ability to draw conclusions based on logical thought progression
• Ability to organize statistical information into understandable concepts
• Understanding of personal, corporate and national financial strategies

Professional Associations

Professional associations can be a great way to meet, learn from and network with professionals in your field of interest. Some associations offer student memberships, often at a reduced rate. Below is a sample of professional associations you can explore.

• National Economic Association
• Canadian Association for Business and Economics
• Western Economic Association International
• Canadian Securities Institute
• The Chartered Financial Analyst Institute
• Canadian Economics Association

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