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Economics

What is Economics?

Economics is the branch of social science that deals with the production, distribution and consumption of goods and services and their management. It includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. It is the application of principles of Mathematics and Statistics in day-to-day life.

Area of Specialisations

  • Agriculture Economics
  • Econometrics
  • Financial Economics
  • Industrial Economics
  • International Economics
  • Labour Economics
  • Political Economics
  • Transport Economics
  • Macro Economist
  • Micro Economist
  • Monetary/Financial Economist
  • Public Finance Economist

When Can I Enroll for Economics Career?

COURSE

ELIGIBILITY

DURATION

ENTRANCE EXAM

BA/ B.Sc [Economics]

10+2 [any stream]

3 Years

No Exam

MA/ M.Sc [Economics]

B.A/ B.Sc [Economics] / Graduation [any stream]

2 Years

Autonomous Exam

Integrated M.A/ M.Sc [Economics]

10+2 [any stream]

5 Years

Autonomous Exam

Master of Business Economics [MBE]

Graduation [any stream]

2 Years

Autonomous Exam

M.Phil [Economics]

M.A/ M.Sc [Economics]

2 Years

Autonomous Exam

Ph. D

M.A/ M.Sc [Economics] / M. Phil

3-5 years

Autonomous Exam

What Personality Traits Are Required in Economics Field?

  • Interest in Current Affairs
  • Communication & Writing Skill
  • Balanced Judgment
  • Mental Alertness
  • Leadership Quality
  • Sense of Responsibility
  • Scrupulous
  • An Eye for Details

What Aptitudes Are Required in Economics Field?

  • High Abstract Reasoning
  • High Numerical Ability
  • Above Average Closure Ability

IQ Required in Economics Field?

Minimum Above Average Intelligence along with hard work & consistency is required.

Job Prospects for an Economics

  • Accounting Firms
  • Banks
  • Brokerage Firms
  • Business Journals / Publishers
  • Census Organizations
  • Chambers of Commerce
  • Collection Agencies 
  • Consulting Firms
  • Economic Development Council
  • Economic Research Foundations
  • Educational Institutions
  • Finance & Investment Firms/Banks
  • Government and Public Sector Enterprise sectors
  • Import/Export Firms
  • Indian Economic Service [IES]
  • Insurance Companies 
  • Labor Departments
  • Manufacturers
  • Market Research Organizations
  • Newspapers
  • Pharmaceutical Companies
  • Public Sector Units
  • Research

Some of the Recruiting Organisations

  • American Express
  • AMEX
  • BCC
  • Boston Analytics
  • Citigroup
  • Deloitte
  • E-Serve
  • GE
  • Genesis
  • Genpact
  • Global analytics
  • Goldman Sachs
  • Hewlett Packard
  • HSBC
  • ICICI
  • IDBI
  • NABARD
  • Nomura
  • PriceWaterhouse Coopers
  • Proctor & Gamble
  • Reserve Bank of India (RBI)
  • Royal Bank of Scotland
  • SEBI

Public policy research institutions such as:

  • World Bank
  • TERI
  • IFMR
  • RBI
  • J-PAL

Frequently Asked Questions (FAQs) for Economics

What is economics?

Economics is the social science that studies how societies allocate their limited resources to meet their unlimited wants and needs. It explores the production, distribution, and consumption of goods and services.

What are the two main branches of economics?

Economics is typically divided into microeconomics and macroeconomics. Microeconomics examines individual economic agents’ behavior, while macroeconomics focuses on the overall performance and behavior of the economy as a whole.

What is the law of supply and demand?

The law of supply and demand is a fundamental economic principle that states that the price of a good or service will adjust to bring supply and demand into balance. When demand exceeds supply, prices rise, and vice versa.

What is GDP, and why is it important?

GDP (Gross Domestic Product) is a measure of a country’s economic performance. It represents the total value of all goods and services produced within a country’s borders. It is important because it provides insights into a nation’s economic health and growth.

What is inflation?

Inflation is the rate at which the general price level of goods and services rises, leading to a decrease in the purchasing power of a currency. Moderate inflation is considered normal in most economies, but hyperinflation can be detrimental.

What is the unemployment rate?

The unemployment rate measures the percentage of the labor force that is jobless and actively seeking employment. It is a key indicator of economic health and labor market conditions.

What is the role of the Federal Reserve (the Fed) in the U.S. economy?

The Federal Reserve is the central bank of the United States. It conducts monetary policy to influence interest rates and manage the money supply to achieve economic goals such as stable prices, low unemployment, and economic growth.

What are fiscal and monetary policies?

Fiscal policy refers to government actions, such as taxation and spending, to influence economic conditions. Monetary policy, on the other hand, is controlled by central banks and involves adjusting interest rates and the money supply to achieve economic objectives.

What is the economic cycle?

The economic cycle, also known as the business cycle, refers to the recurring pattern of economic expansion, peak, contraction, and trough. It represents fluctuations in economic activity over time.

What is comparative advantage?

Comparative advantage is an economic principle that suggests that countries or individuals should specialize in producing goods or services in which they have a lower opportunity cost, and then trade with others for the goods or services they lack efficiency in producing.

What is the impact of international trade on the economy?

International trade can lead to increased economic growth, access to a wider variety of goods and services, lower prices for consumers, and job creation. However, it can also pose challenges, such as trade imbalances and competition.

What is economic inequality?

Economic inequality refers to the unequal distribution of wealth and income within a society. It can have significant social and economic consequences and is often a subject of policy debate.

What is behavioral economics?

Behavioral economics is a subfield of economics that studies how psychological factors influence economic decision-making. It explores how biases, heuristics, and emotions can affect individual choices and market outcomes.

What is the relationship between economics and environmental sustainability?

Economics plays a crucial role in addressing environmental issues. Environmental economics focuses on how economic policies and incentives can be used to promote sustainability and reduce negative environmental impacts.

How can I apply economic principles to everyday decision-making?

Economic principles can be applied to personal finance, investment, career choices, and consumer decisions. Understanding concepts like opportunity cost, marginal analysis, and incentives can help make informed choices.

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