Economics tries to answer many everyday questions:
Why do you have to pay tuition fees for university? Why did Apple launch their own music streaming service? Why do footballers earn more then firefighters? Will the Conservative government's benefit reforms succeed in getting people back to work? Why is Singapore more economically developed than Nigeria?
Basic economic concepts can be used to analyse a wide range of issues and it is vital that the student has an interest in current UK and world economic issues.
Economics complements most subjects such as Mathematics, Languages, Geography, Politics and History. It would suit students who are more comfortable with a theory-based, analytical subject. It is vital that the student has an interest in current UK and world economic issues. Economics enhances:
- Numeracy - understanding economics requires a reasonable level of numeracy to interpret data and graphs
- Analytical skills - a good economist will analyse economic data, interpret graphs and tables, identify trends and explain these using economic theory
- Communication - good economists will be able to think logically and to write good quality English
- Independent research - the ability to discuss and give opinions on current UK and international news stories.
Looking Further Ahead
Economics provides an invaluable insight into how the mechanics of the UK and other economies operate. Most areas of finance, accountancy, general management and consultancy require the study of Economics at some point. Work as an economist for the Government, Bank of England or investment banks are other possible career opportunities.
Universities tend to expect students applying to read Economics to have an A level or equivalent qualification in Mathematics.