Economics is the study of how individuals, businesses, and governments make decisions and how the current market mediates those decisions across a wide range of fields. It includes the study of labor, land, investments, income, production, and consumption. In simpler terms, economics is the study of how individuals choose to use resources.
As an economics student, you will study the production and distribution of resources, goods, and services. A common misconception about majoring in economics, which deters a lot of students, is that all you will study is mathematics and statistics. You will also often study historical trends and use them to make forecasts. You will learn how to view the market from an economic perspective, the principles of macroeconomics, the principles of microeconomics, and all about marginal analysis.
Economics majors develop quantitative and analytical skills that are applicable to a variety of different jobs. Economics provides a great background for a career in business or government, and can be the ideal stepping stone for graduate school. The skill set acquired by an economics graduate is transferable to virtually any job.
Students in this major typically pursue a bachelor's degree, although it is offered as an associate's degree at many institutions. Economics is great preparation for graduate school, whether you're leaning toward business, law, public policy, or becoming an economist yourself! Most employers of economists require a degree in economics or business. A bachelor's degree is sufficient and the minimum requirement for most entry-level positions for Federal government positions; however, many economists continue on to pursue a master's or a PhD.