How Economics can be a financially stronger profession?

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2. Introduction It is often said that, “Economists know how to manage the surplus needs with scare materials. “ The fact that economists are considered as seers, who are highly predictive about the future spending by merely learning about the present availability, makes us curious about the predictability of economics. www.homeworkjoy.com

3. In today’s highly competent markets, there is a need for steadfast economists, who can improve the figure of declining economy. To learn more about economics let’s thoroughly learn about it: www.homeworkjoy.com

4. What is Economics? Economics is a subject of social- science that studies the production, distribution, and consumption of goods and services. www.homeworkjoy.com

5. What are the various branches of Economics? Economics is broadly divided into micro and macro economics respectively: www.homeworkjoy.com

6. MICRO ECONOMICS • Micro economics analyzes the basic elements in the economy such as markets and individual agents such as households, buyers, and sellers. www.homeworkjoy.com

7. It deals with an individual product, firm, household, industry, wages, prices, etc. • It determines the price of a particular commodity along with the prices of complementary and substitute goods. www.homeworkjoy.com

8. MACRO ECONOMICS • Macro economics analyzes the entire economy such as consumption, saving and the issues affiliated to it like labor, capital, land, and the public policies like monetary and fiscal • It deals with aggregates like national income, national output, price level, etc. • It is helpful in maintaining the general price level. www.homeworkjoy.com

9. Why study economics? • Microeconomics provides the tools to analyze individuals, firms, and governments. • It finds the social context and the implications for human welfare. www.homeworkjoy.com

10. It presents a wide range of controversial public policy questions, including environmental regulation, government restrictions on domestic and international markets, and the structure of the legal system. www.homeworkjoy.com

11. Macro economics helps to explore the sources of economic growth and the causes of its recession and inflation. What are the career options in this field ? Economics is a vast field with a plethora of career options available. To mention a few, Economic consulting, corporate world, masters of business administration, government and non- profits and legal profession are the fields one can approach for the establishment of a settled career. www.homeworkjoy.com

12. What is the salary offered in the field of economics? According to the Bureau of Labor Statistics, the employment of economists is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations. As per the statistics, the median annual wage for economists was $104,340 in May 2018 and is likely to rise more. www.homeworkjoy.com

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