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16 Dec

Posted at 22:02h in Uncategorized by

Economics is one of the most popular subjects for art students. It helps them understand the real-world economy, such as businesses, markets, and government strategies. The study of the subject also helps them to better respond to the threats and opportunities that arise during changes in the nation.

Many experts of economics are positioned in places of authority to analyse and solve various problems related to law, risk, management, actuary, finance, foreign affairs, public administrations, politics, policy analysis, health administrations, entrepreneurship, market analysis, and journalism. Economics also enables students to explore multiple career options in the future.

Some exclusive reasons for studying economics are given below:

  1. Prepares you for new changes – The wideness and flexibility of the subject’s degree prepares students for many unexpected changes in the world. It also teaches them how to capitalize on these fortuitous opportunities. 
  2. Provides you with the necessary knowledge and skills for employment – Economics is all about how an individual can make the best choices for their career as well as for society. This subject develops critical thinking abilities and skills to solve different types of problems through rational decision-making. Economics students often possess good analytical skills that enable them to accurately examine data. According to the study of NACE (National Association of Colleges and Employees), employers of today’s world often look out for the skills of economics, such as the abilities to make decisions in critical situations, to solve problems, to obtain and process information, to analyse data, and to communicate clearly. 
  3. Ensures that you have a bright future – The study of economics enables students to have a greater understanding of decision making, market functionality, how rules of the market affect the outcomes, and most importantly, how the country’s economics influence the social system. Economics has helped countless people to achieve success in their work-life as well as in their personal life. Many economists enjoy a relatively high starting salary which is the indicator of long-term success and lifetime earnings. 
  4. Allows you to contribute to the greater good – Economics provides the framework of analysis of public policy, which helps students better understand fundamental policy issues that give structure to the market and their social outcomes. A good economist is capable of understanding the problems related to tradeoffs, benefits and costs of businesses, market failure, public finance, and the immense difficulties caused by generational impacts, welfare impacts, and inequality. Students equipped with the skills of economics are also good with language skills and can engage more efficiently in public policy debates to enable social progress. 

16 Dec

Posted at 21:54h in Uncategorized by

Many students find themselves at crossroads choosing between economics or business administration as a university degree. However, this decision leads to a bright future for the students.

Economics and business degrees are both important and have their own strengths in their respective fields. Both subjects give students competitive job opportunities, though their academic focus and coursework offer different job opportunities for post-graduates.

Job opportunities for an economics degree 

Students with economics degrees are most suited to jobs that involve mathematical and statistical analysis. Many hold positions in banks or as junior market analysts. Other job opportunities for economics students are:

  • Economists – Economists assess data, identify trends, and make predictions of the future economy.
  • Market analysts – Analysts of the market enhance sales and determine pricing levels by accurately predicting competitors’ data. 
  • Economic consultants – Consultants support organizations by constructing custom reports, and making market suggestions and fiscal policy recommendations. 
  • Day traders – Day traders gain profits by purchasing and selling securities without holding them for a long time. 

Job opportunities for a business degree

Graduates with business degrees can serve a wide range of careers and organizations in the following positions:

  • Accountants – Accountants create financial reports and prepare tax documents by reviewing the financial records and budgets.  
  • Organizational managers – Corporate managers aid the company by leading teams, planning projects, and managing resources. 
  • Actuaries – Actuaries calculate financial risks by using their mathematical and statistical skills. 
  • Marketing manager – The marketing manager’s job is to run advertising campaigns, establish connections with consumers, and create messages that increase the sales of products and services. 

Economics or Business: Which one is the right subject for you?

Deciding between an economics and a business degree is tough, as they both offer fast-paced challenges, high salaries, and are multifaceted. For students capable of working with complex ideas, economics is likely the better choice, as economics subject is the perfect blend of mathematical skills with psychological skills. If you are looking for a more comprehensive education line, you should go for a business degree.

Either way, students can use their skills to catalyze the success journey of any company, government, or organization.

17 Nov

Posted at 14:05h in Uncategorized by

Just like firms in any other market structure, the oligopolist produces at quantity where MR=MC to maximise profits. But, the MR curve corresponding to the kinked demand curve is discontinuous at output OQ1 and this discontinuity is represented by the vertical gap. Consequently, there is no single point of intersection between the MR and MC curves. This means that an oligopoly’s costs must change considerably before it is forced to alter its output or price i.e. producers will remain status quo if costs vary between MC1 and  MC3. Thus, if the initial marginal cost curve is assumed to be at MC1, then a rise in costs to MC2 or even MC3 would result in no change in price and output i.e. prices remain rigid.

Limitations

The kinked demand model has its limitations though. Price rigidity may also be due to other factors, besides the explanation provided by the model. The kinked demand curve helps to explain why oligopoly prices are stable even without collusion among firms. But, it does not explain how the existing price OP1 is arrived at. However, price increases do occur as they did during the inflationary periods of 1970s and early 1980s in the advanced economies. Similarly, the retail petrol stations have recently been hiking pump prices in response to escalating oil prices.

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17 Nov

Posted at 13:54h in Uncategorized by

PES measures the degree of responsiveness of the quantity supplied for a good to a change in the price of the good itself, ceteris paribus

PES for manufactured goods such as computers, clothing and books is generally higher than price elasticity of supply for agricultural goods such as grains, corn and cotton, due to:

Availability of Stock

Firms with larger availability of stocks are more able to respond to price changes. Hence, supply of durable goods such as computers, clothing and books is more price elastic than the supply of perishable goods. This is because perishable goods (e.g. agricultural goods) cannot be stored for long periods of time. Given an increase in price of vegetables, producers cannot increase the quantity of vegetables supplied to the markets easily as they are unable to draw from their stocks / inventories.

The larger the availability of stocks, the larger the increase in quantity supplied that firms will be able to bring into the market, accounting for the larger PES value.

Time Period

Firms can better respond to price changes by altering their quantity supplied if a longer time period was allowed.

e.g. agricultural goods have long gestation period –> producers have lesser ability to respond quickly to price changes.

 

Existence of Spare Capacity

Firms may have the capacity to increase production when existing capacity is not fully utilised.

Should the firms be already operating close to full capacity, it will be difficult for them to increase quantity supplied in response to a price rise. Therefore, the greater the spare capacity, the higher is the PES and the more price elastic the supply.

 

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12 Nov

Posted at 21:45h in Uncategorized by

A private good is one that has the characteristics of both rivalry and excludability. Since it is rival, the consumption by one would deprive the consumption by another. For instance, when a vacancy in the school is filled up, there is one place less for potential applicants, as the same place cannot be offered to someone else. Moreover, since the good is excludable, it is not prohibitively costly to confine the benefits to a selected group of people. Using the same example, a person who is not willing to pay or who does not meet the minimum grade requirement can easily be excluded from attending the school.

On the other hand, a public good is one that has the characteristics of non-rivalry and non-excludability. Examples of such goods are national defence and flood control. Non-rivalry in consumption means the consumption by one person need not diminish the quantity consumed by anyone else given the level of production. Consider the example of national defence, once an armed force is built, the same amount of protection to the citizens will not be reduced when there are new citizens. Non-excludability means it is impossible, or prohibitively costly to confine the benefits of the good once produced to selected persons. Using the same example, it is not possible to confine the benefits of protection from missile attack from people living even within miles away.

A private good is different from a public good based on the rivalry and excludability in consumption. As a public good is non-rival, this implies that marginal cost of serving an additional user is zero. The non-excludability of public good implies that free-rider problem will arise. Thus, a public good must be provided by the government. However, a private good can be provided by private enterprises as well as the government.