Are you considering dropping the Economics subject in school? Perhaps you think it is highly irrelevant to your course of choice. Before you take that drastic step, please read.
The failure of Nigeria’s education system is no longer news. Going to school hoping to get white-collar jobs in this dispensation is a lost cause. It is as difficult as trying to crack open a rock. One can only have this dream if a company is out there waiting to employ him, or he is well “connected”.
This makes entrepreneurship your first call after graduation. Entrepreneurship is celebrated everywhere in the world today. It is twice as much celebrated in Nigeria. It has kept most graduates off the streets and fed many homes. Hence, it is safe to say that entrepreneurship is the leading source of income in Nigeria.
Whatever your course of choice is, to get a white-collar job, you must work in an establishment. These establishments are either government or privately owned. Whoever owns that establishment is an entrepreneur. Like it or not, without entrepreneurship, you cannot survive.
To survive, you must understand the labour market. To understand the labour market, you need a good understanding of Economics. Without proper knowledge of Economics, trying to dive into the labour market after graduation will be like taking out a fish from the water. In a short while, it dies off.
Therefore, it is expedient to hold off making your decision and read through this article. Before listing the importance of studying Economics, we must understand the concept of Economics.
What Is Economics?
According to Adam Hayes of Investopedia, Economics is a social science that focuses on the production, distribution, and consumption of goods and services and analyses the choices that individuals, businesses, governments, and nations make to allocate resources.
In other words, as far as money, governance, and society are concerned, Economics is the glue that holds the whole system together. After all is said and done, your progress in life boils down to the economy of the Nation. If the economy is bad, it affects everyone, even the rich.
There are two types of Economics: microeconomics and macroeconomics.
Microeconomics deals with individuals and firms. It deals with the economy of individuals, households, and businesses. In contrast, macroeconomics is on a larger scale. It deals with the economy as a whole, focusing majorly on recurrent economic cycles, economic growth, and development.
Why Study Economics?
Better Understanding Of The World
Many things come into play to increase or decrease the cost of a particular commodity or service. Are you not curious about some government policies? Did you know that for every bank transaction you make, there are tax deductions? Salaries are paid after tax is removed. Aren’t you a bit curious about how it all works?
The study of Economics makes you understand how the world works, the news, government policies, and how it affects you in whatever career path you choose. The study of Economics helps us understand why those government policies, business policies, and company policies were put in place. Why is the company or firm you work for implementing those policies and their effects on you?
Better Understanding and Use of Economic Terminologies
I always heard terms like “shares,” “equity,” “bonds,” “equilibrium,” and so on while growing up. When the adults watched the news, I always felt lost, as nothing made sense. I lose interest entirely when they start showing graphs. The knowledge of Economics exposed my mind to these concepts. Now, I can understand what is being said and can hold a conversation using these terms when the need arises.
Regardless of your chosen career path, economic terms permeate all aspects of human endeavours. In Journalism, for example, you will encounter economic terms when making news reports. You may have to explain to people why a particular thing happened, like fuel subsidy removal. Without substantial knowledge of Economics, you’ll be at a loss.
If you’re venturing into science, I’m confident you aim to grow in your field. In medicine, for example, wouldn’t you like to be promoted to a management position? Or even establish a clinic or hospital of your own. Without the knowledge of Economics, managing that clinic or hospital will be as difficult as putting a square peg in a round hole. So is a career in physics, engineering, chemistry, etc. The knowledge of consumer behaviour and customer relationships is essential to survive. Hence, the need to study Economics.
Better Understanding Of Your Spending Habits
The study of Economics will help you understand human behaviour regarding money, saving, and spending. WTP, short for Willingness To Pay, makes you understand what goes into play before you make a purchase. Studying Economics not only helps you understand the economy of your nation but also your economy. How your spending can improve or decrease your economic growth.
No matter your career path, you can quickly lose everything you’ve earned and worked for without proper spending habits. The study of Economics makes you a wise spender and investor.
Better Understanding and Use Of Economic Tools
The study of Economics not only teaches economic concepts and theories but also provides you with practical tools for measuring and analysis. A good example is conjoint analysis. This tool helps you determine consumers’ demands in regards to your products.
An engineer working with an automobile company may be faced with the challenge of determining which feature in the old model of a car to improve on. With the knowledge of conjoint analysis, he can figure out exactly which features consumers would love to see improved.
Increase In Employability and Career Prospects
The knowledge of Economics makes you a rational being. It improves your ability to analyse things and solve complex issues critically. This ability makes you employable. A report by the World Economic Forum’s Future of Jobs Report, reveals that analytical thinking and complex problem-solving skills are at the top of employable skills in demand. By 2025, individuals possessing these skills will be prioritized in the job market.
Conclusion
I’m convinced that by now, you have discarded the thought of dropping Economics from the list of subjects you intend to offer. The merits of studying Economics are limitless. Understanding the intricacies of money is crucial as it plays a central role in all human activities, not just for our careers, but for ourselves as well.
Do you want to learn about the life cycle of technology, check out this post.
Researched by Adejoke Toye
