What is Economics?
The common misconception is that Economics is the study of money. However, economics is a broad discipline that helps us understand how people behave, and how incentives change behavior. Economics is the study of decision-making.The Economic theories we learn can be applied to individual behavior, firms, and/or governments. Economist use data and statistics to examine historical trends, interpret today’s headlines, and make predictions about the coming years.
Economics majors usually get jobs that require them to conduct research, collect and analyze data, monitor economic trends, and develop forecasts. Businesses, banks, federal and local government hire economics majors. These jobs are rarely titled as economist, that term is usually reserved for Ph.D. holders.
Examples of Jobs for Undergraduate Economics Majors
Budget Analyst, Financial Advisor, Actuary, Credit Analyst, Market Research Analyst ,Data Analyst, Research Analyst, Compensation and Benefits Manager
According to the Hamilton Project, an Economics major is expected to make $35,000 in their first year compared to $24,000 for the average college graduate. These numbers will vary by geographic, industry, job title, and the skills you develop while working towards your undergraduate degree.