Why should you study Economics?
Ever wondered why you are paid so little in your part-time job? Confused about why the cost of a ticket to your favourite festival has grown so expensive in recent years? Just why do the Government tax petrol and alcohol so highly? How come airlines sell every ticket at a different price depending on when and where you buy it? What makes the exchange rate vary so much when you want to exchange your money on holiday? Why are certain jobs very highly paid, whilst other essential careers are relatively poorly rewarded? Are low interest rates good for the economy or not? Why do some firms make enormous profits whilst others go bust? What are the implications of Brexit for you, your friends and your family? How does the UK Government try to help UK businesses compete in the global market? Where are the major overseas threats to UK businesses? Is the distribution of power in the global economy changing? Is immigration a positive or negative influence on the prosperity of the UK economy? Are generous welfare benefits the sign of a caring society or an unacceptable disincentive to work? If you want to find out the answers to these questions and others like them, then studying Economics is definitely something you should consider.
In actual fact, whether you realise it or not, you are already an important part of the economic ‘system’. You are undoubtedly a ‘consumer’ of products every single day, from clothes to technology to coffee to insurance; your purchasing decisions influence the success of the firms you do, or don’t, buy from; if you have a job, you are making spending & savings decisions with regards to your wages; you are paying taxes to the Government via your purchases and present a burden to the NHS whenever you seek treatment for an injury or illness; your opinions and perspectives are influencing the economic decisions of friends and relatives, and in turn, their opinions are affecting your decisions. Given that you are already inextricably entwined in the system, why not study and really understand it!