- June 29, 2020
Choosinga major and being quite prepared for it can be tricky, while some ofthe concepts are learned in the course of the study, it is good tohave some interest on what the subject entails. Learning basic highschool economics, being conversant with political science and newscan be a good way one can prepare himself/herself to take a major inthat field.
Itis important to note that economics is divided into two branchesmacro and microeconomics. Microeconomics deals with the study oranalysis of the economic behavior of individual units such as price,a household, a person, or a firm. In this branch, people learn howthese individual units function and reach equilibrium. Examples oftheories that are taught in microeconomics are theories of productioncosts, factor pricing, and consumer behavior. On the other hand,macroeconomics deals with the study or analysis of the economic unitscombined as one it is a holistic approach as it studies theaggregates. Some of the issues that are studied in this sector are atotal investment, consumption, production and saving among othersunder such theories of prices, and economic growth just to mention afew.
Itis thus important that an individual recognizes the difference in thetwo if he/she wants to get a deeper understanding or a head starts inthis field. Moreover, an individual needs to have some mathematicalknowledge. In the study of micro and macroeconomics, there arevarious functions that are required to be solved. A bit of knowledgein mathematics is required for a smooth transition. However, theconcepts can also be learned from a freshman perspective.
Moreover,it is important that one becomes conversant with everyday events thatare shared in credible media house as they influence economic factorsand decisions. For instance, Forex has been one economic componentthat is influenced by information this can be supported by what waswitnessed when news of Trump’s was disseminated. Some global marketprices on Wall Street started to drop immediately. Moreover,information also influences how people react to the market in asituation where people anticipate any change. Therefore, it isimportant that one becomes conversant with political science issuesas they greatly influence what happens in economics.
Listeningto the business news and discussion can help one prepare for theeconomic major. In this news, one gets a chance to have a glimpse ofwhat happens in economics as they discuss its components. In most ofthese discussions, the issue of economic growth and policies alwaysdominate the topic, and they are explained in detail by experts invarious fields. For instance, some of the topics that dominate inthis news are consumer purchasing power, soundness of governmenteconomic policies, and the role of Federal Reserve System (Fed) instimulating the economy.
Thus,if an individual wants to be ready to take up economics as his/hermajor, he/she must have an interest which should begin in high schoolby being keen to the basic economics taught. Moreover, one shouldunderstand that it has two subdivisions which are micro and macro,where in one, individual units are studied while in the other, theanalysis is done as a whole. Furthermore, an individual should becomeconcerned with political science as what happens in this fieldgreatly influence major outcomes in economics. Finally, one shouldalways be updated with business news where some components ofeconomics are usually analyzed.