Major Overview

Economics is the study of production, distribution, and consumption of goods. This is a vast and interesting subject that affects every person in society. Your classes will examine how a society chooses to spend their time and money, including how money is spent in government as well as household finances. Other subjects involve methods of buying and selling, inflation, and interest rates. Mathematics and statistics are important areas in this major.

Courses you can expect to see in Economics are statistics, accounting, calculus, business economics, developmental economics, economic theory, microeconomics, macroeconomics, money and banking, economic history in the United States, and international trade.

You may be able to choose a concentration in this major. Examples of some of the specializations available are Applied Economics; Econometrics and Quantitative Economics; Development Economics and International Development; and International Economics.

Required Skills

Students should have an interest in business and economics and not be afraid of a math-heavy course load. You will use critical thinking skills to study the allocation and distribution of scarce resources, as well as logic and reasoning to solve complex problems, analyze data and observe patterns. Mathematical formulas and statistics will help you research data and come up with predictions of future trends.

In addition to sharp mathematical abilities, students will also need good communication skills in order to clearly explain your work in presentations and reports. Your findings should be presented in a way that makes it easy for those outside the subject to understand. Collaboration with peers will help you gain different approaches of solving a problem.

Careers

Graduates with a degree in Economics are prepared to work as economists in a variety of positions researching and providing data for government organizations or private companies. Job growth is expected to grow slower than average compared to other occupations. Obtaining a Master's degree or Ph.D. may make you more competitive in the field; however it is not required for many positions.

Graduates with a degree in Economics average $45,866 as a starting salary with a mid-career salary of $88,202.

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Major at a Glance

Top statistics for this major

College Ranking by Major

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Yearly Graduations
 37,366
Average Starting Salary
$45,866
Average Mid-Career Salary
$88,202

Example Careers

Here is a small sample of the careers that a degree in Economics might open up.

Economics Teachers, Postsecondary
Economists
Managers, All Other
Market Research Analysts and Marketing Specialists
Survey Researchers
Salary data is estimated by College Factual using 2013 data provided by PayScale.

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