Fifty years ago communities were small and localized, and business was conducted within a stable population. Things have gone through massive changes over the last fifty years and so have the dynamics of business. Modern business practices, demand of faster movement along with frequently relocating population calls for different strategies in running a successful business. Added to all these factors communications technology, computerization and automation, the internet has completely changed how business used to be conducted. Today a company from one country has its manufacturing unit operations in another country, this globalization not only impacts the way how businesses conduct their sales and manufacturing but also has an impact on the workforce as workers now are scattered at several locations depending on where and how the business is being conducted. There is a greater opportunity in global market place, there is greater opportunity for entrepreneurship, more choices in terms of sales, however all these changes also need better and more microanalysis of factors that will and affect business to be able to take the best decisions.
Business Economics is the study that is concerned with the economic issues and problems related to business organizations, its management and business strategies. Business economics is a field in applied economics which using economic theories and quantitative methods to delve deeper to analyze business enterprises and the factors which contribute to the diversity of organizational structures, the different relationships of the organization with capital, labor and product markets and environmental issues. Business economics is also called Managerial Economics. As it involves application of economic theories and methodologies in decision making, analyzing practical aspects of business, this also includes business administration, business management and many other related fields of business economics. As business economics involves the study of resources for production, distribution and marketing of goods and services, this means that the business economist have to analyze the social institutions, banks, stock markets, government and their policies with regards to labor management, taxes, international trade and urban and environmental issues.
Economic theory and quantitative methods form the basis of microeconomic, study and assessment of all the factors that may affect the business organization. Business economics encompasses subjects like, product factors, distribution and consumption as well as the concept of scarcity. These are the fields that Business economics focuses to manage and run the business successfully.
There are lots of external economic factors that influence business like changes in industrial regulation or sudden changes in prices of raw materials, business economic also studies all these factors for running a business organization successfully.
Managerial economics also forms a part of business economics which looks into the microeconomic factors and after proper evaluation makes pertinent business decisions and necessary changes in an organization.
Hence, Business Economist plays a very important role in making important business decisions. A Business Economist specializes in analyzing and focusing on the structural side of the business. They deal with each factor of business that could affect business.
These business economists study and provide input to organizations which in turn are critical in taking business decisions. The inputs of a business economist does not always deal with success or failure f business but also looks at the effects that it has or may have on the community. They quite often study the structure of business and determine if the said structure is ideal for development or there are needs for change in the structure or process.
A business economist is a researcher who constantly acquires and studies data that could affect the economic setting of a business or an organization. They study the collated data, which are applied to certain setting depending on the line of work. They at times provide necessary inputs based on the acquired data that helps the CEO's and managers to take important business decisions and work to achieve favorable business structure. Many business economists also work independently and publish their findings for public knowledge of the current economics settings and conditions.
What type of jobs can one get with business economics degree? Jobs for economics majors are not restricted to just those of an "economist". Economics graduates have a wider net in their search of jobs. The type of job also depends upon the kind of degree one holds. Most entry level jobs will require at least a Bachelor's degree. Advancing to more senior positions will require a Master's degree or even higher credentials. Students who opt for math and statistics in their degree courses have a better prospect for jobs that require advanced data analysis or modeling.
Some entry level jobs for Economics Majors are:
Personal financial advisor
Operations research analyst
Jobs for Economic Majors that require additional training or significant work experience are:
Foreign Service Economic Officer.
Economics is not just holds a unique position at the intersection of art, science and math, it is also a study of human behavior and studies how people choose to use limited resources to satisfy the unlimited needs, It is both creative and analytical and is very interesting as well as rewarding. Study of economics makes one learn to be more responsible consumer. It helps one develop unique skills and makes one stand out as an ideal candidate in multiple fields. These skills position candidates for many in-demand jobs. One gets the option to work in a huge range of industries. Last but the most importantly it is also ensures a high earning job.
There are several colleges all over India that offer several courses on Economics. One can also take advice from the Career counselors to get a sound idea about the courses. There are several Career Counselors that one can go to including Online Career Counseling as well.
Apart from these there are many Career Guide Services available online and one can go through those websites to get a good understanding of the Course. Many Career seminars also are held to help students select the course most suitable for them. The counseling also helps students understand their strengths and weaknesses and can work accordingly to better themselves.
One can log on to the links listed below which will provide one with a good understanding of the courses available and how to go about cracking the exam:
By: Madhuchanda Saxena
Posted By - Assistant Editor