2005 John Petroff

Program of Studies:
Economics

Why study economics?

Studies in the field of economics are often undertaken by students with very different career goals, because the study of economics gives the tools for analyzing important and complex decisions, and such decisions are present in almost all fields. For instance, professionals in business disciplines and fields of law customarily first complete a program of studies in economics. Thus, economics is considered as a basic discipline. Naturally, there is a profession of economist, but there isn't a license that can be obtained for it, as it is the case in accounting, finance or law. Economists can be found in government, large businesses (banks in particular), trade unions, international agencies and consulting firms.

Core courses in economics

Because economics is a basic discipline, an exposure to economics is useful for all college students; and for business professions, it is absolutely mandatory. In most schools, the introductory courses are
- Principles of economics I: Macroeconomics, at PEOI see EC101EN
- Principles of economics II: Microeconomics, at PEOI see EC102EN

Because of the diverse spectrum of fields where important decisions must be analyzed, there are numerous professional specializations. Some of the most popular today are
- business economics and forecasting
- labor economics
- environmental economics
- international business
- economic development
- financial economics

In each of these fields, the analysis of decisions requires a review of theories, an evaluation of applicable empirical findings and a recommendation of the action to take. Thus, economics is said to be positive, empirical and political. Most economics courses will incorporate some of these three aspects. A distinction is often made between microeconomics which applies to one person or business, and macroeconomics which affects an entire nation; but government policies touch the lives of individuals, and decisions of families and businesses is the source of most issues governments face.

Fields of advanced study in economics

The courses in economics listed below are all advanced courses and presuppose that introductory economics courses have been completed with high grades (at least B+). It is useful to have a good understanding of business activity by having studied general business subjects such as accounting, finance, marketing and management. A good grounding in mathematics is also a must, especially in aspects of statistics and probabilities. Most of the courses listed below will specify what are the prerequisites for taking the course.

The core courses for all concentrations in economics are:

- Advanced macroeconomics
- Advanced microeconomics
- Monetary theories and policies
- Economic forecasting
- Public finance
- Econometrics I

Four of the following courses are recommended to build an area of concentration

- Econometrics II
- International trade
- International finance
- Economic integration
- Economic development
- Transition economies
- International business
- Comparative economics
- Economic geography
- Agrarian economics
- Energy consumption and production
- Resource economics
- Environmental impact analysis
- Entrepreneurship
- Managerial economics
- Industrial organizations
- Management relations
- Demographic trends
- Economics of labor markets
- Regulated industries
- Advanced topics in economics

Where to find resources about economics

- American Economis Association at AEA is the major source of information about careers and other resources pertaining to economics.
- Information about teaching opportunities can be found at National Economic Association .
- Information about applied economics and jobs is at National Association for Business Economics .
There are also numerous regional and international associations focused on economics.

All courses at PEOI are free and opened to all. Courses are first developed in English. When completed they are translated into 9 languages. Feel free to view what is available in all PEOI's "Courses" .

If you teach any of the above subjects, please consider joining PEOI to upgrade, update, expand or translate existing PEOI's courses to help millions of disadvantaged students all over the world, or start a new subject. Please view PEOI's volunteer opportunities at "Volunteers needed" .

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