7 Reasons why I am studying Business and Economics
The world is a complicated system, with a variety of fields to study, opportunities to take, and decisions to make. Throughout High School, I knew I was interested in the social sciences, a very broad and ambiguous field. During my grade school years, I enjoyed those in-depth history lessons, comparing movements, creating connections between ideas, etc. Not to mention, economics and political science catch my attention too! Studying Adam Smith’s concept of the invisible hand, Keynesian economics, psychology’s role in economics, and more, interests me as much as a train-sets may interest a young child. Additionally, political science sparks my interest and curiosity as well. Sadly, I do not have the time nor energy to study all three. But the solution is Business Administration: Economics. Why am I choosing to study this particular major? Well, let’s dive into it. Here are 7 reasons why I am currently studying Business Administration with an economics concentration.
1) Application of economic thought with Business:
What do I mean by this? Simple! If I only studied economics, I would only understand the theoretical aspects of economics, not the application of the theory. Business integrates economics with other valuable fields such as accounting, management, and marketing. Not to mention all three of those affect economic data! Accounting deals with balance sheets and income statements, which research firms and government agencies collect data from to calculate GPD, national income, and such. Management encompasses strategy that is a valuable asset to the consultants. Marketing integrates the psychology into economic thought; how will this advertising affect demand and supply? You get the idea!
2) Expected Field Growth:
According to the Bureau of Labor Statistics, careers in Business and Economics are growing in need and spin off careers. When I graduate there will more likely be new careers in Economics. With technology ever changing and adapting to society’s needs, economics will also adapt.
3) Job Security?:
A career in business is more volatile and riskier than more secure jobs in teaching, construction, medicine, etc. In spite of this scary reality, good skills in this field increase job security, especially in a cluster (geographical bubble of a certain industry and related industries). If you are good at what you do, inevitably, job security will strengthen.
4) It pays well:
Of course a career shouldn’t be all about that money, but nevertheless, it still should be a factor. The Bible only says the love of money is evil, not money in of itself. And what do you need to have 3 vacations yearly, a nice car, home, and to pay for children? Money.
5) Shapes your opinion on politics:
Many people, and I’m guilty of this too, base a lot of their opinions on easy-to-understand soundbites, mere feelings, and social pressures. However, learning economics has not only improved my understanding of how the world works financially and economically, but economics continually matures my political opinions as well.
6) The History:
Remember how I said above that I absolutely enjoy history!? Well, economic thought is rooted in history. In 1776, Adam Smith published his famous piece The Wealth of Nations; and, John Maynard Keynes wrote his General Theory of Employment, Interest, and Money. These two historical figures aren’t alone in the historical dimension of economics, most of American Industrialism involved rapidly changing technology, a determinant of supply and demand! The list could go on and on.
7) Stewardship:
Scripture commands us to effectively use Earth’s resources. Titus 1:7 states, “For an overseer, as God's steward, must be above reproach. He must not be arrogant or quick-tempered or a drunkard or violent or greedy for gain.” We are stewards of the Earth, meaning we need to take care of the Earth efficiently. Economics helps us achieve effective stewardship by learning the best methods to employ people, reduce the amount of resources needed without affecting productivity, and etc.
Choosing a major is both an exciting thing and stressful action, but in the end, I feel that Business and Economics is the most appropriate match for my skills and interests. Now, I am not saying for a fact I will graduate with a degree in this major, but it is what I am currently interested in. What’s your major and why do you study it?
