The social science of economics is concerned with the production, delivery, and use of goods and services. Economics is concerned with the behaviour and relationships of economic agents as well as the functioning of markets. Economists study and analyse why individuals and businesses invest their money and energy. Economists typically specialise in one or two areas. Other economists are interested by the stock market, focusing on the supply and sale of industries and discuss economic foreign policies of countries. The several factors that form an economy, such as labour, raw materials, manufacturing, finance, transportation, retailing, and consumption, are all studied by economists. He understands economic history, the consequences of government policy, price theory, business cycles, econometric forecasting, various national economic models, the advantages of credit and banking, and so on. He may forecast short-term economic patterns in different sectors or regions with some success using computer models and key economic indicators.
Economists are researchers in the traditional sense. They keep a close eye on the economy. Good economics are needed in Third World countries. Economists may offer key insights for economic development by doing comprehensive analyses of business spending. They provide crucial insight about the economy. They forecast pricing and have a major impact on government policy. Economists also prepare reports. These reports or information is used in several ways, for example, making policies for tax and wages, etc.
Nature of work
Economists typically do the following:
- Research economic issues
- Conduct surveys and collect data
- Analyze data using mathematical models, statistical techniques, and software
- Present research results in reports, tables, and charts
- Interpret and forecast market trends
- Advise businesses, governments, and individuals on economic topics
- Recommend solutions to economic problems
- Write articles for academic journals and other media
Scope of economics
A degree in economics is extremely valuable and mandatory for developing countries. Pakistan is a developing country, and its economy is growing as well. Candidates with a bachelor’s degree in economics have a decent reputation and are paid well. Economics has certain characteristics that set him apart from the rest of society. The Economist is in charge of the country’s manufacturing, investment, trade, retailing, and consumption. BS Economics has a wide range of applications in a variety of areas. Candidates with an economics degree may pursue careers in industry, education, economics, and a variety of other fields.
How to become an economist
To start of a career as economist, a Bachelor’s degree is sufficient for certain entry-level jobs. To further grow as an economist, you’ll need a master’s or doctoral degree. As an undergraduate, you can major in economics and take classes in related fields such as history, political science, and law. You may also require some mathematics practice, especially in the fields of statistics and computer science. Many positions in this area require a doctoral degree in economics, especially positions in colleges and universities. Economists typically keep up with developments in their profession by researching, learning, and attending seminars throughout their careers.
- Pakistan institute of development economics
- Lahore school of economics
- Quaid-e-azam University
- Lahore university of management sciences
- Institute of business administration
- University of Punjab
- National University of science and technology
- University of Karachi
For more details on institutes offering economics on bachelor’s level, visit https://www.eduvision.edu.pk/institutions-offering-economics-with-field-social-sciences-at-bachelor-level-in-pakistan-page-1
The following below are the sectors that provide jobs for Economic graduates in Pakistan:
- Investment banking
- Financial sector
- Government Economic Cells and Departments
- Insurance Companies
- Private sector – Finance and Accounting Department
- Risk Assessment companies
The following are the careers that Economics students go into after graduation:
- Research analyst
- Insurance underwriter
- Budget analyst
Personal attributes and qualities
- Quantitative aptitude.
- Commercial awareness
- Analytical mindset and good problem-solving skills.
- Good organizational skills.
- Outstanding written and verbal communication.
- Excellent interpersonal skills.
- Attention to detail
- IT skills