Topics you may cover in macroeconomics courses
- Aggregate economic variables, including aggregate demand
- Business cycle
- Economic development
- General price level
- Gross domestic product
- Gross national product
- International economics
- Money and banking
- Unemployment rate
The connection between micro and macro economics
Micro and macro economics are two sides of the same coin. The decisions made in one realm intimately affect the other. “Students need both micro and macro to fully understand, and appreciate, the world in which they live,” says Decker. “Now more than ever, we live in a globally connected world.”
Careers in economics
When thinking about what an economist is, most people think economists contribute primarily to government, business, and financial services sectors. That makes sense since economics programs typically focus on developing skills that are highly valued in those areas.
But when it comes to finding a job with an economics degree, that’s just the tip of the iceberg. Why? Because the field is not just about learning about economic theory and economic trends. It’s also about critical thinking, which is in demand in every field. And if you also know how to analyze data, then you’re pretty close to holding a golden ticket. If you’re wondering if economics is a good major to study, consider the career you’re looking to have.
“In high school, there are straight answers to most of the questions students are asked. But that’s not the case in college and in real life. That’s when critical thinking becomes really important – and that’s what we teach in economics. It can be a struggle for students at first, but once the lightbulbs start flashing on – that’s great to see,” says Tedeschi.
That’s one reason why graduate school can also be a great option – and not only in finance and economics. “Our students also do remarkably well on the LSATs [law school admission test] and in law school,” notes Tedeschi, “because those programs look for the same kind of critical thinking skills.”
“Economics is a way of thinking that can applied to anything,” Decker says. “Every employer is looking for people who think critically, and that’s what you do in economics. We study why people make the decisions they make. And that’s applicable to every field, because every field is operated by people who make decisions.”
As an economist, you’ll also master valuable technical skills. “There’s so much real-world data that's accessible to students today,” says Tedeschi. “Figures related to GDP [gross domestic product], inflation, national income … it’s all out there for them to download and graph. They can conduct economic analysis using real figures. Those are amazing skills, and extremely marketable.”
“When it comes to finding a job as an economics major, the world really is your oyster,” Tedeschi continues. In fact, the range of professional options can be daunting – a good problem to have! That’s why she urges her students to try out various options by pursuing internships. “You’ll find out what you enjoy, and what you don’t enjoy,” she says. “Remember, it’s okay to switch gears. You aren’t obligated to stay on the same path you started down. You have choices.”
Jacob Imm is the assistant director of the North Central College Office of Marketing and Communications. He has 12 years of collegiate communications experience and has worked with hundreds of college students. He has a bachelor’s degree from the University of Notre Dame and a master’s degree from Northern Illinois University.
Sources:
https://www.imf.org/external/pubs/ft/fandd/basics/bigsmall.htm
https://www.northcentralcollege.edu/school-business-entrepreneurship/department-economics
