Economics is a subject that is concerned with the study of production, distribution and consumption of goods and services. It is divided into two categories: Microeconomics and Macroeconomics.

While studying economics, students are usually made to prepare in the field of statistics and are trained to come up with an efficient analysis of the given complex data to set forth the equations of business. It is also studied to unravel the risk and opportunities related to business. All this result in making effective and efficient economic forecasts based upon which the business strategies will be planned.

The use of economics is not restricted to any particular sector. It is utilised in a different field of industries as well as goes hand in hand with finance sector.

BANKING SECTOR

Under banking sector, economics is used extensively for financial planning and control, risk and data analysis, evaluation and management of operation so as to deliver complete satisfaction to the clients belonging to both household and business level. A very frequent service being offered to the clients these days is financial planning to help them with the proper management of their assets.

PUBLIC SECTOR

Stability, growth and proper functioning of the economy are essential for the smooth functioning of the nation. The expert economists make several economic reforms and policies to help the government in running the economy smoothly. These expert economists are well versed with the difference between the functioning of a public and private sector. They know very well all the impacts on the functioning of the nation and daily lives of households by the reforms and policies adopted by the government officials. Considering the functioning of the economy, these expert economists make policies to let the economy run more efficiently. These policies include taxation and fiscal policies, income and expenditure policies, trade policies, etc.

ACCOUNTING

Accounting is the field of study that includes maintaining, classifying, analysing and recording the financial transactions of a business organisation. Thus, it is very crucial to have a better understanding of managing accounts for the proper and smooth functioning of the business. Accountancy is interlinked with mathematics to arrive at a conclusion. Hence, a sound base of mathematics is required to be proficient in accountancy.

ECONOMIC CONSULTANCY

Economists are required in many business organisations in the form of analysts and consultants, who can research and analyse the data, create a better understanding of the business model, and provide strategies so as to prevent any unforeseen contingency. The only requirement is an economist who is well informed about the ongoing trend and practices in the industry.

Other available specialisations in the subject are:

Industrial economics
International Economics
Labor economics
Behavioral economics
Environmental economics
Econometrics

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