Salha Fawal
Dr. M. Limbu
Project 3
03- 24-14
WRA 130-003
Economics and our Society
Introduction
College is totally different than high school. Moving from home to the university campus is not easy. Some students feel happy and excited and some feel sad and afraid. The first year in the college is often difficult for most students such as finding a major, time management, studying, and meeting new students from all over the world. When international students (like myself) first came to a new place we feel that we are uncomfortable some of us got culture shock other feel that they have homesickness. We try to make new friends, and that takes time. First we study people’s behavior and then we decided which group we like. Sometimes we feel shy when talking to others, even when we want to ask about something. Usually in freshman year we know nothing about academic classes and subjects.
Background Information
I started my freshman year in Saudi Arabia at college of business administration. The first year in the college was very difficult. It was difficult because I did not know which major I liked. My father told me to study management information systems then after I took one subject I felt that I did not like it at all. So I decided to study things that will help me in my future career and something that I really like. Finally I chose to study economics.
What is Economics?
Economics is the science that studies the economic problem and trying to balance between resources and needs to satisfy the desires of human beings. According to Dr. Ballard, “economics is the study of how people use their limited resources to satisfy unlimited wants. Another definition: economics is the study of how a society chooses to use its scarce resources to produce, exchange and consume goods and services”. (3). That means the economy is simply study people behaviour and how we control the limited resources to satisfy their need. The word (Economics) originally come from (oikonomia) Greek word, which means management and control.Economics field is divided into two main branches : (Microeconomics) means small economies , which focuses on the individual behavior and company within the economy in local markets , and (Macroeconomics) is the large economies , which refers to the study growth, inflation, unemployment, interest rates, exchange rates, and technological .
Why would an economic major be useful?
An important question came to mind when we are thinking about economics, why do we study economics? In fact, it can be a somewhat superficial answer, if we say that we are going to study economics to be economists or businessmen. Of course, this does not explain why we are studying economics. According to Dr. Ballard “One of the benefits of studying economics is a deeper understanding of our own situation as acting humans. For instance, people often fail to properly account for the cost of their choices. Once we understand that our costs are measured in terms of our foregone alternatives, we might have a very different view of some common choices”. (16). One of the reasons why studying economics is important is to study how people live. Why do we pay taxes to the government and what are the laws governing this taxation? Why is unemployment rate rising every year? Why does the amount of the dollar currency rise and fall? How does the stock market work and what makes the stock price rise or fall? When does the standard of living rise? In order to understand our world you have to study economics. We live in an era in which economic problem occupy the most important aspect of the public concern, for both developed countries and less developing countries.
Major specifically at MSU
Classes you would take/you are required to take?
I remember the first day at Michigan state university. I was confused. I did not know what to do and where I should go, so I asked my cousin, who is also a student at MSU, and she told me that I have to go to the orientation program. When I went there they gave us a brief explanation about the university. If you want to know which class you have to take in the first year you have to make an appointment with your advisor and they will guide you and help you. In the first and second year you have to take the university requirement, which include; WRA writing course, IAH (Arts & Humanities), Social Sciences, Biology, Physics, Computer Science and Engineering, Statistics, psychology, sociology, Microeconomics, and Macroeconomics. after that if you choose to study economics you have to complete at least 30 credits of Economics with at least 2.5 GPA. Among these 30 credits,18 of them are basic theories of macroeconomics and microeconomics, 9 of them are additional course in economics and the rest 3 credits is an economics course in the international area.
Writing class and my major
Writing class is very important in every major. We have to have writing skills to write a graduation research reports and presentation. Economics major need to have writing skills when applying for a job. We must have the ability to write an analytical report about some complex economic data and to explain economics research. Also if we want to write a book about economics we have to have writing skills to provide a good book. Here is what economics major department shows on MSU college website. “Employers look for students who possess a certain skill set and competencies. As a job applicant you should always be looking at ways to market yourself, articulate your unique skills, and distinguish yourself from other candidates. Ability to prepare and write reports, research skills, Strong oral and written communication skills, and investigative skills”. ("Economics Department")
We should learn different skills to get a great job in the future and it is required for any job to have basic skills like writing ,communication, and research skills
Economic major career option
an economic major provide a variety of career option that could helps us to choose what we want. We can work in private or public organization; we can work in academic economists field as a teacher, in business field and in government economists field.
Career/Salary
Job salary is different from country to country and is dependent on the places, it is important to know where you will work and what you will work. Figure 1 shows the average salary rate, the job title, and number of employees in America. Figure 2 shows average salary of a full-time faculty and average faculty number.
How does economic major impact our society?
The economics major has a strong impact in our society. Studying economics is so fundamental because it affects every country. According to Dr. Sowell :
In early twenty-first century China, seven times as much energy has been used to produce a given value of output as Japan uses to produce that same value of output. Here again, huge differences in efficiency have meant huge differences in standards of living for millions of human beings. Efficiency in production— the rate at which inputs are turned into output— is not just some technicality that economists talk about. It affects the life of whole societies. When visualizing this process, it helps to think of the real things— the iron ore, petroleum, wood and other inputs that go into the production process and the food, furniture, and automobiles that come out the other end. (20)
The economy can improve our standard of living. Studying economics could help us to solve many financial problems. We can see that the economics is important in every stage in our lives. If we study economics we can create a new life style in our society, through which people can experience and develop their skills and knowledge.
What do I plan to do with my degree?
After completing my bachelor degree I plan to apply for graduate college. After that I will return to Saudi Arabia and find a job at a company or business field that is related to my major for one or two years to earn hands-on experience. Afterwards, I will work in my father’s company to help him with his business.
Future direction of major
- Good things about the Economics major.
Some advantages of studying economics is that it can help you to prepare for a future career, it helps you to make the right investment decisions and you will know how to deal with the economics problem and get benefit from opportunities.
What are the advantages and disadvantages of studying economics?
Studying economics prepare student to think objectively. It enhances students’ abilities to analyze given resources and how these resources could be allocated to maximize the well-being of individuals. Studying economics make students to think very critically about the questions they want to ask regarding issues in societies around them. On the other hand, studying economics could be very tough. In many cases, lots of economists involve themselves into arguments very often because of how much they know about a topic, concern, or an issue that some ordinary people bring up all the time. Also studying economics involves too much thinking. Sometimes economists think too much about everything and they, sometimes, complicate simple issues because economists try to look at things from different angles. Also economists sometimes make mistakes and give false advice because of the too much “assumptions and/or simplifying” of a given topic.
I mad an email interview with my cousin Mohammed , he graduated from Saginaw Valley State University and he is now teaching economics in king Abdul-Aziz University in Jeddah. i ask him if he think that economics major will be useful in the future. he said that definitely! economics is in everything we do, all choices we make, and it is very critical factor in all decisions that leaders of countries in this world make. Economics to me is “ how to best use available resources to utilize a given need efficiently.” We all, individuals, institutions, companies, and governments in this world, do ‘cost-benefit’ analysis in everyday life and we all make our decisions accordingly.Therefore, Economics is not just an important subject; it is a must knowledge we seek to make better choices.Then, i asked him “what makes economics major special field of study?”
Studying economics is not only related to business issues in society, but it could be related to health, education, safety, etc. It can be said that the world we live in is extremely complicated with all systems, parties, and individuals involved and I think studying economics make the student better informed about that complexity.
Finally i asked him if he would think that the global economy will be in better shape in next five years? he said that we live in very uncertain times, so making a prediction of the near future is really hard. Global economy is not just one entity that is simply defined or measured. Economy for anything is trade; with no trades there will be no economy. Therefore, testing the performance of the global economy in five years is to look at the regional and international trades that occurs between and within nations. We need to look into specific economic policies, emerging economies, level of income inequality ant etc.So to answer your question, I think if there is no major change interrupting the current systems and the same trends we see some nations having, we will have some economies see improvements and others will see declines but the global economy is heading to a more stabilized state.The interview was very helpful, its helped me to understand more about economics and to think more about career options.
Conclusion
Finding a good major is not difficult; if you study hard you could be in any major you want. However, you have to study what you like, do not study anything because of your father or mother. Be yourself and select the major that makes you feel happy when you work. If you choose to study economics you will learn how to analyze everyday actions using economic theory and
how to make the right decision.
Works cited
Ballard, Charles L. Real Economics for Real People. Boston, Mass: Pearson Custom Publ, 2002. Print.
Sowell, Thomas. Basic Economics: A Common Sense Guide to the Economy. New York, N.Y: Basic
Books, 2011. Internet resource.
MSU. Exploring Your Major. East Lansing: MSU, 2014. Social Science. College of Social Science Career Services. Web. 23 Mar. 2014.
http://socialscience.msu.edu/career_services/Students/exploring%20your%20major/economics_major.html.