Major: Economics – BigFuture | College Board (2024)

FAQs

Is the major economics hard? ›

Just as any major has its challenging courses, economics requires the study of complex concepts that don't often have black-and-white solutions. Within the discipline there is a wide range of topics from macroeconomics (the study of economy-wide issues) to microeconomics (the study of individual behavior).

Fact is, at the undergraduate level at many colleges and universities, economics is not a very math-intensive course of study. There are many diagrams in economics, but there is not a large amount of math. A proviso: The amount of math in the economics curriculum varies across colleges and universities.

Economists are responsible for collecting and analyzing data in order to research and predict trends. Many economists work in the public sector, helping identify and address economic issues.

In the context of the Common Application, economics is most commonly categorized as a social science.

As a finance degree heavily depends on financial analysis and modeling, students may find the material more difficult if they struggle with mathematical concepts. However, students seeking an economics degree might have difficulty understanding abstract ideas like economic theory and policy analysis.

It depends on what you understand better. Do you understand algebra and puzzles well? Chemistry is easier for you. But if you can understand cause and effect and if you're good at remembering a lot of definitions, economics may be easier for you.

Economic principles require mathematics by nature but majoring in econ does not mean that you have to know every mathematical theory out there, you will only need a basic understanding.

Although economics graduate programs have varying admissions requirements, graduate training in economics is highly mathematical. Most economics PhD programs expect applicants to have had advanced calculus, differential equations, linear algebra, and basic probability theory.

For economics, you don't have to study as much but at the same time you would do better in a business exam compared to an economics exam without studying because Economics is quite complex when it comes to the definitions as you have to use specific words which you could only remember if you studied.

The major's versatility opens doors to many jobs in the corporate world. Often called the “dismal science” due to its pessimistic predictions, economics is the 16th most popular major in the U.S. But is an economics degree worth it? According to government data, yes. Economics majors' earnings are well above average.

What is the highest paying job in economics? ›

The BA degree path complements studies in other fields such as political science, philosophy, mathematics, and social science, among others. The BS program is STEM designated and emphasizes developing the mathematic and econometric skills that are increasingly in demand today.

Because the study of economics involves a substantial amount of quantitative analysis, Economics majors are required to complete a course in calculus prior to beginning the courses of the major.

Whatever college you choose, economics is not an easy degree choice. It requires a great deal of critical thinking and analysis for economics students. As you advance, the subject matter gets more thought-provoking and challenging. This is not meant to deter you from an economics major.

The number of students majoring in economics has been rising even faster at top colleges. At New York University, for example, the number of econ majors has more than doubled in the past 10 years. At nearly 800, it is now the most popular major.

#3 Economics

It's about how people think and act, what makes them make the decisions they do, and so on. So why do people consider economics a difficult major? In this area, you will take a lot of math and statistics classes and do plenty of critical thinking and synthesizing of data – so it can definitely be hard!

The major's versatility opens doors to many jobs in the corporate world. Often called the “dismal science” due to its pessimistic predictions, economics is the 16th most popular major in the U.S. But is an economics degree worth it? According to government data, yes. Economics majors' earnings are well above average.

The most difficult concept in economics is that if transaction cost. I do not know of anybody other than Ronald Coase to have any clue what it is. Definition: The transaction cost is the cost, after an object has already been produced, to send it from the original producer to the ultimate consumer.