Economics is a great subject to study at university due to the opportunities that it presents to its undergraduates and potgraduates.
Employers are always looking for students who have specialised degrees in business so it is no wonder why it is so widely studied at secondary school and college.
Economics can also be a great option for students who might be unsure exactly what career they would like to pursue after graduating from university.
Economics presents students with some vital research and analytical tools that are always sought after in the contemporary jobs market.
Learning Economics at university is a great way to broaden your employment horizons and it will also help you to progress in your current career path.
When you also consider the fact that economics-related jobs are strongly correlated with higher salaries. You can rest assured that your study efforts will be rewarded!
In this article, I am going to break down some of the material that you can expect to cover throughout your time studying economics at university.
If you are a student you should try to view the hons programme and see if there is any information on a potential placement for the general subjects or specific programmes you would like to work in. You need to take the time to visit the specific academic school you want to do your studies in before applying for the ucas programme.
There are plenty of Irish, English and international economic, finance and research hons bsc level courses that don’t require a language or ucas foundation to secure a placement and get started with your studies!
Hopefully, you will leave with a sense of clarity as to what exactly you will be doing throughout your time studying economics.
Taking a Look at Market Structures
At the beginning of your economics course at university, you will spend time learning the concepts which underpin micro and macroeconomics.
A large portion of this your first year studying economics will be spent familiarizing yourself with the different market structures, their properties and the type of firms which occupy each space.
Let’s take a look at the market structures that you will cover throughout your bachelor’s degree in economics.
Monopolies are the only seller in their market because of barriers to entry and therefore have the power to set prices and face no competition.
An Oligopoly is a market characterised by a small number of firms that realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power
Monopolistic competition characterises an industry in which many firms offer products or services that are similar (but not perfect) substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of anyone firm do not directly affect those of its competitors.
Perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or complete information, and companies cannot determine prices.
Where should you study economics in Ireland?
What exactly is a Monopoly?
to explain in simple English, Monopolies set marginal costs equal to marginal revenue in order to maximize profit. This point of intersection can be denoted as (MR =MC) along our indifference curve! Monopolies have the ability to limit output, thus charging a higher price than would be possible in competitive markets.
In a monopoly market, the marginal revenue curve and the demand curve are distinct and downward-sloping. Production occurs where marginal cost and marginal revenue intersect.
Monopolistic markets will have low marginal costs at low levels of production, as firms can take advantage of efficiency opportunities as they begin to grow.
Marginal costs get higher as output increases (MC is upward sloping). This trend is reflected in the upward-sloping portion of the marginal cost curve. Restricts output and charges a higher price than would prevail under competition.
Oligopoly Market Structures
In an Oligopoly, the prices will be fairly stable and there is little incentive for firms to change prices. Therefore, firms compete using non-price competition methods. An example of this that you might already be familiar with would be advertising.
A change in marginal cost still leads to the same price, because of the kinked demand curve. Profit maximisation occurs where MR = MC.
Another possibility for firms in oligopoly is for them to collude on price and set profit maximising levels of output. This maximises profit for the industry and allows for supernormal profits.
For collusion to be effective, there needs to be barriers to entry. If firms collude, they can agree to restrict industry supply and increase the price. This enables the industry to become more profitable. Firms made normal profits. But, if they can stick to their quotas and keep the price consistent, they make a supernormal profit.
In order for these market structures to operate successfully in the long run the following must hold:
−Price exceeds marginal cost.
−Profit maximization requires marginal revenue to equal marginal cost. (MR = MC)
−The downward-sloping demand curve makes marginal revenue less than price.
−As in a competitive market, price equals average total cost.
-Free entry and exit drive economic profit to zero. As a result of this, we can say that no supernormal profits are made.
Learn the Course Material Abroad
international economics University students might also be required to complete their course programme with a language module. This is sometimes optional but it can offer additional qualifications to students attaining a bsc in economics. You will likely get the opportunity to take your international language and apply to study for your degree on a year abroad.
This will depend on the level of your economics and language skills in the subjects. It might also help to have a foundation in mathematics or data as well as your language and bsc undergraduate degree qualifications. You can change up your year of study and fully delve into mathematics, languages, data or policy.
This can help undergraduate students studying a bsc economics programme when applying for jobs in policy, data, mathematics and their selected language or languages. It can also help school students that are applying for an economics university bsc course across international qualifications that have a required language if they want to apply.
These additional optional modules and qualifications that you will study over the years offer a foundation in the subjects and help you excel in the course while improving additional required skills.
If you think you have the level and can get the points or grade in both the economics and language modules then you need to get information on the university requirements before applying to the course.
You will need a specific grade in a specific module or across multiple modules if you are to meet the requirements for your year abroad!
There are plenty of options for students that don’t have a language too. The requirements for an ordinary entry bsc international economics degree might need you to have a strong grasp of policy, mathematics, information technology and data.
The required skills will be unique to the course, but once you get the required grade in the modules you can send them the information and apply.
Indifference Curves
In economics, we deal with a vast array of assumptions that allow us to create predictor models and trade-offs that we encounter in the world of business. These assumptions enable us to calculate complex relationships such as how consumers will react to a change in the price of a product.
An indifference curve is made up of a series of points each of which represents a bundle of goods.
Each point on the same indifference curve will provide the same utility and will be equally preferable to the consumer. This allows us to construct diagrams where we can tell whether or not the respective goods are equally preferred.
Higher indifference curves are preferable to those on a lower level.
Indifference curves slope downward depicting a trade-off between the two goods in question.
Indifference curves do not intersect because of the axiom of transitivity. Indifference curves are also convex in shape.
This slope is referred to as the marginal rate of substitution. It is measured by how much a loss of one good has to be compensated by an increase in the other good to keep the consumer equally well off.
Because people usually prefer to give up less of the good of which they have little compared to the one of which they have a lot. This means that consumers prefer averages to extremes, which results in a convex utility curve.
Key Definitions in Economics
Let's take a look at some of the language of economics, rest assured that it is an international one!
Production function: shows the relationship between the number of inputs used to make a good and the quantity of output (total product) of that good.
- Marginal product: of any input in the production process is the increase in output that arises from an additional unit of that input.
- Total cost: are all costs incurred. They are made up of both variable and fixed costs
- Fixed Costs are those costs that do not vary with the quantity of output produced. E.g. Rent.
- Variable costs are those costs that do vary with the quantity of output produced. E.g. Raw materials.
- Average costs can be determined by dividing the firm’s costs by the quantity of output it produces. The average cost is the cost of each typical unit of product.
- Marginal costs measure the increase in total cost that arises from an extra unit of production.
You will likely view your foundation or undergraduate economics courses in a new light if you get an hons grade in the business subject or module. It will open your eyes to the possibilities that an economic qualification and skills can do not just in business but also in research.
If you have enough credits or points and decide to go into academic research in the economic school you can even publish this on your website page to help broadcast your work. You might even be able to make more money tutoring the subject and charge higher fees to those looking to get qualifications or credits in the school.
Take a look at some of the benefits associated with studying economics at university.
Learning about Budget Constraints
Throughout your economics course at university, you will learn about budget constraints. This is a very helpful tool which allows businesses to make more informed decisions surrounding their spending.
- Budget constraints are the limit on the consumption bundles that a consumer can afford.
- A budget constraint occurs when a consumer is limited in consumption patterns by a certain income.
- When looking at the demand schedule we often consider effective demand. Effective demand is what people are able and willing to spend given their limitations of income.
- Temporary budget constraints can be overcome by borrowing, but in the long term budget constraints are determined by income such as rent and wages.
- The consumer will choose the bundle that is the tangency point between the indifference curve and the budget constraint
Opportunity cost is the forgone benefit that would have been derived from an option not chosen.
To properly evaluate opportunity costs, the costs and benefits of every option available must be considered and weighed against the others.
Considering the value of opportunity costs can guide individuals and organizations to more profitable decision-making. The opportunity cost of a good on a vertical axis is the inverse of the slope of the budget constraint.
This might be one of the requirements of your job or economic courses at college!
Get your college course with the help of an Economics Tutor
Now that you have some direction surrounding the different options that you have at your disposal as a student with an interest in studying economics at the university.
You could certainly enhance your prospects of getting a place in your preferred course by availing of a professional economics tutor from Superprof!
Students may also select their tutors according to their qualifications to best suit their particular needs across the accounting syllabus. Alternatively, students can select their tutor based on their respective rates to best suit their budget.
The hourly rate for an economics tutor varies from about €13 right up to €32, with some tutors offering a reduced rate for 5 or 10-hour packages.
The majority of economics ucas tutors offer their first lesson for free, giving students just like yourself the opportunity to try out the service before making any commitments.
Having an economics teacher helping you through private sessions or along with a group of students will help you to work through your economics university exam paper solutions.
This is perhaps one of the more effective methods for preparing for that final exam.
With a Superprof tutor, you can get your place on your dream Economics course. Why not get started today?
Take ucas courses at any level and begin applying for hons undergraduate places, It might just finance your academic work too!e
Here is some advice to get your hons bsc economics degree ASAP!
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