Mastering a business subject such as economics is a long road and motivation is likely to come and go throughout your time learning. What’s important is that you stick it out, it’ll be worth it in the end!

Learning all of your economics curricula is something that will likely take hundreds, if not thousands of hours to master, and while there might not be many shortcuts, there are certain things that you can employ in your learning that will help to shorten the process and avoid wasting hours trial and erroring different methods.

Working alongside an economics tutor can be extremely beneficial as they can walk you through an array of exercises that you can implement within your practice in order to strengthen you’re your knowledge across all the chapters.

We will take a look at some of the materials that you can expect to cover throughout your time studying economics at a university in Ireland later in this article.

This can be quite a time-saver, tutors have often worked with hundreds of past students and can provide best practice singing techniques so that you can save yourself the time finding out for yourself.

So instead of practising your favourite chapters over and over, there are more practical exercises that you can employ within your preparations to help strengthen your performance. A tutor will be able to assess you on your starting ability, target areas of weakness for you to work on and guide you through the process!

Whether you consider yourself to be a master economist, or you are just starting out with the subject, there is always value to be realised in availing of some help. You will likely dedicate a substantial amount of time to either practising exam questions or learning the different assumptions as you build on your ability and knowledge in the subject.

In this article, I will try to outline some of the key motives as to why you should consider studying economics at a university.

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Learning economics as an adult can really benefit your life in so many ways from organising your personal finances to increasing your employability - Photo by Kelly Sikkema on Unsplash
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Economics has some Interesting Material!

Throughout your time studying the subject at university you will delve into some interesting and insightful material that will help describe the many states a business might find itself in as it navigates the working world.

Let's look at some of the key definitions that outline across the economics curriculum.

Normal profit: the amount required to keep the factors of production in their current use.

Normal profit is a situation where a firm makes sufficient revenue to cover its total costs and remain competitive in an industry.

In measuring normal profit, we include the opportunity cost of working elsewhere.

When a firm makes a normal profit we say the economic profit is zero.

Supernormal profit: the profit over and above normal profit. This is also commonly referred to in economics as abnormal profit and means there is an incentive for other firms to enter the industry.

In economics, we also characterise the respective time period in question. The short-run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied.

On the other hand, we have the long run, this is a period of time in which the quantities of all inputs can be varied.

There is no fixed time that can be marked on the calendar to separate the short run from the long run. The short-run and long-run distinctions vary from one industry to another.

In the short run the number of firms in an industry is fixed (even though firms can "shut down" and produce a quantity of zero).

On the other hand in the long run the number of firms in an industry is variable since firms can enter and exit the marketplace. 

Here is some advice for students studying economics.

Learning about Economies of Scale

Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between the per-unit fixed cost and the quantity produced. The greater the quantity of output produced, the lower the per-unit fixed cost.

Internal economies of scale are unique to a firm. For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry.

External economies of scale are enjoyed by an entire industry.

For instance, suppose the government wants to increase steel production. In order to do so, the government announces that all steel producers who employ more than 10,000 workers will be given a 20% tax break. Thus, firms employing less than 10,000 workers can potentially lower their average cost of production by employing more workers.

We can see how economics helps us to understand the obstacles which hinder business operations across the world, Interesting right?

The benefits of economics are endless.

What about Diseconomies of Scale?

This is more or less the same concept that we have just touched on but in reverse.

Diseconomies of scale occur when long-run average costs start to rise with increased output.

This can arise from poor communication in a large firm, demotivation of workers or lack of control (management).

Firms may attempt to overcome diseconomies of scale by splitting up the firm into more manageable sections. For example, a large multinational may be split up into local geographical areas, with local managers facing incentives to maximise efficiency.

Internal diseconomies of scale are disadvantages a firm has to contend with as it grows larger or increases its scale of operation. For instance, managerial ability not only leads to economies of scale but also diseconomies of scale.

Eg. Bureaucratic practices characterise most industrial activities, which delay decision making and implementation.

External diseconomies of scale are where companies suffer an increase in average costs due to external factors. The increase did not only occur in a specific company but also in other companies in the same industry.

For example, an increase in flights and the number of airlines is causing congestion at the airport. That results in longer waiting times and airport costs for all airlines, which increases average costs.

We can see how economics provides some explanation for the world around us and some fascinating insights into the businesses that we operate.

Where should you study economics in Ireland?

Two individuals holding a dollar sign. Microeconomics is crucial to any economic study.
There are countless topics in economics that are bound to catch your interest. source: Unsplash
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Learn the assumptions of Economics

In economics, we make a lot of assumptions in order to arrive at statistical and forecasting models that help us to make more informed decisions.

Let’s take a look at some of the assumptions of a perfectly competitive market.

Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information and no transaction costs.

  • All firms sell an identical product (the product is a commodity or homogeneous).
  • All firms are price takers (they cannot influence the market price of their products).
  • Market share has no influence on prices.
  • Buyers have complete or perfect information (in the past, present, and future) about the product being sold and the prices charged by each firm.
  • Capital resources and labour are perfectly mobile.
  • Firms can enter or exit the market without cost.

These assumptions help companies to arrive at a more holistic understanding of the market space in which they operate.

Benefits of learning economics

Economics is a subject that is widely adopted and has an extensive community of experts across both academic and professional realms.

It is the preferred business subject of many students, economists, data scientists and managers around the world. 

The subject is actually gaining traction amongst scientific researchers and statisticians. This is a huge benefit as you will likely find solutions to your errors and you will be able to collaborate with colleagues much easier.

One of the biggest benefits of studying economics at a university is its extensible properties which facilitate cross-company operations. This means that you will be able to use your learnings in conjunction with other projects!

Economics is widely adopted across the globe and is sought after by most employers today.

The subject is considered to be one of the most effective and practical social sciences by many. It is an international business component that is universal to people of all nationalities.

Whether you are a computer scientist, accountant, consultant or a student attaining even a basic level of economics can dramatically improve your prospects of employment.

Study abroad with International Economics

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 you 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 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.

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Learning economics will present important skills that will help you in your career. source: Unsplash

Improve at Economics with Superprof

Learning Economics is a great way to broaden your employment horizons and it can also help you to progress in your current career path.

Even if you don’t study fields such as marketing, maths or finance, learning economics is a great way to bridge this gap, upskilling your competencies with the subject will help you to secure employment and will help you to differentiate yourself from other candidates.

Last but certainly not least, not only is economics a great asset for career progression across a multitude of professions, but economics jobs are strongly correlated with higher salaries. You can rest assured that your study efforts will be rewarded!

You can see why many students avail of a personal tutor when learning the subject, you will certainly realise a return on your investment!

Superprof makes this process particularly easy for students, the platform gives you the opportunity to refine your search according to your own personal needs. You will be able to shortlist any economics tutors according to their suitability across categories such as affordability, level and proximity.

Students can select their tutor according to their specific needs and style of learning. You can also work with your tutor to organise the layout of your sessions. Online tutoring will present you with the opportunity to learn from the comfort of your own home on a remote basis via webcam and pre-recorded video sessions.

Availing of an online python tutor can provide students with some much-needed guidance on how best to practice the subject and more importantly where they can improve. Why not start learning Economics today with Superprof?

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Samuel

I enjoy reading fiction, playing chess, live music and traveling.