Quantitative and Academic skills in learning Economics Assignment

Quantitative and Academic skills in learning Economics - Assignment Example Economics is a comprehensive that studies various aspects of the society and is divided into a number of branches explicitly, microeconomics, macroeconomics, normative, positive economics etc. In the past two decades the erudition of economics has been revolutionized and its theories and ideas have been applied to various other sciences and areas. Importance of Studying Economics Since the end of cold war and rise of capitalism Economics has been of the areas of study apart from nuclear physics and banking that has been greatly emphasized and a lot of importance has been attached to its research and study. Globalization of markets and rising populations have intensified the economic problem i.e. resources are scarce, and have forced the policy makers into making deeper inroads into the subject and extracting various ways of looking at an economy. Thus in the past few decades this extremely vital social science has immensely affected politics, culture, ethics, religion, social institutions and society at large. Hence with the degree of impact the subject has had on the world economy lately, it has seriously attracted the interest of the youth and the number of people enrolling for business majors and specifically Economics has significantly increased. Skills that hold critical importance in studying Economics Economics is a comprehensive subject that deals with the major issues of the world economy and unlike various other subjects incorporates the economic principles into a number of other areas in order to develop policies for a greater benefit and an effective utilization of the sparse resources. In order to this a wide array of skills is considered to be necessary in order to accomplish these tasks. Some of the extremely important skills that are required for the comprehensive study of the subject are the Qualitative and Analytical Skills. Quantitative Skills Economics is one of the few subjective areas that incorporate a huge amount of quantitative methods in order to explicate its concepts. It is an analytical subject that has a strong quantitative base and utilizes a great deal of mathematical and statistical tools to demonstrate economic phenomenon. Though economists do no use mathematics deliberately but a number of tool shave become extremely vital in order to attain the goal of understanding. Graphical representation of situations is one of the most common tools that is being extensively utilized in various concepts of micro as well as macro economics. Demand and Supply one of the extremely important and core theory of Economics revolves around the graphical representation of cases and quantitative modeling. Despite the fact that economic explanation underlines these graphs and models a certain degree of mathematical acumen is tremendously vital to comprehend the trends. Moreover the use of statistical models is a common for understanding other critical concepts like inflation and unemployment. These skills are extremely important to undertake the course and will be further transferred to the job market on completing the study of the subject. Analytical Skills By virtue of being a science Economist attaches serious importance to the need of analytical skills in order to comprehend the economic theories. As explained in the previous section that economic concepts pivot on the quantitative methods for the purpose of demonstration of a concept and its practical application. Similarly economic problems and cases are