Thinking about doing a Bachelor in Business? GOOD! Keep thinking Businessy thoughts! One of the great things about a Business degree is that there are a lot of different branches of business you can explore, depending on what you’re interested in. One of those is Economics.
WAIT DON’T CLICK AWAY. I know what you’re thinking. Economics looks something like this…
BUT IT DOESN’T! It’s so much more than that.
Economics is literally everywhere. In fact, economics is in play right now. You’re reading this, right? But you don’t have to. You could be doing other things. You could be playing with your cat, or snapping away on Snapchat, or lying on your bedroom floor staring at the ceiling. But you’ve chosen to read this, which means, at this particular moment, you think reading this is a better use of your time than any other activity you could be doing. And thus, you have been introduced to the economic concept of opportunity cost. Opportunity cost is basically the cost of the next best thing you could be doing.
Let’s say I have two things left in the kitchen when I get home from school: a chocolate bar, and a banana.
A banana, to me, is worth one emoji heart of happiness. Whereas a chocolate bar is worth three. Which choice has the lower opportunity cost?
The chocolate bar! Because I only missed out on one emoji heart of happiness.
BUT WAIT! OH NO! I DIDN’T THINK THIS THROUGH!
There are more costs associated with the chocolate bar than I thought. It made me feel gross. Where as a banana would’ve been a much healthier option. I really should’ve weighed up all the benefits and costs before I devoured that.
That is a lot of what economics is about, considering the benefits, and the costs of decisions, and coming to an optimal conclusion. And it can be applied anywhere. Understanding economics helps you look at the world in a totally different way. It helps you better understand the way the world works, and how people make decisions, and provides deeper insight into issues concerning countries across the globe.
So if you’re consider doing a Bachelor of Business, prepare to have your eyes and mind opened by the wonderful world of economics!
Click here to learn more about studying economics at QUT!