Economics is a science that deals with the production, distribution, exchange and consumption of various goods and services within a particular country. Individuals, groups of people, business concerns or by governments, carry on these activities. The study of economics is aimed at enabling such individuals to carry out activities related to goods and services in such a manner that optimum benefit is obtained from the activity. Its realm encompasses a study of production processes, distribution processes, consumption patterns and human behaviour during all these processes. The aim is to devise the most effective way of functioning, taking all relevant factors into consideration. Different countries have different ways of functioning; therefore the economy may accordingly be capitalistic, communist or socialist. The economists of a country function as per the guidelines of the economic system prevailing in that country.
Nature of Work:
The employment options open to those who specialise in economics are manifold. To begin with, government enterprises, public undertakings, banks, finance and investment firms, business journals and newspapers and the private sector throw up many avenues of employment in various departments. The Indian Economics Services are also an excellent option open to those who want to join government service. Officers are recruited through examinations conducted by the Union Public Service Commission. To be eligible for this examination, one needs to be a graduate and in the 21-28 age group. The examination is held in the month of September every year. The announcement for the same is made in the month of March of the same year. The written examination has papers in English, General Studies, General Economics and Indian Economics. The written examination is followed by an interview. Another highly lucrative avenue open to those looking for government employment is the Reserve Bank of India. Written tests are conducted by the RBI for the purpose. Postgraduates in the age group 21-28 are eligible for the examination. Those who successfully clear the examination are finally selected through personal interviews.
Economics very often forms a part of the curriculum in many Indian schools right from class IX itself. An early exposure to the language helps students determine whether they have the natural aptitude and the inclination for the subject. To study Economics (with Honours) in any of the Indian colleges, one must secure a fairly high percentage in the results of (particularly economics) classes X th and XIIth.One can go on to specialise in the subject at post graduation level and then pursue further specialisation in the form of a Ph.D.