Business economics is the study of how firms compete in the market. Students learn how wages and prices are set. They also learn to apply economic models to study business problems.
A fish swims in the ocean and has to be able to deal with currents that push it around. It also has to understand which little fish it can eat and which big fish might eat it. Now, think of a business as one of those fish. It has to understand the forces in its environment. It also has to know what its buyers and its competitors might do. And that means somebody in the business needs to understand economics.
In fact, everybody in business should know at least a little about economics. But if you have specialized education in this field, you can play a key role in business decisions. Your forecasts help managers know when and where to invest, what markets to enter, and what products will be needed.
Of course, your forecasts can only be as good as the research they are based on. That means you need to have a good education in mathematics, statistics, and research methods. Computer skills are also important. So are communications skills, because you need to be able to produce reports that can communicate your findings in useful ways.
A large number of universities offer a bachelor's, master's, or doctorate in business economics. This major is usually offered via the business school or the department of economics. Sometimes the major is called applied economics or managerial economics. With a bachelor's degree, you may find work as a research assistant. It represents four years of full-time study beyond high school.
Graduate education can allow you to specialize in a particular branch of business economics. It also opens doors for you to positions of greater leadership and responsibility. With an additional one or two years of education beyond the bachelor's, you can earn a master's degree. Doctoral degree programs typically take about three to five years after the master's degree. A doctorate allows you to teach the subject in college.
Below is a list of high school courses that will help prepare you for this program of study:
• Introduction to Business
• Computer Science and Programming
• English Composition
• Public Speaking