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Student Guide Know your Major

Economics

By Turkey Campus November 18, 2021

Study of Economics

The economy is one of the pillars of the foundations on which countries of all levels of science and finance, it is the power of the great nations that lead them to a remarkable position among the countries. We hear daily about a government that controls the fate of other countries because it is the tremendous financial power in the region. Therefore, Countries are very interested in students and graduates of economics and economic analysts because of the importance of their presence to follow economic activity inside and outside the country from the competing countries. And because many students worldwide are very interested in studying economics, we will take you on tour about the secrets and history of this science and the details of its study in general and in Turkey in particular.

Economics is defined as a physical activity based on the production, distribution, and exchange of commercial goods and international services. It contributes to the decision-making mechanism in the management of human resources and how to preserve them.

Economics is the method used to regulate some sectors, such as the financial, industrial, and commercial sectors. It refers to a range of humanities studies and provides economic analysis; through some deductive operations based on mathematical logic.

Concepts of Economics:

Economics is a branched science; it has two different concepts, namely:

  1. Individual economics: It is a science that studies an individual's work and his way of earning his livelihood by providing a commodity or service for which the individual is remunerated. It explores all his cash aspects in terms of pricing, profit, gain, loss, savings, taxes, and many other cash trends that fall on the individual to earn his livelihood.
  2. International Economics: From its name, we conclude that it is concerned with the state's economy from all aspects, financial, scientific, military, investment, and many other aspects in which the economy plays a significant role in destabilizing or improving the state's economy. On the other hand, it is concerned with trade relations between different countries and studies the economies of nations, whether developing or advanced, to analyze the global economic situation and develop an economic plan for the government to distance it from any financial crisis crises.

Economics classifications:

Economics is classified into several categories that facilitate its study, as follows:

  1. Macroeconomic: It is the classification that focuses on what the economy as a whole does. It represents the production, distribution, and sale of goods and the profit returned from them, whatever the type of commodity sold.
  2. Positive economics: It is a classification that describes economic phenomena and analyzes them critically, followed by a positive solution. Its thinkers also work on developing economic theories.
  3. Normative economics: It is a classification that makes economic judgments in a normative manner based on the current financial situation only.

Objectives of Economics:

  1. Building a strong economy based on solid theories and facts that contribute to its development globally and locally.
  2. Helping the average-income citizen control and stabilize prices and even build a savings system that can improve living standards.
  3. Help traders raise sales rates and even take their hand towards a balanced selling market so as not to cause them any harm of any kind.
  4. Achieving a fair balance of income through successful economic plans.
  5. Provide financial freedom and economic security for the individual and society so that none of us wakes up to an economic catastrophe that may reach the point of bankruptcy.
  6. Contribute to the proper employment of all workforce to benefit from it as much as possible and raise production levels on all sides.

History of Economics:

The science of economics did not appear in its first form as a separate science, but it was included in the writings of scholars and intellectuals.

Its first appearance was in Plato's papers when he talked about the financial classes between rulers, soldiers, and people.

It was also mentioned in Aristotle's writings, where he talked about the ownership of money; he criticized the views calling for the activation of public ownership and the abolition of private ownership.

Thus, the science of economics was indirectly circulated in the writings of Westerners. And when we look on the other side in the Arabian Peninsula, after the descent of Islam, we find that many Muslim scholars and philosophers dealt with the economy through Islamic provisions, that talked about the distribution of inheritance and spoils, methods of returning loans, distributing income, and organizing Work among the people of the state.

Among the most famous scholars dealing with topics affecting economics are Ibn Sina, Ibn Khaldun, and others.

Economics in its current sense was featured by a group of economists known as 'classical economists,' led by Adam Smith: he published his famous book Known as the Wealth of Nations in 2001. This is in addition to David Ricardo, Maltos, John Stuart Mill, Jane Batst Sai.

Benefits of studying this specialization:

Deepening the study of economics prepares you scientifically and practically for many things, the most important of which are:

  1. Raising the rate of critical and creative thinking of the student.
  2. Being Familiar with the financial departments and the basics of capital management locally and internationally.
  3. Identifying financial crises in terms of their occurrence causes and ways to confront them.
  4. Knowing many hidden things in the world of buying and selling with all its details.
  5. Analyzing global economic crises and trying to find a solution to them.
  6. Identifying multiple ways to properly exploit the targeted human resources for the benefit of the state.
  7. Economics stands for improving economic welfare, identifying the causes of unemployment, and reducing its rate.
  8. The economy can raise the standard of living for the desired well-being or reduce it to the worst due to the way it is employed and the priority of society.
  9. Economics affects all other scientific sectors, where you do not find a self-contained science without the economy interfering with it crippling or other, so the role of the economy is crucial in building the basics of these sciences.
  10. Economists can predict what will happen in the future based on prior data, existing methods, and current events.

The future of the economy:

The economy has a big future as it is now and even more because it intervenes in the most precise details of the state, including:

  1. Military force: where the state must possess the necessary military machinery.
  2. Investment within the state: establishing one of the mega projects within the state, which is one of the pillars of investment and permanent development to maintain the growth of the state economy.
  3. Raising the status of the state among the countries of the world: We often hear about countries that are considered a great economic power because they have a strong economy that most of the neighboring countries in the region do not have.

The possibility of excelling in this discipline:

The specialization of economics is one of the rare disciplines in the labor market. This pushes many students to study and specialize in it, especially since today's world is going through many financial crises, making countries constantly need economic analysts to know the most essential ways to remedy financial troubles.

Therefore, it is a specialty that is not easy to excel in, but this is not impossible. It requires some skills that the student must have, including scientific and arithmetic skills, mental and analytical skills, communication skills, and most importantly, the possibility of research, exploration, and following-up on economic news.

Subjects in this discipline:

The student is taught many subjects over his university years in this major, as follows (as an example but not limited to):

  1. In his first year, the student studies many basic principles subjects that explain topics in general and not in great depth as a start, such as principles of macroeconomics, microeconomics, accounting, statistics, and business administration.
  2. In the second year, the student begins to delve into many theories and methods that contribute to building a primary economic mind: non-macroeconomic theories, microeconomic theories, statistical analysis, and industrial economics.
  3. In the third year, students are increasingly immersed in mathematics and economic judgments, whether local or international, legality or legitimacy, such as Mathematical Economics, Islamic Economics, Economics Research Methods.
  4. Finally, when the student reaches his fourth year, he is now at the peak stage of all in-depth studies that enable him to produce an outstanding performance as an economic analyst or so on, such as economic development, administrative economy, financial economy, international finance.

Branches of the Specialization:

Economics includes many branches that are almost the main pillars in this discipline, but it is based on two main pillars, namely:

  1. Macroeconomics: It is a science that focuses on studying the economy as a single block, focusing on specific rates such as taxes, unemployment, inflation rates, and prices, etc.
  2. Microeconomics: It focuses on the economics of individuals, institutions, and companies.

The duration of studying this specialty:

  1. The number of years to study economics in Turkey is four years, accompanied by a preparatory year for the language (whether English or Turkish).
  2. This is also due to the number of hours required from the student to complete to graduate from this department in general.

Practical and field training:

Universities provide practical and applied training for all theoretical studies that the student undergoes during his university period for this major.

One of the most important universities that are keen to provide practical training and help its students participate in prominent national projects to contribute to developing their scientific and practical skills and qualify them to enter the labor market with full strength is Ostim Technical University.

It strives with all its strength to give its students sufficient experience through many training and applications for all theories they passed through during their studies.

Fields of work for graduates of this specialization:

The labor market is currently suffering from a shortage of economics graduates to contribute to a robust working environment, and the areas of work available to graduates from this discipline include:

  1. Executive Secretary
  2. Import and Export Manager
  3. Chartered Accountant
  4. Accountant and Economic Analyst
  5. Bank employee, university teacher.

As for the places that can provide job opportunities for the graduate, including:

  1. Banks
  2. Insurance Companies
  3. Private Companies
  4. Tax Agencies
  5. Stock Exchange

Celebrities of this specialty:

  1. Karl Marx: Philosopher and historian, considered one of the most important economists throughout history.
  2. David Ricardo: He is a professor and specialist in economics.
  3. Ibn Khaldun: One of the most important and most famous Muslim scholars in this field.

Studying Economics in Turkey:

  1. Studying Economics at private universities in Turkey is one of the things available to international students, as it does not set impossible conditions; it is sufficient to have a high school diploma at a minimum rate of 50%, in addition to the English language proficiency certificate, or attending an English or Turkish preparatory year.
  2. One of the most famous private universities in this field is Ostim Technical University, which offers the major entirely in the English language and provides the practical training to its students, as well as a preparatory year for the English language for non-holders of any international language certificate.


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