Economics

Economics is part of our everyday lives. It’s all about understanding how data, human behaviour and societal issues interact. This could be in areas like tax, health, crime and the environment. And understanding how things work, we have the ability to influence better outcomes for the world around us.

What is Economics?

Let’s assume that human beings have unlimited wishes or needs. But we live in a world with only a certain amount of resources. So how can we ensure everyone’s needs are met? The answer: economics.

An economist will analyse how people, businesses and governments make decisions, so that they can understand and influence how resources are allocated.

Economists then use those observations to form opinions and advice that can help shape economic policies. For example in interest rates, tax laws, employment programmes or business strategies.

Understanding micro and macro economics

Microeconomics looks at how individual consumers and businesses make decisions. For example, how and why are goods priced differently? How do individuals make financial decisions? And how are households responding to a rise in cost of living?

For businesses, microeconomics might look at the ways that they are organised, including how work is divided up and allocated, as well as the cost of producing goods.

Macroeconomics is broader and bigger. It focuses on the behaviour and performance of the economy as a whole. This means it looks at economic cycles, growth, development and forecasting all at once.

For example, macroeconomists might study government policy, unemployment rates in society, or foreign trade markets.

At the university, our students use the Bloomberg suite to access current and historical trading data to make and check predictions about investments and share prices.

Take a look at our Bloomberg Suite

Economics and Accounting Students Monitor Real-Time Financial Data in our Bloomberg Suite

Find out more about the facilities you'll have access to at the University of Portsmouth.

[We recognise the skills students learn on this software]

[Meet Adam - our Principal Lecturer in Economics and Finance]

A Bloomberg terminal is something that is used by professional economists, often in a finance-related role, and it shows live prices of things like equity shares or stocks or currency fluctuations.

[The Bloomberg Suite has 20 PCs running Bloomberg and SDC Platinum software]

As a university we have access to this, just slightly delayed so we can’t actually gamble any money on it, but it shows students the real world application - what is going on right this second - and we can use this data to directly add some value on to the theory that we teach so we can find out information about stocks and shares, about businesses, but also trades and commodities.

[Students can become Bloomberg certified]

This is a real benefit for students when they graduate. Mainly because they’re able to see economics live, in-action, now. But also the job that the students might be going to might actually be using some of this software, so they’re already familiar and they will have already the Bloomberg certificate to show that.

What jobs could I get after studying economics?

Studying economics is like a passport to a wide range of jobs. The skills you'll learn from this degree are in high demand in the public and private sectors.

You’ll develop valuable transferable skills, including logical and critical thinking skills, problem solving and time management. While also developing strength in analysis and numeracy. You’ll grow confident working in groups and presenting complex data.

After graduating from an economics degree, you could work for organisations like IBM, Halifax, and Alexander McQueen. You could secure a job in a variety of roles, including: