The basic definition of economic studies is the study of how scarce resources are used to create valuable commodities which are then sold or distributed among different groups of people by societies.

In economic studies, a theory of behavior is first formulated in response to the market changes, then a strategic analysis is used in order to find the changes.

First and foremost the study of economics helps an individual in having valuable knowledge used in decision making in everyday life. It helps an individual to approach a question correctly and make beneficial decisions. For eg. Whether or not to have a tertiary education? The benefits, the disadvantages, the impacts and the alternative options.

Individuals who have graduated economic studies and are officially economists are important in our everyday lives regardless of us noticing it. They play a vital role in advising major figures such as presidents with regards to presidential issues, advising banks and advocating policies, analyzing an economic situation and advising other private sector businesses. Economists help to formulate policies behind many sectors, such as the educational sector, the public health care sector to name a few. Economists also play a role in the efforts made to reduce crime, pollution, discrimination and inequality.

The economic way of thinking helps an individual to make decisions both business and personal related.

Individuals develop analytical as well as critical thinking skills helping the individual understand how the world simply works based on other individuals decisions.

There are many social problems which face our world such as pollution, poverty, unemployment, health care, gender inequality, racial inequality, crime and inflation, these are just a few examples of what we face on an everyday basis. Economics is at the heart of these social problems. Economic studies opens up many doors of opportunities to many diverse career choices. A degree in economics could not just prepare the individual for a career in business but also a career in government, journalism, education, banking and international development. These are just a few examples of the career opportunities that lie ahead for an individual with a bachelors degree in economics.

Studying economics is also a very firm foundation for law school, business programs, master or PhD in economics and MBA programs. Overall studying economics is beneficial to anyone who is enrolled in the program even if they do not wish to apply the attained knowledge in any business field, but in their personal lives instead.