Economics
Qualifications
Arts: BA, CertArts, BA(Hons), MA, PhD
Commerce: BCom, BCom(Hons), MCom, PhD, GradDipEcon
Science: BSc, CertSc, BSc(Hons), PhD, GradDipSc
Introduction
Economics is the study of how people behave. Every day, people and society are confronted by choices. Should you go to university or start a career? What should you do with your next dollar? Should the government raise the minimum wage, or not? Choices involve trade-offs where we are choosing between two things that we like. The outcomes of choices have both costs and benefits to consider. Economics is the study of how people and societies make such decisions in the production, exchange, distribution and consumption of goods and services.
At UC emphasis is placed on three core areas of study.
Microeconomics examines the behaviour of individuals, households and firms, and their interactions in markets. It includes an examination of economic choices in decentralised markets and reaches conclusions about economic welfare. Markets that are regulated by government, have only a few participants or are characterised by different amounts of information, are also examined.
Macroeconomics examines the performance of an economy as a whole, and provides insights into the reasons for fluctuations and trends in national income, unemployment, inflation, interest rates and exchange rates. It also involves the examination of governments' taxation, expenditure, monetary and exchange rate policies.
Econometrics brings economic theories to data. It is the study of methods aimed at testing economic theories and providing quantitative information on economic relationships for policy analyses and decisions. Courses provide an account of econometric methods and illustrations of these methods, with applications to real data sets in laboratory classes that introduce the latest developments in computing and web technology.
Recommended background
While previous study of economics is useful preparation, it is not essential to have studied economics at secondary school level.
Students intending to major in Economics are strongly advised to include mathematics with calculus and statistics and modelling in their NCEA Level 3 programme.
A broad education, including history and English, is useful to develop the ability to write clearly and analyse written material.
100-level courses
ECON 104 Introduction to Microeconomics and ECON 105 Introduction to Macroeconomics are required by students intending to major in Economics. It is possible to graduate with a major in Economics without MATH 102 Mathematics 1A and STAT 101 Statistics 1, but that would be a 'bare bones' major that is really a supporting act to another degree (eg, a Bachelor of Laws). If Economics is your main focus, then you should take MATH 102 and STAT 101. If you intend to complete honours in Economics you will need to complete MATH 102.
The first-year, 100-level courses required to complete a Bachelor of Commerce majoring in Economics are:
- ACCT 102 Accounting and Financial Information
- ECON 104 Introduction to Microeconomics or ECON 199 (a STAR course for secondary school students)
- ECON 105 Introduction to Macroeconomics
- INFO 123 Information Systems and Technology
- MGMT 100 Fundamentals of Management
- MSCI 110 Quantitative Methods for Business or STAT 101 Statistics 1
- Plus 30 points from 100-level Commerce or any other UC courses. Note that MATH 102 Mathematics 1A is recommended if Economics is your main focus and/or you want to complete honours in Economics.
For the complete, three-year BCom Economics major degree plan see the College of Business and Economics website.
200-level and beyond
Courses beyond first year are organised around the three core areas of microeconomics, macroeconomics and econometrics. Additional undergraduate courses are offered in a range of applied fields.
Further study
Graduate courses in Economics may lead to honours degrees in Arts, Commerce or Science, or a Master of Commerce or Master of Arts. The doctoral degree (PhD) is by thesis. The honours (fourth year) programme provides the opportunity to explore both theoretical and applied economics in more depth.
Career opportunities
Graduates in Economics find employment in many areas of government and business, where it is recognised that an economist's education provides valuable specialist training for a professional career as well as good general preparation and background for an executive or administrative career.
Furthermore, the increasingly large volume of information available to decision makers has created a demand for people with well-developed quantitative analysis skills, such as those developed in econometrics.
Professional economists are employed to conduct research and advise on economic matters in various organisations. Examples include government ministries, departments and state-owned enterprises (eg, Treasury, Economic Development, Health, Labour, Social Development, Agriculture and Forestry, Fisheries, Foreign Affairs and Trade, and Statistics New Zealand), marketing organisations, the Reserve Bank, trading and merchant banks, stockbroking, insurance, trade commissions, local authorities, market research and other consultants, research institutes, major business enterprises and teaching.
For further career information, please go to www.canterbury.ac.nz/careers
Contact
Department of Economics and Finance
Telephone: +64 3 364 2536
Email: economics@canterbury.ac.nz