What is an economics MBA?

Economics is an extremely diverse branch that deals with the application of business and finance principles in order to boost productivity, better manage resources, increase profits, and improve the overall operation of an organization in general. The Master of Business Administration in Economics or Economics MBA is designed to help students develop a thorough knowledge of economic fundamentals and apply them in real world situations. Additionally, this MBA degree also enables students to develop vital leadership skills that are necessary for executive-level roles in a variety of different industries.

How can I get an MBA in economics?

In order to enroll in an economics MBA program, applicants must have a bachelor’s degree in economics or a related field in addition to some relevant work experience. Classes can be taken on-campus or online, and students can choose a fast-paced 15 month long program; or the relatively less stringent and longer 24 month program. The basic curriculum includes courses in the areas of micro and macro economics, corporate finance, financial decision making, applied statistics, data collection and analysis, econometrics, and information management systems. Students also take courses in human capital management, international business management, global policymaking and financial trend analysis, corporate planning and strategic development.

Why should I consider a career in economics?

Economics MBA majors are guaranteed some of the highest wages in the world, and have ample opportunities at banks, investment companies and other financial institutions, in addition to numerous other private businesses and government organizations. The Bureau of Labor Statistics estimates employment opportunities in this field will increase by 6% through 2014. This projected increase, combined with countless career paths, and average wages of over 0,000 per year makes the economics MBA degree an extremely desirable choice.

Reading economic articles is one way of informing yourself on how the economy is fairing. There are many places where you can read economic articles from and they include newspapers, business journals and the internet. The reason for this is for you to be informed and be able get a good perspective on the economy. Economic articles will enable you make informed decisions like on whether it’s the right time to buy or sell shares on the stock exchange, get into real estate business when it is on the upward trajectory and even new job openings that are coming up if you are looking for one or you want to quit your current job

Don’t be left behind by time when you can be informed by reading economic articles every once in a while, even if you do not like reading any thing in particular. This will enable you to have an understanding of what is going on economically that can affect you in a positive or negative way. Information in these modern times is what makes people competitive since the more you know the better.

Get into the habit of reading economic Articles to give you an edge over your peers. Be it in investing, understanding the new trends in business or equipping yourself with new skills that are needed by an emerging industry or sector.  For businessmen and women, it is imperative that you always read economic articles. The reason being in business you need to be informed in order to be at the top of your game and ahead of the competition and can be able to create a niche for your business.

Economic articles information will be useful to your business in a couple of ways.  One of them is getting information when the government has lowered lending rates to banks, translating to banks lowering their lending rates for you to get a loan at a competitive rate to expand your business or to give a life line to your business to meet your operational expenses before things start looking up in this times of recession.  The knowledge you can get by reading these articles will take you to a completely new level as far as business and the economy in general is concerned.

Usually in these economic articles, you will get economic professionals giving you a break down on different issues afflicting the economy and how this will affect you and me be it on the short term or long-term basis. With the way things are right now globally with uncertainty every where from Europe, Asia and the United States, being informed by reading economic articles is the best way of having that small leverage that every one is looking for.

The economy is growing at a slow rate globally and for it to pick up it will take time. Economic experts say it will take time for the economy to recover. If you read economic articles, you will know this and you will surely know when the tide is changing in your favor or not.

Kerry Power’s “Economic Revolution: a 12 Step Program for Building a Better World and Making Big Profits at the Same Time” provides an inspirational treatise for ending the financial troubles that have become extremely prevalent American’s lives.

Review copies of this book are available for media contacts and bloggers upon request. Contact www.askthepublishingguru.com.

Kerry Power’s “Economic Revolution: a 12 Step Program for Building a Better World and Making Big Profits at the Same Time” provides an inspirational treatise for ending the financial troubles that have become extremely prevalent American’s lives. While on the surface it appears to be a typical financial self-help book, the book addresses some much broader concepts and digs much deeper into the underlying problems that have brought about so much economic distress in the past few years.

Like many books on post-recession economics, Power discusses in great detail how we arrived at our current financial mess, and within his 12 steps, the reasons become even more clear. But he also includes advice like “Resisting Economic Centralization” and “Supporting your Community” to provide us with the means to to promote prosperity in our communities, and avoid future recessions like the one we are currently experiencing. In this way, the steps of this book shift between actions we can take on an individual level, and collective actions that can completely revolutionize our economic system.

Ultimately, Power is suggesting that people need to stop waiting for some economic miracle to occur, and come together and act collectively in order to turn market forces in their favor. It is in this book that he has literally provided the instructions for such action. He discusses a movement he calls “Venture Activism,” where individuals unite to promote quality, provide for sustainable technologies for the future, and dismiss the old American habits of buying cheap goods and services. He describes compelling scenarios of a better future in great detail, full of greener energy sources and localized industry. He also suggests that Venture Activists will likely be at the forefront of these future societal improvements, and will likely experience great profits from facilitating this better future for all Americans.

Even simple, common sense topics such as “Abstaining from Debt Addiction” and “Owning Your Life” are explained in great detail, including the reasons why these extremely practical concepts have become uncommon habits for the typical modern-day American. Power even goes as far as to demonstrate how much of a borrower’s wealth gets transferred to the lender when an individual overuses credit, and it is absolutely shocking to see how much money we lose by living our lives this way. While this has surely been heard before, Power approaches the topic of “Debt Addiction” from a much wider perspective, by describing how the overall effects of a debt addicted society harm even those who choose not to live their lives on credit. When our hard earned tax dollars go to interest payments rather than productive projects, and our jobs disappear as businesses go under from producing more debt than profit, then we find that we are not separated from this pervasive societal dysfunction, even if we do not participate in this practice in our personal lives.

Power also discusses how we need to take responsibility for changing the political arena into one that is not so economically devastating. Our current government debt of nearly ,000 per taxpayer is no way to encourage a citizenry of debt-free, profit producing individuals. This is an example of what is most refreshing about this book. Power discusses economics as a personal, cultural, political, and historical phenomenon. He points out that society is always changing. Whether it technological or cultural, the world we live in is constantly evolving to provide for our current wants and needs. We can either stick to the ways of the past, or look to the future as bright and full of opportunities and ways to improve our lives. Power demonstrates that if we look into the recent past, we can see how people have had enormous success by adapting and “Anticipating a Better World.” He shows us that we can improve our world and reap the benefits by holding a little bit of optimism and foresight.

There is a lot of information in this book, and Power does a very good job of simplifying the sometimes complex subject of economics for the average person to understand. He provides an excellent definition of exactly what money is, and provides a brief history of the American banking system and inflation. While it is a lot to take in, everyone could benefit from reading this book and taking Power’s advice.
Perhaps my biggest concern about Power’s book is that not enough people will read it. This really is something every American should read, for if we all followed Power’s simple steps, we could see an expedited economic recovery and a very bright near future. But don’t bother to read this book if you are unwilling to envision a future that changes drastically from our current economic culture. While what Power suggests is extremely practical, it is appropriately identified as a “revolution.”

Taylor Ripp — International Honor Society of Economics

Our current recession has been hailed as the worst economic crisis since the Great Depression. Statistics are coming out constantly to show how this economic recession is deepening. Yet, how does this latest economic downfall compare to the Great Depression?

Causes

It is difficult to pin down just one answer to the causes of economic crises as there is usually a multitude of factors involved. Disaster in one section of the economy can cause a ripple effect throughout. Many factors combined to bring about the Great Depression. In the 1920′s, business was growing and people were eager to get rich quickly. However, this postwar boom encouraged industries to make more products than they could sell, and World War I left many countries reeling from large debts and taxes.

One similar factor that can be seen in contributing to the Great Depression and our current economic crisis is that of credit. Before the Depression, credit was extremely easy to obtain and large numbers of people built up debt. People invested in the stock market by using profits or by borrowing and therefore, turned it into a gambling operation. People bought stocks at high prices in hopes of selling at even higher prices. Stock prices were soon beyond their real value. This economic balloon kept expanding. When it burst, stock holders rushed to sell and the stock market crashed.

Similar circumstances can be seen in the financial markets of the last few years, especially in real estate. People investing in real estate drove up the prices, and in turn, homes prices became overinflated. Lending practices of banks added to the mess, in which many people were approved for loans they would not be able to pay back. As a consequence, major financial institutions, like Fannie Mae and Citigroup have lost incredible amounts of money due to these practices. When this real estate balloon burst, every section of the economy has been hit hard since then.

Statistics

After the stock market crash in 1929, the Gross National Product of billion shrank to billion four years later. The number of people unemployed in 1930 numbered 7 million. By 1931, the number was 12 million. The largest numbers of unemployment came in 1932, when 15 million people were jobless. The unemployment rate in 1932 was at roughly %, meaning that one out of every four Americans had no income on which to survive.

The most current numbers for our latest economic crisis report that more than 5 million people are unemployed. The unemployment rate is at now at 8.1 percent, according to a report released March 6, 2009. This is the highest unemployment rate since 1983. Just in January of 2009, employers cut nearly 600,000 jobs, the biggest lost since 1974. Also, the Dow Jones industrial average took a large hit just a few days ago on March 2, falling below 7,000, for the first time since 1997.

Effects

Presidential elections have proven to be explicitly affected by economic crisis. In 1932, President Herbert Hoover ran for re-election against Franklin D. Roosevelt. Roosevelt overwhelmingly won the presidency, since most Americans blamed Hoover for the Great Depression. Americans felt he had not done enough to alleviate the affects of the decline.

The economic crisis and each candidate’s response to it became the defining issue of contest between Barak Obama and John McCain in 2008. Obviously, John McCain did not learn from history as he stuck with conventional Republican wisdom stating that the fundamentals of the economy were strong and that the economy would fix itself. What started as a close race ended with a resolving win for Obama.

Hard economic downfalls have also affected and undermined political stability. The Great Depression era saw tremendous political unrest. The decade of the 1930′s saw the rise of fascism and Nazism in Europe. Dennis Blair, Obama’s intelligence chief, claimed recently that the current economic crisis could pose the greatest threat to global security. In a growing atmosphere of fear, distrust, and insecurity, it is not difficult to see why.

Conclusion

There is much debate over whether the country is heading into another Great Depression like what was seen in the 1930′s. While today’s global economic crisis has yet to reach the staggering numbers of the Great Depression, most experts predict that the recession will deepen before it gets better as companies have more layoffs over the next few months.

Sources

“Why Your Bank is Broke” by Stephen Gandel. Time. time.com/time/business/article/0,8599,1874702,00.html

“Is the Economic Crisis a Security Threat, Too?” Bruce Crumley and Tony Karon. Time. time.com/time/world/article/0,8599,1881492,00.html

The Great Depression and World War I. Gerald D. Nash. St. Martin’s Press; New York: 1979.

The Great Depression: An Eyewitness History. David F. Burg. Facts on File; New York; 1996.

Brother, Can You Spare Me a Dime? Milton Meltzer. Alfred A. Knapp; New York; 1969.

Rebecca M. is a self-proclaimed history buff who has been interested in U.S. history for over ten years. She is also the author of a history blog called My Adventures in History. This blog is found at http://myadventuresinhistory.blogspot.com/

The Importance of Understanding Economic Terms

The term “Economics” is commonly defined as “The science of how people make choices for the allocation of scarce resources to satisfy their unlimited desires.”

Though a major concern, which analysts should pay more attention to, the distribution of wealth has lately become less important than it used to be. The science dealing with this is political economy, which is the science that has to do with the nature of and of economic value, together with the production and distribution of valuable goods and services.

It is very important for everyone to thoroughly understand a set of highly used economic terms, such as wealth, production, value, labor, land, etc, and here are some of the definitions of these economic terms:

· Wealth – all material things produced by labor for the satisfaction of human desires and having a certain exchange value.

Moreover, wealth is material and is produced by workforce and it can satisfy human desires. However, contrary to common belief, money is not considered wealth, if not a medium of exchange, because of which, one can acquire wealth, which also has exchange value.

Production – all the processes by which human labor creates valuable goods and services and brings them to the ultimate consumer.

Production includes not only the producing or manufacturing of goods, but it also has to do the process of bringing them directly to the consumer. The factors that help produce wealth are land, labor and also capital.

· Value – the quantity of labor or products of labor that people are generally willing to give in exchange for something.

The economic value of an item is just what it will exchange for, under normal circumstances.

· Land – the entire material universe exclusive of people and their products.

Land includes not only the dry surface of earth, if not all other natural materials, as well as forces and opportunities.

· Labor – all human exertion in the production of wealth and services.

Both entrepreneurs along with blue-collars are part of this category; labor does not only refer to physical strength, whereby finished products are produced, if not also to mental work, whereby wealth is also produced.

· Capital – wealth used in the process of production, or in the course of exchange.

· Distribution – The division of wealth among the factors, which produce it.

Rent, wages and interest are the avenues of distribution are, and here is also their definition:

· Rent – that part of wealth, which is the return for the use of land.

· Wages – that part of wealth, which is the return to labor.

· Interest – that part of wealth, which is the return for the use of capital.

These factors involved in production all work together and produce a “pie”, called “wealth.”

Further reading on www.economywatch.com and www.economypedia.com:

Economic Terms on EconomyWatch

Encyclopedia of Economic Terms – Economypedia.com

Definition of “Global Economy”

Economics and Its Great Men.

Economics is a science concerned with how people use available resources to satisfy their wants through the process of production and exchange.
Adam Smith was the founding father of modern economics as an academic discipline. He was born in 1723. For most of his life he was a professor of philosophy in Glasgow, Scotland. His first and only economic book, The Wealth of Nations, was not published until 1776, when he was 53.
Smith tried to explain why some nations become wealthier than others. He believed that a free market would maximize the welfare of population. For his opinion the role of government in the economy should be minimal, because the government restraints on competition did more harm then good. He thought that competitive business the best way to increase the wealth of nation and only market intervention should be to prevent monopoly and to promote competition.
Adam Smith argued that technical progress, division of labour and free trade between nations were central to economic growth. If a country wished to improve its standard of living it had to export more than it imported.

Macroeconomics

Economics is a science concerned with how people use available resources to satisfy their wants through the process of production and exchange. The founding father of modern macroeconomics is Adam Smith. Economics is divided into microeconomics and macroeconomics. Microeconomics studies economic relationships of individuals, I mean household and business. And macroeconomics studies nation’s economies and global world economy.
There are financial system, world financial and commodity markets and major laws of economy analyzed by macroeconomics. Inflation, GDP, economic balance, economic growth, employment – are the main definitions uses by macroeconomics. It also tries to fix role of the government in the economy and reviews its fiscal, monetary, taxation and social policies.
Macroeconomics is very important branch of economics. Its aim is to helps governments keep inflation low, find ways to destruction economic imbalances, to improve employment opportunities and to maintain economic growth.

Accounting and auditing

Accounting is language of finance which all business decision-makers must understand. It is the process of capturing, possessing and communicating financial information. So it is an information system that accumulates, records, classifies, summaries and report commercial transactions. The aim of this process is to show the financial condition of a business entity.
Bookkeeping is a small part of the system and deals with record-keeping.
Accounting information are uses by managers, investors, and different groups in society such as tax authorities, labour unions, local governments, financial analysts and others.
There is public, private and governmental accountings are the major branches of accounting. Private accountants are employed by business firms. They prepare budgets and performance reports witch are needed to decision-makers. Public accountant are people who provide services for a fee. One their main functions is auditing. They analyze financial information, statements and offer their opinion on their accuracy and reliability. Governmental accounting is the accounting function performed for central and local governmental institutions.

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