Principles of Economics/What Kind Of Economist

It is helpful to ask yourself some questions and see what interests you most to gain a better grasp of what kind of economics you want to study. Of course, being an economist in no way means choosing solely to become either a macroeconomist or a microeconomist, but some people will find one field more interesting than the other.

So, in an attempt to help you learn a little bit about economics and a little about yourself, here is a brief list of questions that ought to aid you in your quest for economic knowledge:

Which of the following interests you more?

  1. How the stock market works?
  2. What do we mean when we call a company a monopoly? Why did Microsoft get so much attention surrounding this word?
  3. Is a federal budget deficit considered harmful to an economy? Why or why not?
  4. Why do dentists make large salaries?
  5. What factors affect the economic hardships faced by developing African countries?
  6. How do we measure living standards?
  7. What exactly is inflation? How do we stop it? Should we?
  8. Why are name brand products more expensive than their generic equivalents?
  9. What causes prescription drug prices to be so expensive?
  10. How does a firm maximize its profits?

Of the preceding questions, 1, 3, 5, 6 and 7 are macroeconomic questions, and 2, 4, 8, 9 and 10 are microeconomic questions. This list of questions is not comprehensive and shouldn’t be used to discourage you from exploring one side of economics over the other. There are so many facets to each discipline that it would be unfair to proverbially judge a book by its cover. This questionnaire is just a tool to help focus your own personal interests in economics.