What is economics, why would you study it, and where is the best place to study, intern or work abroad?
Economics: what is it, why would you study it, and where is the best place to study, intern or work abroad?
- What is economics?
- What are the main reasons for being active in the field of economics?
- What skills do you need to participate in economics?
- What motivates people to study or work in economics?
- What are the best countries and locations to study, intern or work in economics?
- Where can you find work experience and vacancies for jobs, internships, and voluntary work in economics abroad?
- What are things to consider when studying or working abroad in economics?
- Further depth: what is economics as a discipline?
What is economics?
- Economics is the social science that examines how individuals, organizations, governments, and societies allocate limited resources among competing uses.
- The discipline studies production, distribution, exchange, and consumption, alongside the incentives and institutions that influence economic decisions.
- Economics provides a way of understanding local and international economic landscapes through patterns in markets, public policy, employment, trade, inequality, and development.
What are the main reasons for being active in the field of economics?
- Economics develops structured ways of examining choices, incentives, institutions, and the consequences of allocating scarce resources.
- The field contributes to understanding environmental questions involving resource use, external costs, sustainability, and the distribution of ecological benefits and burdens.
- Economic analysis supports practical evaluations of markets, organizations, public programmes, investments, and changing patterns of production and consumption.
- The discipline examines social questions such as poverty, inequality, employment, access to services, and differences in economic power.
- Economics offers an international perspective on trade, development, financial systems, migration, economic integration, and relationships between national economies.
What skills do you need to participate in economics?
- To analyse: economics involves interpreting data, comparing explanations, identifying relationships, and evaluating the likely consequences of decisions and policies.
- To form an opinion: economic questions often require reasoned judgments based on evidence, assumptions, trade-offs, and competing interpretations.
- To communicate: economists translate models, statistics, and policy arguments into explanations that different audiences can understand and assess.
- To plan: economic work frequently involves structuring research, developing forecasts, comparing scenarios, and organizing resources around defined objectives.
- To be aware of your surroundings: economic outcomes depend on political, cultural, institutional, technological, and environmental conditions that vary across places.
- To collaborate: economic research and policy development commonly bring together analysts, public officials, businesses, communities, and specialists from other disciplines.
What motivates people to study or work in economics?
- Be and feel self-aware: economics encourages reflection on how preferences, incentives, information, and biases influence individual and collective choices.
- Be and feel involved: the field attracts people interested in examining concrete developments in markets, public policy, organizations, and society.
- Be and feel meaningful with a sense of purpose: economic analysis can contribute to informed discussion about poverty, public services, sustainability, inequality, and development.
- Be and feel independent and free: economics appeals to those who value independently investigating evidence, questioning assumptions, and developing reasoned interpretations.
- Be and feel time path aware: the discipline studies how earlier decisions shape present conditions and how current choices influence future economic possibilities.
What are the best countries and locations to study, intern or work in economics?
- Countries with large and diverse economies where market structures, public policy, inequality, and financial systems can be examined: United States, Canada, Germany.
- Countries where international trade, logistics, finance, and economic integration strongly influence economic activity: The Netherlands, Singapore, Ireland.
- Countries offering perspectives on industrial transformation, technological development, demographic change, and expanding consumer markets: China, India, Vietnam, Indonesia.
- Countries where development economics, social inequality, informal activity, and resource distribution are prominent areas of observation: South Africa, Ghana, Kenya, Rwanda.
- Countries where natural resources, agriculture, trade, social policy, and regional development create varied economic contexts: Brazil, Chile, Colombia, Mexico.
Where can you find work experience and vacancies for jobs, internships, and voluntary work in economics abroad?
- Companies and business services abroad: suitable for internships and junior assignments involving market analysis, business research, financial planning, reporting, and operational data.
- Government institutions and working in policy abroad: suitable for policy research, economic data collection, programme evaluation, public budgeting, and administrative support.
- Research organizations and scientific work abroad: suitable for research assistance, literature reviews, survey work, statistical analysis, and communicating economic findings.
- Civil society organizations and social work abroad: suitable for development projects, needs assessments, impact measurement, community research, and work concerning poverty or inequality.
- Environmental organizations and sustainability abroad: suitable for resource economics, sustainability projects, environmental impact studies, behavioural programmes, and policy support.
- Organizations for study and summaries: suitable for educational content, research summaries, study support, data interpretation, and introductory academic assignments.
What are things to consider when studying or working abroad in economics?
- When preparing for economics-related experience abroad, it is useful to compare study, research, internships, volunteering, and employment options through activities around and abroad.
- Understanding local institutions, living conditions, documentation, language expectations, and professional customs forms part of the preparation for successful travel and stay abroad.
- Arrangements concerning healthcare, insurance, safety, personal finances, and access to support should be considered through insuring and taking care abroad.
Further depth: what is economics as a discipline?
What are the main features of economics?
Economics uses models, evidence, and comparative analysis to examine how choices are made under scarcity and how those choices shape markets, institutions, and social outcomes.
- Scarcity and choice: The discipline examines how limited time, income, labour, land, capital, and natural resources are allocated among alternative purposes.
- Incentive analysis: Economics studies how prices, rules, expectations, rewards, costs, and constraints affect the behaviour of individuals, organizations, and governments.
- Systematic modelling: Economic models simplify complex situations to clarify relationships, generate hypotheses, and compare the possible consequences of different assumptions or decisions.
- Empirical investigation: Economists use observations, historical evidence, surveys, experiments, and statistical analysis to evaluate explanations and identify patterns in economic activity.
- Institutional context: Economic outcomes are examined in relation to laws, governments, organizations, property systems, social norms, technologies, and unequal access to resources.
What are important sub-areas of economics?
The discipline includes several connected sub-areas that differ in scale, subject, and method while sharing an interest in choices, resources, incentives, and economic outcomes.
- Microeconomics: This area examines decisions by households, workers, consumers, and firms, including pricing, production, competition, demand, supply, and interactions within particular markets.
- Macroeconomics: This area studies economy-wide patterns such as growth, inflation, unemployment, national income, public expenditure, interest rates, and changes in overall economic activity.
- International economics: This sub-area investigates trade, exchange rates, cross-border investment, migration, economic integration, and the relationships between national and regional economies.
- Development economics: This field examines poverty, structural transformation, inequality, institutions, public services, and the social and economic conditions associated with development processes.
- Public economics: This area analyzes taxation, government spending, public goods, regulation, redistribution, and the economic consequences of collective policy decisions.
- Behavioural economics: This sub-area combines economics and psychology to examine bounded rationality, cognitive biases, social influences, and decisions that differ from traditional assumptions.
- Environmental economics: This field studies natural resources, pollution, climate-related costs, sustainability, and policy instruments for addressing environmental effects not fully reflected in markets.
What are key concepts in economics?
Economic reasoning is organized around concepts that connect individual choices with market processes, institutional arrangements, public decisions, and broader patterns of production and distribution.
- Opportunity cost: Choosing one option means giving up another, so economic analysis considers the most relevant alternative sacrificed when resources are used.
- Supply and demand: The interaction between what producers offer and what consumers seek contributes to prices, quantities, shortages, surpluses, and market adjustments.
- Marginal analysis: Decisions are examined by comparing the additional


















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