The Subject of Economics - Personal Statement Example

Personal ment My intended major is Economics. My inclination towards the can be traced to my early school days. Time only made my love stronger. Different theories of economics coupled with and its real life application continue to fascinate me till date. It was only natural for me to join the Economics club, a platform to share information related to this subject. I had also won two competitions with other schools. The subject, Economics is actually a ‘social science’. Hence, it basically deals with people and society.

Economic can be defined as “the study of choice under conditions of scarcity” (Hall & Lieberman, p.1). Economics is studied to understand the manner in which choices are made among different alternative uses of the available scare resources. Economic factors like GDP, GNP, per capital earning, purchasing power of the consumers and other such factors are used to analyze the performance of a nation. While developing corporate strategies these factors are taken into consideration. Therefore, people who are involved with the corporate sector must possess a sound understanding of the subject.

Apart from theoretical knowledge that intrigued me during my school days, my aunt is also responsible for my liking for the subject. She is a businesswoman, working as an executive director in Li and Fung Trading Ltd, one of the largest trading logistics company in the world. Often my aunt and I used to discuss the business environment of Hong Kong as well as that of other nations where the company has its operation. These discussions molded my thought process and helped me to understand the manner in which economic condition of the domestic country affects the products and services that are offered by companies operating in its market.

Such findings further increased my love for the subject and I finally realized that one should gather practical experience for understanding the operation of economics in day to day life. I was lucky enough to get the opportunity to work in Li and Fung Trading Ltd during the summer of 2005. I was sent to Shanghai to work in one of the branch and to learn how a marketing company operates. There, I was assigned a variety of job responsibilities, like conducting paper works, customer dealing, accepting orders from customers and then forwarding them to the respective vendors.

All these activities were sufficient for me to understand the manner in which a company operates. I also visited the factory of the vendors for quality inspection of the products that are supplied to the company. In brief, I had activity participated in the supply chain management of the company. During my working phase, I realized the importance of Economics in the day to day operations of an organization. I’m indebted to my subject with the help of which I conducted my job responsibilities in such a manner that it drew appreciation from all quarters.

The giddy feel of success was also accompanied with the realization that theoretical knowledge of Economics in inextricably linked with that of practical day to day application and thus I have decided to take up Economics as my intended major in order to gain in-depth knowledge of the subject. Reference Hall, R. E. & Lieberman, M. Economics: Principles and Applications. Cengage Learning. 2007.