All Opportunity Costs, or as they say THE NEXT BEST ALTERNATIVES, should be mapped way before you\u00a0decide on Economics. Your passion, your hobbies, your interests, your aptitude: all might suggest you to\u00a0go for some other career option but you opt for Economics just because some random Gupta Uncle\u00a0suggests it or Sharma ji ka beta is doing well in his life with it? Naah, doesn\u2019t look cool! As clich\u00e9` as it\u00a0might sound, you don\u2019t want to regret a few years down the lane that you would have been better off\u00a0opting for something that really interests you, do you?<\/p>\n
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THE PROBLEM OF ADVERSE SELECTION<\/strong><\/p>\n Adverse Selection (in Economics) is a process in which undesired results occur when buyers and sellers\u00a0have access to different\/imperfect information, also known as asymmetric information. Now, we are\u00a0referring to this problem because you might have the idea of the subject but you may not know it in\u00a0detail. \u201cEconomics is not everyone\u2019s cup of tea, it\u2019s difficult\u201d, is something you must\u2019ve heard a lot of\u00a0times from your seniors. Only when you know you can do justice to the subject by devoting time for it\u00a0daily, reading newspapers, be in the know-about of the happenings in the financial world, should you go\u00a0for it. We are sure you don\u2019t wish to land yourself in a position when you look at your life like this-\u00a0DEAD!<\/p>\n <\/p>\n <\/p>\n #3<\/p>\n THE FREE RIDER PROBLEM<\/strong><\/p>\n This occurs when people can enjoy a good service without paying anything (or making a small\u00a0contribution less than their benefit) How we all wish it were true in our Economics case *sigh* but the\u00a0reality is you just don\u2019t! You will reap what you would invest in the subject. There are tremendous\u00a0career opportunities it can offer you provided you fall in love with it, we mean-YOU HAVE TO. All those\u00a0theories, the hardcore economic terms, their implementations, your hold over micro and macro\u00a0concepts, mathematics, statistics, research! YES, ALL IN ONE PLACE. BUT, it won\u2019t allow you to escape\u00a0freely! It isn\u2019t a game of roses but thorns or THRONES maybe!<\/p>\n <\/p>\n <\/p>\n #4<\/p>\n THE STRUGGLE FOR MAXIMIZATION<\/strong><\/p>\n Maximization\u00a0means\u00a0trying to attain the highest or maximum\u00a0result\u00a0or outcome without regard to cost\u00a0or\u00a0expense. Here, you do try to maximize your knowledge if you realize you\u2019re meant for it but if it\u00a0happens vice-versa, we can feel for you bro! Unlike normal courses where you could start studying ten\u00a0days prior to your exams and expect a satisfactory percentage, we bet you cannot dare to do it for\u00a0economics. Well, ofcourse you can do the same but at the cost of your career! When the focus shifts\u00a0from \u201clearning\u201d to \u201ctrying to save yourself from flunking\u201d, you know you\u2019ve landed yourself in a big mess\u00a0and there\u2019s a little way you can come out of it. It isn\u2019t much different than the feeling a vampire gets\u00a0when exposed to sunlight!<\/p>\n <\/p>\n <\/p>\n #5<\/p>\n PRISONER\u2019S DILEMMA<\/strong><\/p>\n A situation in which two players each have two options whose outcome depends crucially on the\u00a0simultaneous choice made by the other, often formulated in terms of two prisoners separately deciding\u00a0whether to confess to a crime. Be it! Economics runs on a lot of assumptions and confusing terms and\u00a0theories. We do not intend on scaring you or create a confusion but just helping you choose the right\u00a0career path. Find your true calling and go for it! If your heart still feels for Economics, CHOOSE IT. It\u2019s\u00a0your life, make it worthwhile.<\/p>\n <\/p>\n <\/p>\n Have anything to add to this post? Share with us in the comments!<\/em><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Aced your boards? Congratulations! Made up your mind on choosing the most sought after career\u00a0option, the trending one-Economics? Perfect!<\/p>\n","protected":false},"author":74,"featured_media":387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[2023],"tags":[8,4,6,7,5],"class_list":["post-364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-guidance","tag-career-advice","tag-career-assessment","tag-career-counselling","tag-career-guidance","tag-career-planning"],"yoast_head":"\n![\"giphy\"](\"http:\/\/blog.mindler.com\/wp-content\/uploads\/2016\/07\/giphy.gif\")
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