These days, students have access to a world more interconnected than ever before, and the advent of the information age has led to the creation of technology that provide them with incredible opportunities to learn and grow. Did you know, you could simulate FOREX markets online, and learn about how currency markets work in the real world? Or that you can download apps that find and organize economic data for you? The applications are endless, and economics students have been benefitting from them for years. Now, with information about the best apps on the market, so can you.
10. Econ Ed
This app actually belongs to the Federal Reserve Bank of St. Louis. The app is amazing for providing economic curriculum to younger students just starting to explore the world of economics, allowing students to become more familiar with economic terms like purchasing power and inflation, and it provides brilliant examples in an easy to use format. Cost: Free
Yahoo Finance offers great financial reporting and many articles, analysis, and data about international financial markets. Yahoo makes the list because of its free service, and accurate data. While other sources are typically preferred, such as The Economist because of their reputation, Yahoo is a high credibility rating due to the quality of information. If you are conducting broader research, Yahoo is a wonderful service. Cost: Free
For the economist who prefers to study international finance, this application is an excellent way to stay updated on the stock prices currently on the market. Users can also examine the price change over time, making it an invaluable tool for those who need to have access to the history of particular stocks. This app is built primarily for investors, as its platform is designed to keep track of a user’s investment portfolio; however, it is still very useful for the average economist. Cost: Free
Ever wondered what it would be like to be an investor? Stock Wars provides this opportunity by allowing you to enter the realm of Wall Street and purchase imaginary stock with in game money. The simulation follows real market trends. As with all market simulation apps, it can be a bit buggy, and sometimes crashes on its users. However, if you are looking for some practice in the realm of market trends, this app is still a useful tool for understanding the ebb and flow of market behaviors. Cost: $1.99
6. Khan Academy
For newer students, Khan Academy is a great resource to learn about macro/micro economic principles. Khan Academy is a world famous learning platform, and can be considered the Duolingo of learning social and physical sciences. While it may not be useful for Ph.D. students, Khan Academy provides a refresher service if you’ve forgotten what elasticity means, or how to plot marginal cost. Cost: Free
Eurostat maintains a large collection of country data for Apple and Android users. The economic data isn’t always completely up to date, so if you are looking for the most recent data, it is far better to use the Eurostat website, which is very user friendly. However, if you are looking for the most detailed information about the European economy and general economic trends, this app is the perfect place to go. Cost: Free
Bloomberg is one of the most trusted names in the international market place; indeed, their analysis on stock market prices and international trends are among some of the most accurate in the world, and their website is easy to use and very user-friendly. Bloomberg developed an app to make it easier for economists to use on their phones or computers, and it is just as easy to use as the online version. Cost: Free
The US Federal Reserve offers several different apps to help augment an economist’s knowledge about current trends in the US and around the world. The Fed’s app is surprisingly user friendly, in comparison to the Federal Reserve’s website. The application is a great source of social and income date for US citizens, and even of the real estate market in the US. Cost: Free
The International Monetary Fund and World Bank have developed apps that allow readers to easily find and reference data that they provide. These two international organizations are among the most prestigious in the world, and the most competitive. Therefore, these apps are incredibly useful tools for economic reference, as readers can count on the reliability of the data and its relevance. The best part? Cost: Free
OANDA, one of the most prestigious names in FOREX trading, has developed an app that can be used to track fluctuations in currency exchanges. The app even has a demo version, where users can use fake money indefinitely to purchase and sell currencies. The app in this sense is similar to Wall Street simulation games, but the real world value, and the knowledge gained by simulating this experience, is invaluable as well as fun. Be careful not to lose too much “money”! Cost: Free
Thus, economics students have innumerable platforms to gain experience about the real world markets and conduct analyses about fluctuations in the market place. Other apps do exist, but these are highly recommended for the student under a deadline or the recreationist investor. Take advantage of these apps, and start learning today!
For lots more information for economists and students, check out these articles: