Attending university is a ton of fun, but it also prepares you for the next stage in your career. Even your hobbies can be advantages in your career development if you pursue them at a high level. Everything you do at university can be added to your CV in order to help you get a job in the future, and universities are great places to take part in extracurricular activities.

If you're a current economics student and you've chosen to specialise in environmental economics, then the good news is that there are a ton of job opportunities in this field. With the growing awareness of environmental issues and concern for sustainability, you can find work in all sorts of areas. But what are some of the specific jobs that you could do as an environmental economist? Today we're looking at possible career paths to give you some ideas about the kind of work which you might like to do once you graduate.

A demand curve shows the relationship between an item’s price and the quantity of the item demanded, either by an individual or by all participants in the market. Demand curves are downward-sloping for most items as greater quantities are demanded at lower prices.

The law of diminishing marginal returns states that as the input of a factor of production increases ceteris paribus, the additional output from the last unit of input decreases.

A deadweight loss is the irrecoverable reduction in economic efficiency that occurs when a free-market equilibrium is disturbed by a market intervention or other shock to supply and/or demand. In economic theory, free markets are beneficial to society because they allow consumers and producers to exchange goods and services for money and both sides of the market gain at the equilibrium price in terms of consumer surplus and producer surplus. In a simple economy with just one

One of the most fundamental tenets of economics. Supply refers to the quantity of a product being produced, and demand the quantity consumers wish to buy. In its most basic form, it refers to the theory that the price for a good or service will eventually settle at a point when its demand and its quantity are equal (assuming all other factors remain equal). This is referred to as the equilibrium.

In its simplest form, opportunity cost refers to the loss of the positive results of a decision when an alternative decision is made. It refers to the actual loss incurred by not choosing one option when another is selected. This cost does not only refer to money, but any lost benefits which may result in choice. A simple example of this would be that the opportunity cost of using a machine to make one product is the production of another product. That is, the second product cannot be produced, and its not being produced is an opportunity cost.

In capital markets, capital is exchanged between investors (who supply it from their assets) and investees (who need it to fund projects and ventures).  The investment horizon is usually at least one year.

A problem of adverse selection occurs in the case of asymmetric information  whenever a better informed market player uses information to take advantage of another player in the market who does not hold that information.  In turn, this adversely affects participation in the market.

The cross elasticity of demand (or cross-price elasticity of demand)  ϵAB refers to the sensitivity of the demand for item A  qA  to changes in the price of item B&n

An antitrust policy is a law or other government regulation that limits the dominance of large firms and promotes competition in the market.

If market players have different levels of information about each other’s valuations of the market then the information is asymmetric, or asymmetrically distributed. In classical economic theory, information is assumed to be complete and evenly distributed among market players: each player knows how the other players value the items being traded in the market. This simplifies the analysis of the market because the players’ actions will be certain and predictable. Market outcomes (prices and quantities) can then be easily calculated.

Consumer surplus is the gain made by consumers when they purchase an item at the competitive market price rather than the (highest) price that they would have been willing to pay for it.  Analogously, producer surplus is the gain made by producers when they sell an item at the market price rather than the (lowest) price that they would also have accepted for it.

When economists say “ceteris paribus” they are talking about the direct effect of X on Y while assuming that the rest of the world stands still. Ceteris is Latin for “other things” and paribus means “equal” so the literal translation is “other things being equal” but in economics it is generally understood to mean that all other things remain equal or constant (while dealing with the issue at hand).

As has been recently been documented on INOMICS, students across the world are facing a mental health crisis of unprecedented proportions. We had columnist James Matthew Alston investigate the phenomenon, looking particularly at university responses, and it's fair to say his conclusions made for tough reading.

Dating in academia is riddled with potholes, the most immediate of which is do not stray far from your academic discipline. Curious indeed considering that the academic world is meant to be populated by an abundance of young and energetic minds from a variety of different cultures, races and ethnicities, all of whom are hungry for new information and experiences. One would think that such an environment would provide the perfect dating terrain, right? Wrong!

The holidays are coming up soon, with Christmas just around the corner. If you want to avoid last-minute panicked present-buying, you had better get to planning the gifts you'll be giving. And what if you have an economist in your life? What would be the perfect gift for them? We're here to help your Christmas gift woes with some fun suggestions for the 10 best gift ideas for an economist. Happy holidays!

If you're thinking about directions for your research career, one possibility is to become a professor, teaching and researching in a university context. This is one of the most desirable jobs among young academics, and something that people often strive for. But what are the pros and cons of working as a college professor? Browse our college professor jobs listings

Esther Duflo is something of a rarity in her field, and not just for being the youngest ever recipient of the Nobel Prize in Economics, or the second only female winner. Her pioneering research also sets her apart. Eschewing the grand theory model favoured by her contemporaries, Duflo has carved out her own academic path, pursuing a rigorous analysis of - in her own words - ‘the pieces that comprise the whole’.

Everyone knows about the hard skills you need to be able to succeed in economics or in academia in general: excellent writing and proofreading skills, the ability to extract information from what are often dense scientific texts, and being able to evaluate and analyse data effectively, among other things. But they aren’t the only skills you need to have. There are, of course, the dreaded soft skills – a slippery term that can mean anything from being able to clearly communicate your ideas to another human being to more abstract concepts like emotional intelligence.

Whether you are applying to a structured program like those typically found in the United States, an independent research PhD like those in much of Europe and elsewhere or a hybrid of the two, the first step is to gather your thoughts (and paperwork) in an effort to convince the admissions board that you are the most qualified and motivated candidate for the position.

In 2018 INOMICS released another of its Salary Reports which provides an overview of a survey conducted of 2175 people in 2017 and contains insights into the job market. Respondents came from 117 countries, 17 more than the year previously, and the figure of those asked represented an increase of 11% on the previous year.

Elasticity refers, in its most basic form, to how much an individual, a business, a producer or a consumer changes its demand, or amount of goods supplied, as a result of price and income fluctuation. It is a core economic concept and provides answers to some central questions, such as how much more or less a product will sell if the price is raised or lowered or how much these price changes will affect the sales of other products.

Game theory refers to the study of the choices actors make which produce outcomes based on their preferences. In short, it's a way of predicting how economic agents are going to act, which has real-world application, meaning the results of releasing products or competing in business can be more accurately predicted. It is assumed in game theory that actors act rationally, that is, that they act in order to maximise benefits to themselves.

This subdiscipline of economics studies how the economic decisions made by individuals and institutions are influenced by psychological, cognitive, emotional, cultural, and social factors. Specifically, it busies itself with looking at rational decision making - and its boundaries - in contrast to how decision making is seen in classical economics.