Business and Economics Personal Statement
Business and Economic issues make headlines almost every day, everything from oil prices to the deals that are in the supermarkets every week. Even though the stories are constantly changing, a key idea remains: Economics and Business are major and influential areas of study in today's society. I believe that studying them to a degree level will challenge my understanding of economic theories and introduce me to key areas of business such as management and marketing.
During my A Level study of Economics, both microeconomics and macroeconomics have interested me. I have particularly enjoyed learning the basics of demand and supply and building on such knowledge by studying market structures such as perfect competition and monopoly. Whilst these models may be an extreme representation of a theory, it is important to understand how they work, as markets are constantly changing. For example technological developments, such as the internet, are making perfect competition a more realistic concept in the worldwide market. Understanding perfect competition therefore, would allow businesses to successfully expand to the online market by focusing on non-price competition such as the quality of customer service.
Having worked in a small business, which uniquely for that area had an online presence, I witnessed the benefits of monopoly power. Prices were pushed high as there was no competition providing a similar service, and supernormal profits of the business increased. Directly experiencing how business is influenced by economics as well as understanding and analysing this has not only increased my interest in it but also strengthened my drive to pursue it further.
Not only does economics impact firms, it can also affect politics. Politicians can use times of recession or hyperinflation to their benefit as people will vote for those political parties who promise to 'fix' the economy and increase social welfare. Perhaps one of the best examples of how big an impact economics has had on politics, international relations and history itself is how the National Socialist German Workers' Party gained so much support after unemployment hit 6 million in 1932 due to the economic depression caused by the Wall Street crash in 1929. The increased support of the party contributed to the beginning of one of the most horrendous events in human history- World War 2. The state of the economy influences not only businesses and politics but also individuals and their decisions. Understanding this influence that economics has on our daily lives is what makes it a very rewarding area to study.
At my previous school, I received many awards for my dedication to academics in subjects such as History, English and French. Aside from my studies, I volunteered as a stage manager for a school production where I was able to demonstrate clear communication and leadership skills by helping organise all aspects of the show. At sixth form, I am responsible for lower school pupils as a part of my prefect duties, which requires teamwork and co-operation with both staff and other students.
Economics has taught me analytical and evaluative skills which I have further developed in both A Level Biology and Philosophy and Ethics. I have also gained experience in analysing sets of data, problem solving, essay writing and doing independent research which requires self-motivation, time management and organisational skills.
Philosophy and Ethics has also introduced me to key and current relevant issues of business ethics such as Fairtrade, rights of workers and how businesses should treat the environment. Studying such a varied set of subjects has given me a broad and well-rounded range of knowledge about the world and has prepared me with the skills needed to study a Business and Economics degree at university.
I applied to : Manchester Met for Business/Economics Nottingham Trent for Business Management and Economics + Economics and Business University of Brighton for Business and Economics Leeds Met for Business Economics Got offers from all. I tried to focus mostly on my academics as I didn't have many extra curricular activities. Mostly economics as I study it at A Level and I tried my best to incorporate all my A Level subjects as they were so varied.