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What Is Your Intended Major, Personal Statement Example

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Personal Statement

I have always enjoyed courses that involve numbers which is why economics and accounting seemed obvious choices upon starting college. I was particular attracted to economics because I thought it will prepare me well for a career in business since economics issues are often discussed in business context in both print and electronic media. As soon as I was introduced to the basic concepts of demand and supply as well as scarcity of resources in my first economics class, I realized I had a very limited view of economics. Economics doesn’t only apply to business but almost all aspects of life. Most of us apply economics concepts several times in our daily lives without even realizing it. The intuitive nature of economics has further increased its appeal to me and my experiences in both eastern and western economies also give me a unique advantage of analyzing economic concepts from different points of view.

The unique experiences as well as my ability to think independently helped me avoid the noise that is often part of economic and political commentary and I have come to realize that there are no economies in the world that are purely capitalist or socialist. Both capitalism and social have some positive aspects but overall capitalism is far better economic system and usually positively co-related to economic development of the nations. I have also come to believe that some government intervention is necessary to ensure efficient functioning of capitalism as the Great Depression of 1930s and the recent financial crisis including the government’s actions demonstrate. Certain theories such as efficient market hypothesis have some flaws because they assume human beings always act rationally and downplay the role of human emotions.

My first job experience that allowed me to firsthand observe economic principles at work was as a receptionist at the dental office. I observed that demand for dental services demonstrated a positive relationship to the state of the economy as well as overall optimism regarding the future. My next job was as a barista at a retail establishment and again I witnessed the economic principles at work. I noticed that very few customers opted for refills even though refills were offered at a discounted price which was in line with the diminishing marginal utility concept. Similarly, my employer reduced products’ prices as competition increased because customers had greater number of substitutes available. Similarly, the shop would offer all products at discounted prices during certain hours when the business would usually be slow because it was possible to adopt price discrimination strategy without alienating any customer group. Being able to consciously observe economic concepts that I would study in the class enhanced my overall learning experience. I am so fascinated by economics and its relevance to the real world that one of my dreams is to come up with a new economic theory in the future.

The quality I value most in myself is being open-minded. Being open-minded helps me take maximum advantage of all kinds of learning opportunities. When I meet people from different cultural, ethnic, and social background, my tendency to being open-minded helps me identify my own biases and stereotypes and get rid of them. As a result, I have become more tolerant and respectful towards people from backgrounds different than me. Similarly, when I engage in intellectual discussions with friends on different topics such as politics, economics, science, and history, being open minded means I am willing to admit when I am wrong and acknowledge when someone makes a really strong point. This attitude ensures that my purpose in having intellectual discussions remains learning rather than egoistic competition. The quality of being open-minded is also the reason I am an independent thinker and often critically evaluate arguments for their strengths and weaknesses.

When I read news about different types of conflicts in the world such as geopolitical, racial, religious, and social, I often find out that all these conflicts arise because one or more parties fail to study the underlying issue with an open mind and instead let their emotions, pride, or ego shape their actions. People often confuse relative truth with absolute truth and fail to recognize their biases, prejudices, and stereotypes. When we are open-minded, we are not only concerned with our actions and thoughts but are also interested in learning about the sources of those thoughts and actions. This is why open-minded people are often objective thinkers.

I also have felt that my friends and acquaintances often share things with me they won’t share with many other people because they know I am open-minded and do not rush to judgment. Thus, being an open-minded person has won me the trust and respect of other people because they consider me an objective thinker who is able to put himself in others’ shoes and study the underlying issues from their perspectives. Being an open-minded person has also improved my communication skills because people could sense genuine interest and sincerity in my communication style which also encourages them to express themselves more openly.

Being an open-minded person has not only enhanced my understanding of economic concepts but will also benefit me in the real world. This quality will ensure that I continue to learn and improve myself throughout my life. I will also be able to better understand the strengths and weaknesses in economic policies in the U.S. and Hong Kong/China and may be able to use the insights to influence public policy making in Hong Kong.

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