There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.

There are several private universities that can be found throughout Guatemala. Despite this, it still has some of the lowest literacy levels in all of Central America. Those looking to study in this country may have to pay higher tuition due to the privatized school systems.

A bachelor's degree is given to students who fulfill the necessary requirements given by the college or university they are attending. The requirements include three to seven years of focus on a subject, typically referred to as a major or concentration.