Careers in Economics
Economists study how society uses, regulates, and distributes its natural and human-made resources such as land, labor, raw materials, and machinery to produce goods and services (Horizons, 2000). In simpler terms, they study how effectively society meets its human and material needs. Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it? They then compile, process, and interpret the answers to these questions ("Economists," 1997). Economists may analyze the relationship between supply and demand and develop theories and models to help predict these future relationships. They help provide a logical, ordered way of looking at various problems. They attempt to explain social concerns such as unemployment, inflation, economic growth, business cycles, tax policy, or farm prices. Most economists apply their skills to solve problems in specific areas, such as transportation, labor, heath, finance, marketing, corporate planning, energy, or agriculture. Business firms, banks, insurance companies, labor unions, governmental agencies, and others seek advice from economists to use in their decision making (Horizons, 2000).
Three General Types of Economists
Theoretical economists, employing mathematical models, develop theories to examine major economic phenomena, such as the causes of business cycles or inflation or the effects of unemployment, energy prices, or tax laws.
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