Economists are social scientists that study how, where, when and why people groups go about business and producing products and services. They look things like how land is used and distributed amongst owners/users, raw material availability and/or trade, availability, education level and size of labour forces, energy sources and costs. They also spend a great deal of time on the numbers - tax rates, inflation rates, interest percentages and currency exchange rates and changes. In the end, it is all about gathering and analyzing data, and extrapolating important observations and then developing recommendations based on those observations. This information feeds into the development of economic reports, forecasts and studies.
Because something like "the economy" is a rather huge territory, economists also specialize in much narrower fields, sometimes along industry lines or geographic lines or perspectives (from micro to macro) on the economic forces and dynamics of a location. Economists are also known to become specialists on certain historical time frames. Economists' findings are used in a variety of ways that sometimes are not seen as having much to do with hard, cold cash and numbers. For example, economic data can be applied to the assessment and development of health standards and policies for a group of people, used to aid agricultural development, employed to develop public policy and law on standard business practices, environmental issues and initiatives, etc. On the other hand, economists' work can indeed be translated to increasing the bottom line as some economists spend time observing people groups' buying trends or advising on a particular company's direct competitors.
Economists work for a variety of employers, as well, including accounting firms, banks, government agencies and entities (like the Department of Labour, for example), law firms, consumer products manufacturers, insurance companies, research and consulting firms,...
Please join StudyMode to read the full document