Economist

Overview and Key Facts

What Do They Do?

An economist could...

Overview

Listen to this section

Every country has resources—people, land, raw materials, capital, and machinery—and economists study how those resources are distributed to create the goods that people buy, and the services people need or want. In their studies, economists monitor economic trends and collect data on things like energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels. Based on their analysis of this data, they develop forecasts of economic activity so that businesses and governments can better plan for the future.

Do You Have the Skills and Characteristics of an Economist?

1. Reading Comprehension: ? Understanding written sentences and paragraphs in work related documents.
2. Critical Thinking: ? Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
3. Mathematics: ? Using mathematics to solve problems.
4. Writing: ? Communicating effectively in writing as appropriate for the needs of the audience.
5. Judgment and Decision Making: ? Considering the relative costs and benefits of potential actions to choose the most appropriate one.

6. Active Listening: ? Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
7. Speaking: ? Talking to others to convey information effectively.
8. Complex Problem Solving: ? Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
9. Active Learning: ? Understanding the implications of new information for both current and future problem-solving and decision-making.
10. Instructing: ? Teaching others how to do something.

Core Tasks

Think about if you'd like the typical tasks an Economist might do:

• Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
• Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
• Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
• Supervise research projects and students' study projects.
• Teach theories, principles, and methods of economics.
• Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
• Explain economic impact of policies to the public.
• Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
• Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
• Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.