An Economist studies the distribution of resources within society, including land, labour, raw materials and machinery used in the production of gods and services. They conduct research, analyse data, monitor economic trends and develop forecasts on various issues, such as energy costs, inflation, interest rates, taxes and employment levels.
An Economist provides information that enables managers to make decisions about the marketing and pricing of goods and services. An Economist also provides information on government policies as they relate to the employer’s business.
Economists might work in government, for private organisations including banks, insurance companies, manufacturing companies and consulting firms or in academic institutions. There are also limited roles available in providing forecasts and reports for media organisations.
Key duties of an include:
- devising sampling techniques and conducting surveys to obtain pertinent data
- utilising mathematical modelling techniques to develop forecasts
- preparing reports, including charts and graphs, to illustrate findings and analysis
- presenting economic and statistical concepts in a meaningful way to those without a specialist background
While there are entry-level positions for Economists with a bachelor’s degree, most positions require higher degrees (eg. Ph.D in Economics is usually a requisite for private sector economist positions).
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