Video: What is EconomicsEditorial Team15|3Last Updated:10:00 am, October 19, 2012
The basic skill of economist is to observe record and predict about want can happen to the economy by analyzing and interpreting the economic trends and data. With this, they are in better position to draw facts and figures about the economics condition, price changes, and unemployment rates and so on.
What economists study?
Economists study the techniques of how society uses the resources such as raw materials, land, labour, machinery to produce and analyze the production, distribution and consumption goods and services.
What are other roles performed by economists?
Another prominent role of economists is to do constant research on minute details that could affect the economy no matter how small those details would be.
How do economists conduct research?
In research, economists use wide variety of methods like mathematical and statistical models, economics theories and practices and so on. But in order to collect the data for conducting research, they require excellent communication skills and in depth knowledge of research methodology and statistics.
Where do economists work?
Economists can also work in field of banking, agriculture, finance, international trade, business, market research, mass media, consumer goods manufacturing, and business and so on.
Besides this, economists work includes advising on specific market events and impact on given economy, interpreting complex numerical and financial information, using the economic findings of a firm and predicting changes, writing various technical and non technical reports on economic trends and forecasts, understanding various sampling techniques that can be used for survey research and so on.
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