Economics is one of the few things hogging the attention of people of all ages. In my home country, Zimbabwe, even the old people can explain hyperinflation and bank rates quite eloquently! Even though understanding basic economics is a requirement for survival, there are specialists who go deeper and help us to navigate what is otherwise a complex terrain.
The economy has buyers and sellers and most of us participate in the economy by purchasing what we need as well as selling our time and expertise. The economy is about money being made and the money being spent! Economics is thus a study focused on critically analysing the flow of money between individuals, organisations, industrial & economic sectors.
There are various careers one can take up in economics, However, in this article, we will be focusing on Economists. Economists evaluate data and study the production and distribution of good, services, and resources.
The Economist then applies their research they would have obtained from surveys and sampling techniques for decision making within various fields such as the health sector, education, and environment through reports tables and charts written in a clear language. Economists study past trends and use that information to predict future economic situations and how best to avoid them.
Duties and tasks of an economist include:
- Examine and research economic issues such as poverty and inflation
- Prepare reports and charts that present research
- Interpret and predict market trends (the increase and decrease of prices in investment)
- Design policies and recommend solutions for solving economic problems
Different places of work
- The government here economists collect and analyze data about the country’s economy, including productivity and employment
- Others work for cooperation’s and help them understand how the economy can affect their businesses such as consumer demands so as to increase profits
- international companies
We also have different types of economists such as
- Financial economists – mainly look at investments, study savings and financial markets
- International economists – look at the world at large and they study international trade, exchange rates, and global financial markets.
- Labor economics- here they study the demand of employers and their supply. They specifically study salary levels and how they are set.
The different skills to have or acquire include:
- Should always pay close attention to detail
- To always be precise
- Good with numbers and in mathematics
- Good communication skills to be able to communicate their idea with others, be it in presentation or reports.
- You should be very investigative, confident and optimistic
- Should be very inquisitive and curious
In your educational preps towards becoming an Economist, you should strive to build strong skills in mathematics and particularly statistics. In college, you can take up a degree in economics, but there are other several degrees you can enroll in that can assist in your pursuit for a career in economics:
- Business administration
Sharon T Sakonda
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