A person who works in the discipline of economics is called an economist; they research how resources, products, and services are produced, consumed, and distributed within a given community. Federal governments, municipal governments, businesses, non-profit organizations, banks, research firms, think tanks, and universities are just a few of the diverse institutions that employ economists. In the United States, economists frequently work for the Bureau of Labor Statistics or the U.S. Department of Labor.
The interaction between society and its resource utilization is examined by economists. An economist may research any number of societies, from small towns to big countries. To forecast future trends for governments and corporations, they concentrate on figuring out the relationship between a community’s or country’s resources and the products made from those resources. In order to help businesses develop more intelligent marketing tactics, economists also assist in identifying the justifications for the choices that individuals make.
Well, in this article I’ll be discussing what does an economist do
- Econometrics
- Microeconomists
- Financial economics
- Industrial organizations
- Public Finance Economists
- International economics
- Econometricians
- Academic economics
Contents
Econometrics
In order to examine economic links and explain economic theories or trends, econometrics, a combination of mathematics and economics, is utilized. Calculus, game theory, and regression analysis are all tools used by econometricians to create models.
Microeconomists
examine how individuals and businesses decide on supply and demand, including how to optimize profits and how much of a given commodity or service buyers would demand at a given price.
Financial economics
Research pertaining to the economic problems of an organization makes up financial economics. This study might be used by a financial economist to propose workable ideas for boosting the production and distribution of goods and services.
Industrial organizations
Industrial organization researchers examine how several businesses operate and compete within a single industry. They frequently concentrate on antitrust laws, which are laws created to encourage fair competition, and how these laws impact markets.
Public Finance Economists
are largely concerned with researching the impact of tax cuts, budget deficits, and welfare policies, as well as the role of the government in the economy.
International economics
To evaluate the problems related to cross-border commerce in commodities and services as well as international investment, this branch of economics looks at historical trends. International organizations or think tanks may employ an international economist.
Labor.
Labor economists concentrate on the supply and demand of workers in specific occupations. They examine employment rates, wages, and the effects of labor laws and unions (such as the minimum wage law) on the labor force.
Econometricians
are active in all branches of economics and develop economic models using mathematical methods including calculus, game theory, and regression analysis. These models are used to predict the characteristics and duration of business cycles, the consequences of a particular rate of inflation on the economy, the effects of tax legislation on unemployment rates, and other economic phenomena. They also aid in the explanation of economic linkages. Numerous economists have adapted these basic concepts of economics to more specialized fields with particular applications, such as law, history, energy, health, education, agriculture, urban and regional economics, and the environment.
Academic economics
This branch of economics is concerned with using economic logic in academic contexts. A typical day for an academic economist involves teaching economics in a college or university. They may also conduct economic research in addition to their teaching duties.
Read more: what can you do with a business administration degree?
FAQs
What are the roles of an economist?
Economists are financial professionals who focus on market analysis. Their main duties include gathering and evaluating financial and socioeconomic data, giving economic advice to firms and governments, and creating models for economic forecasting.
What are the top 3 skills of an economist?
In order to be successful, an economist must be able to apply economic theory to formulate forecasts and hypotheses, analyze data to statistically answer questions, and effectively convey findings to a broad (non-economist) audience.
What careers can economists have?
- Economist.
- Financial risk analyst.
- Data analyst.
- Financial planner.
- Accountant.
- Economic researcher.
- Financial consultant.
- Investment analyst.
Where can an economist work in Nigeria?
For economics majors in Nigeria, the highest paid industries are finance, investment banking, consultancy, government, and research. But there are also chances in the medical field, in education, and in technology.
Can an economist work in a bank?
Business economists are employed by businesses in a variety of sectors, including manufacturing, mining, transportation, banking, insurance, retailing, the private sector, securities and investment firms, management consulting firms, economic and market research firms, as well as trade associations, and consulting organizations (Careers,…
How much are Nigerian economists paid?
The estimated monthly compensation for an economist in Nigeria is NGN 587,000, with an average wage of NGN 250,000. These figures show the median, or the midpoint of the ranges, from our unique Total Pay Estimate methodology, which is based on data about wages gathered from our users.
What is the best school to study economics in Nigeria?
- University Of Ilorin, Ilorin.
- Ahmadu Bello University, Zaria.
- University Of Nigeria, Nsukka.
- Nnamdi Azikiwe University, Awka.
- Kaduna State University, Kaduna.
- Nigerian Defence Academy, Kaduna, Kaduna State.
- Imo State University, Owerri.
How many years is economics in Nigeria?
- Anthonia Ifeyinwa Achike.
- Adesoji Adesugba.
- Nike Akande.
- Sarah Alade.
- Osayi Alile.
- Sam Aluko.
- Samuel Asabia.
What is the name of the economist in Nigeria?
The creation, distribution, and use (or consumption) of products and services are all studied by economists. They work in a range of industries, including business, medicine, and the environment.
Who do economists study?
The Obafemi Awolowo University (OAU), Ile Ife professor of economics, Abayomi A. Adebayo, was named the most effective economist researcher in Nigeria in the 2021 AD Scientific Index rating of economists.
That is all for this article in which I have discussed what an economist does. I hope it was helpful. If so kindly share it with others. Thanks for reading; see you around!
