3. As a Profession: An economist is a professional in the social science discipline of economics which involves the study of the production, distribution, and consumption of goods and services. Economists study how the society utilizes scarce resources such as land, labour, raw materials and machinery to provide goods and services and carry out a cost benefit analysis, to discover the flaws and suggest new and improved ways. They conduct research, analyze the data collected and based on their analyses and economic trends, they develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates. They use various mathematical models and analytical tools like econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics during their research and study.
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5. Specializations are offered at post graduate level where one can specialize in Advance Business Economics, Public Economics, Labour Economics, Managerial Economics, International Economics, Agriculture Economics, Economics of Public Utilities etc on his/her choice.
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7. International Economists: They study and analyze statistical data pertaining to foreign trade, in order to develop suitable international trade policies and maintain trade balances. International Economists understand the global financial markets, currencies and exchange rates and study its effects and predict future changes. Labour Economists: Labour Economists work on various labour related policies, labour laws and regulations and study labour trends. They have detailed knowledge about the operations of labour unions, industrial policies of the management and can handle labour disputes. Industrial Economists: An Industrial economist focuses on optimally utilizing the resources the available resources by allocating and reallocating them according to the demands and consumption patterns. They study and analyze the structure of business in relation to the production and marketing of goods and devise new techniques for developments and suggest required improvements.
8. The work of an economist mainly depends upon and varies according the economic system of the nation. The economics policies and laws differ from a Capitalist economy to a Communist Economy to a Mixed economy and so does the nature of work of economists. Economists can work in any of the three sectors mentioned below: GOVERNMENT AND PUBLIC SECTOR ENTERPRISES: Economists mainly conduct market research and analysis; they draw forecasts for various policies and projects and the economy as a whole. They use econometrics to work out forecast for the different sectors in the society like agriculture, transport, employee training, social plans etc. They devise new strategies and policies for the nation's development. They also evaluate research projects and other large government projects and give advice and suggestions for improvement. They play a very important role in analyzing the cost effectiveness and investment study for the government.
9. INDUSTRY AND TRADE: Economists play a very important role in the company's growth and development. Economists in a Company/Organization/Industry carry out extensive research on the various market and economic trends and general business conditions that would influence business decisions. They develop organizational policies taking into consideration governmental regulations and directives and market policies. They analyze the competitor's strategiesand the consumer demands and advise the management on production and marketing matters. They help in utilizing the available resources economically and optimally. BANKING AND FINANCE: Economists working in this sector are mainly involved in compiling and assessing economic details from government statistics and company reports. They can work in specialized industries within the finance sector. Economists working with organizations which have made foreign investments need to study and understand the economic policies of the concerned foreign nation. They enable smooth and efficient foreign operations.
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