It occupies an important position in the course curriculum. Not only economics and humanities, but also students from commerce, management and engineering backgrounds learn economics in their course curriculum. Students often face a lot of difficulties in understanding the concepts, graphical representations and numerical problems of economics. We have the expertise to handle all the problems you face while dealing with economics.
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We provide high quality solution tailored to the specific needs of students. Our step by step answers along with appropriate reasoning makes it easy for a student to learn and understand. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. Employment of economists is projected to grow 6 percent from to , about as fast as the average for all occupations.
Compare the job duties, education, job growth, and pay of economists with similar occupations. Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.
Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences. Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U. They also project spending needs and inform policymakers on the economic impact of laws and regulations.
Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits. Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals. Many PhD economists become postsecondary teachers.
Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians , sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences. Economists spend much of their time using computers to analyze data, review research, or write findings. Most economists work full time. In addition to working full time at a business or university, some economists consult part-time.
Some perform work that may require overtime hours. About 1 in 4 economists worked more than 40 hours per week in Positions in business, research, or international organizations often require a combination of graduate education and work experience.
In addition, courses that introduce students to statistical analysis software are helpful. An advanced degree is sometimes required for advancement to higher level positions. Aspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings.
In addition, related experience, such as using statistical analysis software, can be advantageous. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions.
For example, labor economists analyze the effects of labor policies on employment. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization. Economists must be able to explain their work to others.
They often give presentations and explain reports to clients who may not have a background in economics. Economists must be able to present their findings clearly.
Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media. All Occupations includes all occupations in the U. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. In May , the median annual wages for economists in the top industries in which they worked were as follows:. Overcoming Market Failure Market failure - stuck in traffic jam, breathing car fumes.
The over production of negative externalities e. Non-provision of Public Goods - national defence, law and order. Tax negative externalities Subsidise public services like health care and education.
The importance of economics is that we can examine whether society is better off through government intervention to influence changes in the provision of certain goods. Some topical issues economists are concerned with Carbon Tax - should we implement a carbon tax to reduce global warming? Should we tax fatty foods?
Efficiency Another area where economists have a role to play is in improving efficiency. For example economists may suggest supply side policies to improve the efficiency of an economy. Individual Economics Economics is also important for an individual. For example, every decision we take involves an opportunity cost - which is more valuable working overtime or having more leisure time? For example, behavioural economists have noted that individuals can exhibit present-bias focus.
This means placing excess importance on the current time period and making decisions our future self may regret. This includes over-consumption of demerit goods like alcohol and tobacco and failure to save for a pension. In classical economics, we often focus on maximising income and profit. However, this is a limited use of economics.
Economics is also concerned with maximising overall economic welfare how happy are people. Therefore economics will help offer choices between increasing output and reducing inequality.
Efficiency v equality GDP and Happiness Economics of daily living In recent years, economists such as Gary Becker have widened the scope of economics to include everyday issues, such as crime, family and education and explained these social issues from an economic perspective. Becker places emphasis on the theory of rational choice.
The idea that individuals weigh up costs and benefits. Applying economics in daily life Conclusion.
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“The govt has given the MPC an inflation target of CPI 2.% +/ Therefore Monetary policy will be designed in order to achieve this goal ” Factors that might initiate and sustain a period of persistent inflation.“Inflation occurs when there is a continuous increase in the general price.
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