Your career training resource.
A business economist’s primary responsibilities are to research, collect and analyze data related to the economy, monitor economic trends and to develop forecasts for likely future economic events. Economists also prepare reports and presentations on their findings to inform others about the results of their research and calculations.
Some specialties within the economics field that are relevant to the business world are:
1. Microeconomics: evaluating individuals’ or corporations’ supply and demand decisions, maximizing profits for that individual or corporation, and helping the corporation understand consumers’ quality demands
2. Organizational economics: studying the economic practices in specific industries, and evaluating a business’ direct competitors within the industry
3. Macroeconomics: studying and analyzing trends in the economic system, as a whole
4. International economics: studying world economic markets and evaluating their effects on the United States economy or on American businesses and consumers
5. Public finance economics: studying the government’s role in the economy, such as the consequences of tax cuts, budget deficits and welfare policies, among others
Economics knowledge can also be applied to a number of other industries, including healthcare, education, agriculture, urban and regional economics and corporate businesses.
The average workday for an economist is quite structured. The majority of his or her time is spent working independently to conduct research, write reports and prepare charts and presentations of important data. Individuals who are detail-oriented, persistent and patient, who enjoy using computers and conducting research and who can communicate clearly to help others understand important economic information are likely to become capable, accomplished economists.
Salary Range:
$29,500 — $197,500
Education Level (minimum):
Bachelor degree in business administration or similar
Growth Outlook (2002 – 2012):
10 – 20%
