Rohit Dubey

What are the most lucrative career options in the field of economics?


by Rohit Dubey
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RE: What are the most lucrative career options in the field of economics?

Surabhi Dewra
Surabhi Dewra
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The field of Economics revolves around the value that is the income generated i.e. business transactions and overall benefits taking the sales of products and services provided by producers to the consumers. This study allows examining how individuals, societies, and businesses allocate these limited resources so that they can be beneficial to all.Economics allows the user to understand the issues of trade market in an open market system in which consumers interact with producers.Economics focuses on not only business as a model but also with issues and even daily life.A degree in economics provides with an array of subject-specific& transferable skills highly sought after by employers.

Majorly Economists study around way of maintaining an optimised ratio between production and allocation of resources, goods, and services. They work on collecting, analysing data, finding trends and Historical patterns and using it for Final Evaluation. This analysis is applicable to various major sectors like education, health, development, and the environment. Sectors and type of analysis may vary but the basis of work almost remains the same. For Ex - Some economists study the cost of products, health care or energy other examine employment level business cycles, exchange rates, taxes, inflation or interest rates.

Various Types of Economists on the basis of Job Role are as follows:

  1. International Market Experts - These individuals had a better understanding of the International market. They study International trade and impacts of various restrictions in tariff, taxes, and trade. They also had a keen eye on Global Market Scenario, Exchange Ratio and its impact on Overall Economy.

 

  1. Econometrician – The word Econometricians an amalgamation of “Economics and Mathematician”. These Experts work around creating various models using basic mathematics and Statistics to test and analyse Economic Relationships. Various Tools like Regression, Game Theory, Queuing Theory, Calculus etc. are used to prove Economic facts in a derivative way.

 

  1. Behavioural Economists- These Experts study the direct and Indirect Impact of psychological and social factors on the economic decisions making of an individual, entrepreneur or even Society. They work around the real-time impacts of the decisions taken and the factors that either made the system beneficiary.

 

  1. Financial Experts- These are the Market Experts and their job role involves market risks or predictions around savings and investment within various Financial market bodies and Institutions.

 

  1. Industrial Organization Economists- These Experts basically analyse the organisation and Competition that exist between industries of Common Genre. They majorly focus around “Cause of Existence of Industries within the Market”. They also examine how antitrust laws, which regulate attempts by the company to restrict competition, affect the market.

 

  1. Labour Economists: the Major focus of this kind of Experts drives around the trend of the supply of workers and the demand for labour by employers. They research around employment levels and comparable wages in order to maintain the ratio between Employee Satisfaction and Companies overall Benefit. They also help in the creation of labor-related policies, such as minimum wages laws & institution such as union etc.

 

  1. Macro EconomistsThese Experts analyse market or Economy as a whole. Focus always relies on society or the whole economy as a single unit. Overall Impacts of decisions on GDP, NPA etc that relates at Macro Level.

 

  1. Monetary Economist: These Experts work closely with Money related decision-making The may perform research to analyse trends related to unemployment, inflation & economic growth. They also study fiscal & monetary policies, which examine the effects of money supply & interest rates on the economy. These can be considered as a part of Macro Level Economists.

 

  1. Micro Economists: Micro Economists analyse supply & demand decisions of individuals and firms.They work around optimising these small factors that can help in giving a major overall benefit. These study and decision might vary in case of every firm or even every individual hence its gives us a real understating at Micro Level.

 

  1. Public Finance Economists: Public finance economists analyse the role of government in the economy specifically that may analyse the effect of tax cuts, budget deficits, and welfare policies. They provide the clear picture of the overall benefits of Taxes and developments within a Country.

For further queries and related information, you can approach the Professional Experts at CareerGuide. Hope this will help you!

RE: What are the most lucrative career options in the field of economics?

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