1.5: Economists in the Economy

Question 1

Jobs of economics majors can generally be described as…

Answer 1

collecting and analyzing data on the production and use of resources, goods, and services; predicting future trends; and studying ways of using resources more efficiently.

Question 2

A market research analyst works with data on…

Answer 2

buying patterns and tries to forecast the likely success of a product and the price that buyers are willing to pay for it.

Question 3

A financial analyst studies trends and fluctuations in…

Answer 3

Interest rates and stock and bond prices and tries to predict the cost of borrowing and the returns on investments.

Question 4

A budget analyst keeps track of an organization’s…

Answer 4

Cash flow—its receipts and payments—and prepares budget plans that incorporate predictions of future cash flows.

Question 5

5 skill requirements of economists are:

Answer 5

Critical-thinking skills, Analytical skills, Math skills, Writing skills, Oral communication skills

Question 6

Range of economis’ pay and median level?

Answer 6

$65k-$135k with a median of $100k