Economist

THE JOB. Economists study the economy, but of course, that includes a number of things. Natural resources, consumer spending, distribution of goods and services, energy costs, interest rates and international trade are just a few.

Most economists are concerned with practical applications of economic policy. They advise businesses and other organizations, including insurance companies, banks, securities firms, industry and trade associations, labor unions and government agencies.

They use mathematical models to develop programs that predict the answers to questions regarding the nature and length of business cycles, the effects of a specific rate of inflation on the economy or the effects of tax legislation on unemployment levels.

There are economists in almost every area of government. For example, economists at the US Department of Commerce study production, distribution and consumption of commodities produced overseas, while economists employed with the Bureau of Labor Statistics analyze data on the domestic economy such as prices, wages, employment, productivity, and safety and health.

Preparing reports on research results is an important part of an economist’s job. Economists have structured work schedules. They often work alone, writing reports, preparing statistical charts and using computers, but they may also be an integral part of a research team.

SKILLS. The most important skill for an economist is the ability to synthesize and analyze complex information. Economic models are known for their complexity. These complex formulas are the lifeblood of economics. To be an economist, you must understand why they work.

Economists must also be good with numbers, statistics and research. Patience and persistence are necessary qualities, since economists and marketing research analysts must spend long hours on independent study and problem solving.

An economist often needs to be able to present complex information in a clear and concise manner.

EDUCATION. A bachelor's degree in economics is excellent preparation for many entry-level positions as a research assistant, administrative or management trainee or marketing interviewer.

Whether working in government, industry, research organizations, marketing or consulting firms, economists and marketing research analysts with graduate degrees usually qualify for more responsible research and administrative positions.

Economics includes many specialties at the graduate level, such as advanced economic theory, econometrics, international economics, and labor economics. Students should select graduate schools strong in the specialties in which they are interested.

OUTLOOK. Opportunities for economists should be best in private industry, especially in research, testing and consulting firms, as more companies contract out for economic research services. The growing complexity of the global economy should spur the demand for economists.

13. Make up a plan of the text and retell the text, according to your plan.

Mini Case

The local council has decided to call a public meeting to discuss the proposal to build a new hyper-market on the outskirts of the historical town of Bratton View.

Divide the class into 10 and each student or group should choose one of the following cards:

1. You are a local resident who thinks that this will be exactly the boost that the local economy needs. People will come to Bratton View from outside and bring money in. You will not have to travel 16 miles to Oakville just to see a supermarket. This will be the pride of Bratton View!

2. You are the town's local politician and you think this is a great idea. Jobs will be created both during its construction and its running and tax revenue will increase. Shoppers will have a far better choice when they go shopping and Bratton View will gain a high local profile from this.

3. You are the local police officer. Your experience tells you that these supermarkets always attract groups of young people with nothing to do and you are worried about a possible rise in crime.

4. You are a writer from New York who moved here for peace and quiet and don't want a huge supermarket less than 100 metres from your door. This is an historical town and the soul will be torn from it by this store.

5. You are the head of Super Foods Company, the organisation that will build this supermarket. It will bring jobs to the town and extra money because people will come to Bratton View from other nearby towns to use the supermarket.

6. You are a local schoolteacher who has campaigned against this proposal for over two years. The supermarket will be built on marshland which is the last safe habitat of the rare Bratton Duck. Do we destroy that for cheaper tomatoes?

7. You are an 18 year old who has just left school but can't find a job. This new supermarket will be the perfect opportunity for Bratton View to have new jobs available. They are speaking about 70 new jobs which will be great for the local economy.

8. You have lived in Bratton View for all your life and can't see the attraction of this planned supermarket. You prefer to do all your shopping in the small shops locally. The quality will be worse in the supermarket.

9. You are a local housewife who is sick and tired of paying high prices in the small shops locally. It is about time they had some competition and this may make them reduce their criminally high prices.

10. You own a small baker's shop in the centre of Bratton View and have worked in it for over twenty years. What will happen to you when this supermarket opens? Once you are out of business, the quality of the bread will fall and the price rise.

The task is to decide whether to construct a new supermarket or not.