What do economists do?


Answer: Economists study a diverse range of social issues whose outcomes are driven by the choices of individuals under resource constraints and limited information. There are various subfields in economics:

- Microeconomists study the supply and demand decision of individuals and firms, such as how profits can be maximized and how much of a good or service consumers will demand at a certain price. 
- Industrial/Organizational Economists study the market structure of particular industries in terms of the number of competitors, and the market decisions of competitive firms and monopolies. These economists may also be concerned with antitrust policy and its impact on market structure.
- Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment. 
Financial Economists study the money and banking system and the effects of rising interest rates. 
- Public Finance Economists primarily are involved in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies.
International Economists study international financial markets, exchange rates, and the effects of various trade policies such as tariffs.
- Labor Economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment, and the effects on labor markets of changing demographic trends such as an aging population and increasing immigration. 
- Econometricians are involved in all areas of economics and use mathematical techniques such as calculus, game theory, and regression analysis to formulate economic models. These models help to explain economic relationships and are used to develop forecasts related to the nature and length of business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena. Many economists have applied these fundamental areas of economics to more narrow areas with specific applications such as health, education, agriculture, urban and regional economics, law, history, energy, and the environment. 

Economists may work in Business, Finance Government and Academia.