Nature of the Work Economists . Economists study the ways a society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They might research topics such as energy costs, inflation, interest rates, farm prices, rents, imports, or employment levels.
Most economists are concerned with practical applications of economic policy in a particular area.
They use their understanding of economic relationships to advise businesses and other organizations, including insurance companies, banks, securities firms, industry and trade associations, labor unions, and government agencies. Economists use mathematical models to develop programs predicting the nature and length of business cycles, the effects of inflation on the economy, or the effects of tax legislation on unemployment levels. Economists devise methods and procedures for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports on the results of their research is an important part of the economist's job.