Some economists in the private sector work for consulting firms. These economists may advise either the government or private litigants in, for example, antitrust cases. Occasionally, they give testimony in court as an expert witness. Economists hold important positions at many banks and financial firms. All of the Federal Reserve Banks employ economists.
Many economists work in the public sector in all types of contexts.
In Arizona, economists work for the Department of Revenue, Department of Economic Security, Department of Environmental Quality, and the Department of Administration. At the Federal level, economists are employed by the Labor Department, Department of Justice, Federal Trade Commission, and even the Central Intelligence Agency. A more general statement is that economists study how people deal with scarcity. The problem of scarcity implies that people have to make choices. Of course, not all economists agree on how best to study behavior under scarcity.