Economics examines how competition in markets leads to efficient production of goods and services, and the consequences of government intervention in private markets. Students gain an understanding of effective decision-making by managers of firms and other organizations. Your education in economics thus prepares you for employment in a wide variety of jobs, or serves as an excellent foundation from which to pursue law school or other advanced degree work. Economists work as loan officers at banks, budget analysts and market research analysts in firms, insurance actuaries, policy analysts for government agencies and industry groups, and in many other specialties where technical knowledge about consumer behavior, firm behavior, and policy implications is called for. Virtually every large corporation in America, and numerous medium-sized firms, employs economists to help make appropriate pricing decisions for its products, to help evaluate the impact of government regulations, and to forecast future demand and supply conditions within the industry.
Trade organizations representing all firms in an industry hire economists for the same reasons.
Public sector agencies at the federal, state and local levels hire economists to monitor performance of the economy, to assess the desirability and impact of regulations, and to contribute to ongoing discussions of policy formation. Nonprofit groups such as hospitals, community foundations, charitable organizations and schools employ economists as well. Suggested Study Strategy Spend no less than fifteen-twenty minutes each weeknight reviewing, recopying, and reorganizing your notes, in addition to reading the assigned chapters of McConnell and the supplemental readings. This adds up to about 5-8 hours of study time each month. Be committed to spending enough time each day to cover the material you need to, and to fully reviewing your notes and identifying areas requiring further work and things you need to ask me about.