The Job of an Economist

Date: 2015-10-07; view: 888.

Reading

10. Read the text and do the tasks below.

1. Economists analyze, interpret and predict future trends in the economy. They are especially concerned with how we spend our money and the use of natural resources. Often they collect data through surveys, and they try to predict when a rise or fall in the economy will occur. They spot trends and forecast such issues as energy costs and unemployment levels. Economists often present data in the form of a report with tables and charts.

2. Economists study trade, markets and the financial activities of consumers, governments and businesses. Economists are employed in a number of fields, including academia, business and government. The specific responsibilities of an economist will depend on their employer. For example, an economist employed by an investment bank may help the bank make wise investments, while an economist employed by a university may be assigned to conduct research. However, most economists share a similar set of duties.

3. Microeconomists are responsible for individual businesses. They help the business to get the most for their money and provide the quality of service their customers expect. Macroeconomists look at the history of the economy and try to predict future developments, which can include a rise in the loss of jobs, inflation and growth in the economy. International economists study markets overseas and the exchange rates among them. They try to find the best policies that bring the most profit to both sides.

Some economists, particularly those employed by state government, will help the government prepare a budget. Using their powers of prediction and analysis, the economist will help government get an idea of the money that it will generate over the next year and the effect of its expenditures. This will help government prepare a more effective plan for its use of funds.

4. In addition to performing research and reporting on their findings, economists may be engaged by an organization as consultants. In this capacity, economists create analytical forecasts and offer advice on how to operate in specific economic climates and may analyze the market share of their employer's competitors as well as the buying trends of consumers.

10.1. Is this statement …

Economists often advise governments or businesses on ways to cope with economic problems.

a.true b. false c. there is no information

10.2. Is this statement …

Microeconomists determine how to maximize profits.

a.true b. false c. there is no information

10.3. Is this statement …

One-third of all economists teach, do research and often write books and articles.

a.true b. false c. there is no information

10.4. Is this statement …

Economists are concerned with how individuals, businesses and governments at all levels obtain, invest, and spend money.

a.true b. false c. there is no information

10.5. Which paragraph (1,2,3,4) contains the following idea?

Economists observe, record and predict what can happen to the economy through analyzing and interpreting economic trends and data.

10.6. Which paragraph (1,2,3,4) contains the following idea?

Economists also have specialized areas they work in, depending on what business or area of the economy they are interested in.

10.7. Choose the answer for the question: What are macroeconomists responsible for?

a.They collect and analyze data on such issues as unemployment inflation and economic growth.

b.They are concerned with the market structure of specific industries.

c.They study buying decisions made by individuals and companies.

d.They provide an analysis of how changing interest rates will affect the economy.

10.8. Choose the sentence which reveals the main idea of the text:

a.The basic principle for economists is how people would allocate their unlimited wants and needs.

b.Economists really have to do a lot of constant researching about details that could affect the economy no matter how small those details may be.

c.Economists are engaged in research to spot trends in economic activity and to use this information to predict economic behavior.

d.They help various agencies to deal with money efficiently and are consulted when a change in economic policy is required.

11. Match the jobs in the box with the descriptions 1 – 6.

1. They provide information about the company's finances.

2. They study government policies in such areas as international trade and inform managers of the effect that these policies are likely to have on their businesses.

3. Sometimes they investigate the advantages and disadvantages of manufacturing a new product and they help managers make decisions about the marketing and pricing of their company's goods or services.

4. They prepare economic forecasts for both the domestic and foreign economies.

5. They work for such private organizations as banks, insurance companies, manufacturing companies and firms.

6. They have their own consulting businesses.

12. Which job would you like to have? Why? Give reasons.