Why I want to study economics.
Xilma Tirado
Fernando Magallanes
Career
November 3rd, 2003.
ECONOMY
One of the most important things in life is to decide what you want to do. When you finish high school. Most people say that after high school real life starts. People's life's can change drastically at that point.
So deciding what you want to study for the rest of your life is pretty stressing. What career should I pick for the rest of my life?
After thinking thoroughly on my career choice I decided to study economies. Why did I pick economics? Maybe because I want to work with money through out the world. Economy is a port of life that everyone encounters. It's a real strong point in business through out the world.
Economy can be studied in many universities through put the world. It is mainly though the schools of business. To obtain the degree it takes a period of four to six years depending the institute you attend.
After completing the Economics degree it is recommended to obtain your Master's degree.
There are different areas of economy, which you can study on. Depending on the Institute you attend the choices vary. But I mainly want to focus on International Economics. Then get my master degree in Business.
To acquire the degree in economics the are a lot of things that you have accomplish through your college life. Like work experience, community service, and at her things that involve getting more knowledge towards economy.
Economists study how 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 research issues such as energy costs, inflation, interest rates, imports, or employment levels.
Most economists are concerned with practical applications of economic policy. 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 help predict answers to questions such as the nature and length of business cycles, the effects of a specific rate 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 ...
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Most economists are concerned with practical applications of economic policy. 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 help predict answers to questions such as the nature and length of business cycles, the effects of a specific rate 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, including tables and charts, on research results is an important part of an economist's job. Presenting economic and statistical concepts in a clear and meaningful way is particularly important for economists whose research is directed toward making policies for an organization.
Economists who work for government agencies may assess economic conditions in the United States or abroad, in order to estimate the economic effects of specific changes in legislation or public policy. They may study areas such as how the dollar's fluctuation against foreign currencies affects import and export levels. The majority of government economists work in the area of agriculture, labor, or quantitative analysis; however, economists work in almost every area of government. For example, economists in the U.S. Department of Commerce study production, distribution, and consumption of commodities produced overseas, while economists employed with the U.S. Bureau of Labor Statistics analyze data on the domestic economy such as prices, wages, employment, productivity, and safety and health. An economist working in State or local government might analyze data on the growth of school-aged populations, prison growth, and employment and unemployment rates, in order to project future spending needs.
Working conditions Economists and market and survey researchers have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they also may be an integral part of a research team. Most work under pressure of deadlines and tight schedules, which may require overtime. Their routine may be interrupted by special requests for data, as well as by the need to attend meetings or conferences. Frequent travel may be necessary. Economists and market and survey researchers held about 134,000 jobs in 2000. Private industry provided about 9 out of 10 jobs for salaried workers, particularly economic and marketing research firms, management consulting firms, banks, securities and commodities brokers, and computer and data processing companies. A wide range of government agencies provided the remaining jobs, primarily for economists. The U.S. Departments of Labor, Agriculture, and Commerce are the largest Federal employers of economists. A number of economists and market and survey researchers combine a full-time job in government, academia, or business with part-time or consulting work in another setting.
Employment of economists and market and survey researchers is concentrated in large cities. Some work abroad for companies with major international operations, for U.S. Government agencies, and for international organizations like the World Bank and the United Nations.
Besides the jobs described above, many economists and market and survey researchers held faculty positions in colleges and universities. Economics and marketing faculties have flexible work schedules, and may divide their time among teaching, research, consulting, and administration.
Earnings, median annual earnings of economists were $64,830 in 2000. The middle 50 percent earned between $47,370 and $87,890. The lowest 10 percent earned less than $35,690, and the highest 10 percent earned more than $114,580.
The Federal Government recognizes education and experience in certifying applicants for entry-level positions. The entrance salary for economists having a bachelor's degree was about $21,900 a year in 2001; however, those with superior academic records could begin at $27,200. Those having a master's degree could qualify for positions at an annual salary of $33,300. Those with a Ph.D. could begin at $40,200, while some individuals with experience and an advanced degree could start at $48,200. Starting salaries were slightly higher in selected areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $74,090 a year in 2001.
Median annual earnings of market research analysts in 2000 were $51,190. The middle 50 percent earned between $37,030 and $71,660. The lowest 10 percent earned less than $27,570, and the highest 10 percent earned more than $96,360. Median annual earnings in the industries employing the largest numbers of market research analysts in 2000 were as follows:
Computer and data processing services
$61,320
Management and public relations
44,580
Research and testing services
43,660
Median annual earnings of survey researchers in 2000 were $26,200. The middle 50 percent earned between $17,330 and $47,820. The lowest 10 percent earned less than $15,050, and the highest 10 percent earned more than $71,790. Median annual earnings of survey researchers in 2000 were $52,470 in computer and data processing services and $18,780 in research and testing services.
In conclusion I feel that Economy is the right choice for me. The research I did for the career makes me feel more competent towards this subject. I hope I enjoy working in the Economy field the rest of my life.
Bureau of Labor Statistics .bls.gov
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