Economics is a social science that studies how individuals, businesses and communities solve the problem of allocating or distributing resources such as goods, services, money, labour, knowledge, time and capital. There are very few aspects of our lives that cannot be analysed from an economic perspective; it is a field of study and work that appeals to many.
Opportunities for economics graduates (or those with an economics component to their degree) are particularly strong in banking and finance, business analysis, law, journalism and public policy.
Economists work in the private and public sectors. Work in the former often involves analysis of domestic and international market developments, while work in the latter is more likely to focus on the role of government in policy and regulation of markets.
Economists may perform the following tasks: research and analyse the production and distribution of goods and services; formulate government economic policies and provide advice in relation to specific economic issues; assess the impact of monetary policies, expenditure and taxation on economic conditions; identify opportunities to improve efficiency and international competitiveness; prepare forecasts and analyse trends; and provide recommendations on specific economic issues.
What you need
- Economics degree or economics major within a general degree (e.g. arts, commerce)
- Strong analytical, quantitative and mathematical skills
- Data processing and statistical modelling skills
- Computer science training is beneficial
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Special thanks to the Reserve Bank of Australia for some text content