To determine: The task performed, skills needed, pay and opportunity outlook of the career.
Introduction:
An economist is a person whose responsibility is to evaluate economic issues by collecting and analyzing information relating to utilization of resources, and production, distribution and consumption of the goods and services.
Answer to Problem 1CE
An economist is a person responsible to evaluate economic issues. Some of the skill set required is a master’s degree or Ph.D., critical thinking, math skills, detail orientation, writing and communication skills. The hourly wage rate in this career is $49.27 and annually it is $102,490. The career of the economist is projected to grow by 6% from 2016 to 2026.
Explanation of Solution
Economist evaluates the various factors which affect the economy.
The skill set which an economist requires is mentioned below:
- An economist generally requires a master’s degree or Ph.D.
- In case of few elementary level jobs, bachelor’s degree may be enough.
- An economist requires some math skills.
- Detail oriented.
- Critical thinking skills.
- Writing and communication skills.
The wage rate of an officer working in this career is:
- Hourly wage rate- $49.27.
- Annual wage rate- $102,490.
The career of the economist is that it is projected to grow 6% from 2016 to 2026, as fast as average amongst all occupations.
Want to see more full solutions like this?
Chapter 2 Solutions
EBK UNDERSTANDING BUSINESS
- Consider the following scenario and then answer the questions that follow. You and two friends have identified a gap in the market in your hometown for work-from-home business clothing. This clothing is functional, comfortable and looks smart in online conferences and meetings. You decide to start a new business designing and manufacturing the clothing. Identify and critically discuss the economic system you would prefer your business to operate in. Justify your choice. Discuss the resources you would need to start your business as entrepreneursarrow_forwardWhat are the real indicators of real economic development?arrow_forwardHow would knowing the basics of management affect being an agricultural economist?arrow_forward
- Below is a list of the "official" Stock Market Sectors. I want you to think of 3 questions (below ) as it relates to Covid-19 restrictions. Which sector do you think was negatively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)? Which sector do you think was positively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples) Which sector do you think had no impact immediately after string Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples) LIST OF SECTORS Energy Materials Industrials Utilities Healthcare Financials Consumer Discretionary Consumer Staples Information Technology Communication Services Real Estatearrow_forwardfive economic challenges faced by businesses today and ways of overcoming those challengesarrow_forwardYou have been hired as a consultant for an oil and gas company, Dawson, headquartered in Mexico, which believes there is potential growth in Canada’s market. Because of your knowledge of Canada, you have been asked to provide a proposal on the Canadian Business Environment that would include an overview of Canada’s economic systems and the role of government in conducting business in Canada, specifically as related to the oil and gas. In addition to the overview, it should specifically outline how these compare to Mexico. This proposal serves to inform the company’s decision to invest in the country, so should beinsightful and provide detailsarrow_forward
- Can a business firm generate maximum profit and achieve it's goals without employing managerial economics?arrow_forwardThe government wants to impose an increase in federal minimum wage to $20 an hour to better assist workers who are underpaid. what are the pros and cons about this proposal in micro and macro economics and pros and cons about this proposal in general? 400-450 analysisarrow_forwardExplain how economic growth affects the valuation of a stock. How are the interest rate, the required rate of return on a stock, and the valuation of a stockrelated? Assume that the expected inflation rate has just been revised upward by the market. Would the required return by investors who invest in stocks be affected? Explain.arrow_forward
- Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage LearningFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning