Business Economists apply economic principles, derived primarily from microeconomic theory, and employ various business concepts along with research and statistical analyses methods to help business enterprises formulate their strategic objectives, set goals, and develop scientific criteria for making operational improvements, increasing market share, and maximizing profits. Business economists study, calculate, and forecast the probable impact of the business cycle, market trends, government regulations, international developments, and other factors on the overall policy of a business unit, current and future consumer demand, product viability and pricing, production costs, company budgets and revenues. They manage business and financial data, generate data models to test different assumptions and scenarios and explore potential outcomes, prepare complex reports, and present recommendations on specific courses of action to internal and external audiences. They may provide expert testimony in litigation or regulatory proceedings to congressional committees on behalf of businesses and industries. Business economists work in close association with management teams and play a pivotal role in day-to-day decisions and successful operations of a business organization. In light of the fact that the business economics college curriculum covers a broad spectrum of business administration courses, a career path in business economics often leads to top management positions. Advanced education can translate into research, corporate management, and teaching positions as well as higher wages. Senior economists who head major economic research projects customarily possess a Ph.D. degree in economics or related disciplines. Business economist may practice their profession in government, corporate world, trade associations, manufacturing, transportation, communications, banking, insurance, retailing, investment industries, international agencies, educational institutions, and consulting services firms. Since the demand for applied economic analysis has been on the rise, there is hardly a government department or large corporation that does not have several full-time economists on staff or at least a resident economist. Smaller companies turn to economic consultants.
Students interested in pursuing a Bachelor’s degree should meet with an academic and/or transfer counselor to discuss transfer requirements.
Key Skills and Characteristics
- Coursework in advanced economic theories and concepts, higher-level mathematics and statistics.
- Extensive knowledge of research, statistical and econometric methods of economic analysis.
- Strong analytical and critical thinking skills.
- Ability to develop methodologies.
- Multifaceted computer applications and programming skills.
- Effective written communications and presentation skills.
- Comfortable in team environment.
Related Career Titles
*Economist *Business Forecaster *Financial Economist *Financial Analyst *Market Research Director *Efficiency Expert *Cost Analyst/Consultant *Industrial Economist *Consumer Affairs Specialist
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