Task: read the text and find out in what job settings economists are employed.
Economists study the ways in which individuals and society choose to use limited resources, such as natural resources, labour, factories, and machines, in an effort to satisfy unlimited wants. They are concerned with the production, distribution, and consumption of goods and services and are interested in helping society to get as much satisfaction as possible from its limited resources. Economists collect, process, and analyze data to determine the costs and benefits of using resources in various ways.
Economists are employed in a number of different job settings. About half of them are academic economists, who engage in teaching, writing and doing research in colleges, and Universities. They also write textbooks and journal articles, develop and test new theoretical models, provide consulting services to governments and businesses, and engage in variety of other professional activities.
The other half of all economists work for government or business.
Government economists collect and analyze information about economic conditions in the nation and possible changes in government economic policies. Much of this information is published in government bulletins and reports. Economists forecast tax revenues and interest rates, monitor prices, compute total output and perform other useful tasks in the public sector.
Business economists work for banks, insurance companies, investment companies, manufacturing firms, economic research firms, and management consulting firms.
Some economists operate their own economic businesses. They are called entrepreneurs. This is a French word that has been accepted into the English language. Entrepreneurs are a mystery to some people, especially those who are only comfortable with a nine-to-five existence and assured weekly pay-checks and fringe benefits. The entrepreneur is a business person who prefers to take calculated risks in order to be his or her own boss. An individual hoping to start up a new company needs to have entrepreneurial flair or talent, as well as good technical skills and financial skills, because they make a profit through risk-taking or initiative. They are self-employed, and often work long hours for less pay than they would if they were an employee of another company. People who are successful in business and so have become rich and powerful are called tycoons.
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