Intro to Economic Profession

Intro to Economic Profession - UNC-Wilmington Cameron...

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UNC-Wilmington Dept. of Economics and Finance Cameron School of Business Dr. Chris Dumas Economics As a Profession Welcome to ECN 321, Intermediate Microeconomics. This handout introduces you to economics as a profession and suggests a few additional resources for use in exploring economics as a career possibility. Let's begin with a few excerpts from a booklet published by the National Association for Business Economics entitled "Careers in Business Economics." Excerpts from: CAREERS IN BUSINESS ECONOMICS, a booklet published by the National Association for Business Economics. 1997-2001. Copies of the booklet are available from the NABE web site: THE PROFESSION OF BUSINESS ECONOMICS As an academic discipline, economics goes back more than two centuries. Business began to employ economists in increasing numbers after World War II. Since then, the profession has grown rapidly. Currently, business economists are at work in manufacturing, mining, transportation, communications, banking, insurance, retailing, investment, and other types of enterprise, as well as in government agencies, trade associations and consulting organizations. The role of business economists varies with the size of the firm. Some large corporations have an economics department with several economists on staff, while other firms have economists who function partly in the profession and partly in corporate planning, finance or market research. Businesses not large enough to employ full-time economists often use the services of economic consultants. Even firms with full time economists frequently turn to consultants to augment their own capabilities. The growth of business economics has stemmed from management's increasing awareness that applied economic analysis can provide assistance in planning and problem solving. The business cycle, government policies and international upheavals can have major impacts on companies. Business economists are able to analyze and interpret these developments in terms of their probable impact on consumer demand, prices, costs, competitive pressures, financial conditions and other matters. Such analyses and interpretations are vital to the successful operation of business firms. In addition to analyzing the external environment, economists are also knowledgeable about the basic principles of the behavior of business enterprises. They are thus able to help a firm achieve a more sophisticated understanding of its own activities. THE FUTURE OF THE PROFESSION OF BUSINESS ECONOMICS
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More and more firms are becoming aware of the contribution that business economists can make in day-to-day decisions. One reason for this greater awareness is that a growing proportion of middle and top management has a master’s degree in business or similar
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Intro to Economic Profession - UNC-Wilmington Cameron...

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