Calculators, Wallstreet bids, and bankers are what come to mind when I think of economists. An economist is a social scientist who objectively studies and describes the relationship between consumption, labor, output, and commodity prices.

By describing the relationships between different microeconomic and macroeconomic variables, experts can predict events and proactively plan for accommodation or resistance. Economists, therefore, are essential in determining:

• Taxation law
• Interest rates targets
• Sustainable investments
• Foreign trade policy

Employment terms

Economists understand that demand and supply are inversely proportional and apply equilibrium forces deciding pricing points. Different market structures present diverse opportunities and threats, and economists are amply equipped to map out the most profitable strategies to implement for any market structure.

The basic tool for economists to evaluate the profitability of businesses on balance sheets; most bankers are always trying to balance out assets vs. liabilities.