ECONOMIST

Job Definition:

• Economists conduct research, monitor data, analyse information and prepare reports and plans to resolve economic and business problems and develop models to analyse, explain and forecast economic behaviour and patterns. They provide advice to business, interest groups and governments to formulate solutions to present or projected economic and business problems.

Job Description:

• Conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. May collect and process economic and statistical data using econometric and sampling techniques.

Duties and Tasks:

• 1) Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
• 2) Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
• 3) Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
• 4) Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
• 5) Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
• 6) Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
• 7) Supervise research projects and students’ study projects.
• 8) Teach theories, principles, and methods of economics.

Activities:

• 1) Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
• 2) Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
• 3) Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
• 4) Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• 5) Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
• 6) Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
• 7) Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
• 8) Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
• 9) Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
• 10) Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
• 11) Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
• 12) Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
• 13) Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
• 14) Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
• 15) Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.

Abilities:

• 1) Oral Expression — The ability to communicate information and ideas in speaking so others will understand
• 2) Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
• 3) Written Comprehension — The ability to read and understand information and ideas presented in writing.
• 4) Written Expression — The ability to communicate information and ideas in writing so others will understand.
• 5) Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
• 6) Speech Clarity — The ability to speak clearly so others can understand you.
• 7) Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
• 8) Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
• 9) Near Vision — The ability to see details at close range (within a few feet of the observer).
• 10) Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
• 11) Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.

Knowledge

• Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.