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In many ways, we are all part of the world economy. We use the world economy to achieve specific political or ecological objectives when we employ economic sanctions to fight racial segregation or the illegal killing of whales. |
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Economists study the ways in which individuals and societe choose to use limited resources, such as natural resources, labor, factories, and machines, in an effort to satisty unlimited wants. They are concerned with the production, distribution, and consumption of goods and services and are interested in helping society get as much satisfaction as possible from its limited resources. |
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Economists collect, process , and analyze data to determine the costs and benefits of using resources in various ways. Economists are employed in a number in a number of differient job settings. About half of them are academic economists, who engage in teaching, writing and doing research in colleges, and universities. The other half of all economists work for government or business. |
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Government economists collect and analyze information about economic conditions in the nation and possible changes in government economic policies. Economists forecast tax revenues and interest rates, analyze, who gains and who loses from particular changes, monitor prices, compute total output and perform other useful tasks in the public sector. Business economists work for banks, insurance companies, invesiment companies, manufacturing firms, economic research firms, and management consulting firms. Some economists operate their own economic businesses. They are callled entrepreneurs. |
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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 selfemloyed, and often work long hours for less pay than they would if they were an employee of another company. |
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While the percentage of growth for men entering into business independence could be measured in the teens, womens increase in a single decade was 69 percent. Entrepreneurship is regarded to be the first track to success. People who are successful in business and so have become rich and powerful are called tycoons. Speaking about entrepreneurship, Professor K. Vesper of the University of Washington says that “A driving force in entrepreneurship is addictiveness. Once people have a taste of freedom in a business of their own, they like it. They don’t want to go back to working for someone else.” |
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