Economics

 Can you take a moment and think about the word "economy"? ..... Stop what you're doing and really try to define it in your own words! It may be hard to do. For me, I had to revert back to my 9th grade economics course to recall what we really learned.

Not to give you a history lesson, but here's a few things:
The word "economy" is derived from the Greek word "oikonomia" which means  household manager, or management. In order to "manage" a home, there are things you need for it such as goods, utilities, products, etc. These are then purchased or traded (for something else) by someone who supplies the items, and the cycle of supply and demand continue, all so that the population can manage their home. The economy began a long time ago through goods and services being traded throughout towns. Over time, standards of value were  established, creating a more united value. And while one hand fed the other an economic system was created. (Now that was the very brief version of it.) This is not a perfect system by no means, but it is the means in which we live today. Here's a short video that explains the system a bit better.

So when you now think about what the word "economy" might entail, you may be thinking, "wow, everything!" And you would be exactly right. So accordingly, I think Wikipedia puts it best,  Economy is the human activity that consists in producing, exchanging, distributing, and consuming goods and services, studied by economics and realized inside an economic system. It is responsible for human being activities and institutions for satisfying human needs of the society.

So now we can get into the job of an Economist! Yay, because that's the main point of this blog entry. Ok, so it's just as simple as this..... Economist analyze finances, research, compile reports, and forecast economic trends. They share their information with companies, businesses, government, and the public. They may also develop theories and research that prove, influence, or disprove current beliefs or systems.

So I lied, this job is not so simple. In fact, to be a successful economists, most research suggests attaining a  PhD before really working in the field. Many may study markets, politics, social classes, technology, or an array of other areas. With that being said there are a variety of jobs that an economist may work in.

Popular career titles or areas of work:

• Accountants and Auditors
• Budget Analysts
• Credit Analysts
• Farm and Home Management Advisors
• Financial Analysts
• Financial Examiners
• Operations Research Analysts
• Purchasing Managers
• Accountants and Auditors
• Budget Analysts
• Credit Analysts
• Farm and Home Management Advisors
• Financial Analysts
• Financial Examiners
• Operations Research Analysts
• Purchasing Managers

For more info on what you can do with this major click here.

Skills and abilities:
Active listening
Critical thinking
Mathematics
Analytical abilities
Writing skills
Deductive/inductive reasoning
Oral comprehension and expression

If you are interested in this major please consider the following links in your research!

Infonet: Economics in Michigan
http://www.economist.com/economics
Bureau of Labor Statistics

Lastly, I want to leave you with a video that I think you may appreciate in regards to economics and social media. Leave a message and let me know what you think of this week's entry or even just about the video.