Maths in Economics Arran Boyle 2A

What is Economics? Economics can be defined as the study of ownership, use and exchange of resources Economists examine how goods such as land, raw materials and machinery are distributed I have chosen to research this because I didn’t know much about the job and wanted to see if it would a possible career option for me .

Economists People who work in economics are known as economists Economists work in public and private sectors There are many different types of economists such as: Micro, Macro, Health, Financial, Industrial and International Economists.

What do they do? Economists conduct research, collect and analyse data, monitor trends, create forecasts (predictions or estimations) Areas of research can cover many aspects ranging from taxes to employments levels, or health and transport Microeconomists are the most popular form of economists. They are mainly private sector and forecast consumer demand or look at competition in the market Macroeconomics is on a larger scale and focus on national income or rate of growth.

Tasks Some tasks involve: -devising methods and procedures for obtaining data -using different sampling techniques -understanding and interpreting data -providing economic advice to investors - writing many reports on economic trends - delivering numerous oral and visual presesntations

Working and Salaries Economists can work in the public and private sectors, but there are also many government and health service economists Many people with economics degrees don’t go on to pursue careers solely in economics but in banking, accountancy, finance or statistics. Salaries can start from £25,000 to £35,000 when starting the job, but rise up to £40,000 a few years of experience. At senior level (after 15 years in the job) this can rise to above £50,000.

How do economists use Maths? Economists perform a large variety of mathematical tasks They can use algebra, trigonometry, geometry, calculus and statistics Economists use Maths to make models to understand issues such as business cycles, effects of taxes and unemployment levels They need Maths to handle informtation. Economists collect data and then analyze or breakdown the data Economists use calculus to measure economic information. It is helpful when observing supply and demand, or creating models. It's is the most common type of maths found in economics and includes the use of various formulas to measure limits and functions.

How do economists use Maths? Linear algebra is also used to create models. Economists apply this knowledge to advise businesses and organisations. They also have to apply basic knowledge of money, pricing and percentages.

Conclusion In conclusion, I have discovered that many different types Maths are used by many of types economists in their day to day jobs. I was surprised to find out how many different jobs you could do with an economics degree.

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