The Role Of Business Economist

The role of business economist can be summarized as follows:

1. He studies the economic patterns at macro-level and analysis it’s significance to the specific firm he is working in.

2. He has to consistently examine the probabilities of transforming an ever-changing economic environment into profitable business avenues.

3. He assists the business planning process of a firm.

4. He also carries cost-benefit analysis.

5. He assists the management in the decisions pertaining to internal functioning of a firm.

6. In addition, a business economist has to analyze changes in macro-economic indicators such as national income, population, business cycles, and their possible effect on the firm’s functioning.

7. He is also involved in advising the management on public relations, foreign exchange, and trade.

8. He guides the firm on the likely impact of changes in monetary and fiscal policy on the firm’s functioning.

9. The most significant function of a business economist is to conduct a detailed research on industrial market.

10. He must be vigilant and must have ability to cope up with the pressures.

11. He also provides management with economic information such as tax rates, competitor’s price and product, etc.