Economics is about choice; taking decisions in one's best interests given the constraints imposed by income, costs and time. It analyses how people, firms and governments obtain money and how their spending influence the production and distribution of goods and services. It emphasizes people's activities as they use their environment to produce goods and services and distribute them. Economists study how a society distributes scarce resources, such as land, labour, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes or employment levels.
Economists devise methods and procedures for obtaining the data. For example, sampling techniques may be used to conduct a survey and mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results is an important part of an economist's job. The various specializations in economics are: Agricultural Economics, Financial Economics, Labour Economics, Industrial Economics, International Economics, Econo-metrics, Development Economics, Economics of Human Resource Development, Health Economics, Rural Economics and Development and Business Economics.
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