This concentration is designed to train the student to be an astute observer of business and the economy. Through objective analysis, the student can help the firm adapt to the ever-changing economic environment. Business economists commonly prepare and interpret forecasts for firms. These activities involve decisions regarding optimal pricing, sales and advertising, marketing policies, purchasing, industrial relations, and investment and portfolio decisions. Further, the business economist often relates the domestic and global economic outlooks to the firm’s business and its markets, as well as advanced applications for bridging strategic analysis to financial forecasts and valuation.
Most medium and large firms hire business economists in areas such as manufacturing, communications, banking, insurance, retailing, finance and investment, transportation, utilities and consulting. In addition, positions in various departments of federal, state and local governments are available. Job mobility can be high with business economists moving among business firms, government, nonprofits and possibly academic institutions.