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Careers in Economics. Adam Richardson. Why wouldn ’ t you study Economics ! It pays to study Economics because economics is everywhere . . . An understanding of Economics is not only essential in any career but also in life - PowerPoint PPT Presentation
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Curtin University is a trademark of Curtin University of TechnologyCRICOS Provider Code 00301J
Adam Richardson
Careers in Economics
Why wouldn’t you study Economics!It pays to study Economics because economics is everywhere . . . An understanding of Economics is not only essential in any career but also in lifeEconomic issues dominate the global and national agenda – both microeconomics & macroeconomics
Why Study Economics?
Colin BarnettPremier of W.A.
Notable Economics Graduates
Cate Blanchett
Notable Economics Graduates
Tiger Woods
Notable Economics Graduates
Notable Economics Graduates
Notable Economics Graduates
NoBorat is an IT
graduate
Donald Trump
Notable Economics Graduates
Arnold Schwarzenegger
Notable Economics Graduates
Kofi Annan UN Secretary General
Notable Economics Graduates
Economics graduates have an extensive range of potential career options in the private and public sectors both in Australia and overseas.◦ banking◦ business◦ economic research◦ environmental management◦ finance and insurance◦ government and politics◦ management and law◦ mining & manufacturing ◦ public policy
Why Study Economics?
How much do Economists earn?Economics graduates are the best
paid!Graduate earnings surveys
consistently show that economics graduates earn more than graduates of many other disciplines.
Why Study Economics?
Source: www.jobsearch.gov.au
Weekly Earnings in 25 Jobs This data is from the Government’s
job search website - it provides an indicator of expected earnings from different occupations.
At the low end of the wage ladder are telemarketers, and checkout operators, while the highest paying jobs include economists and doctors.
Why Study Economics?
Source: ABS Census 2006
Accountants $1403 ICT/Systems analysts $1600Legal Representatives $1402Economists $2250
Source: JobOutlook- Department of Education, Employment and Workplace Relations 2010.
Accountants = 41.3 hrs/weekLegal representatives = 46.1 hrs/week ICT/systems analyst = 40.1 hrs/weekEconomists = 40.3 hrs/weekAverage (all occs)= 41.3 hrs/week
Source: JobOutlook- Department of Education, Employment and Workplace Relations 2010.
Because we all work different hours..... Convert to hourly rate-
◦Acc = $33.97/hr (1403/41.3)◦ICT = $39.90/hr (1600/40.1)◦Law = $30.43/hr (1403/46.1)◦Econ = $55.83/hr (2250/40.3)
Source: JobOutlook- Department of Education, Employment and Workplace Relations 2010.
Accountants = 9.7% ICT/systems analyst = 6.9% Economists = 12.7%
Why is this so high? Are we unhappy in our jobs? Are we more inclined (and supported) to movebetween industries because of the versatility and
adaptability of our qualifications?
Source: JobOutlook- Department of Education, Employment and Workplace Relations 2010.
Commercial Analyst
Level 23- 240 St Georges Terrace
Total Revenue
Total Cost
2009 240,000 laptops
48,500,000 23,100,000
2010 250,000 laptops
57,000,000 32,000,000
Asked to comment on 2010-
Everyday “typical/common” comment:
We made profit of $25,000,000
We are awesome, we are WINNERS!
(TR-TC)
(57,000,000 – 32,000,000)
Total Revenue
Total Cost
2009 240,000 laptops
48,500,000 23,100,000
2010 250,000 laptops
57,000,000 32,000,000
Asked to comment on 2010-
Analytical (Economist) comment:
The marginal (additional) cost of increasing production by 10,000 laptops exceeds the marginal (revenue)… There is a disincentive to act! (MR<MC)
MR= 8,500,000 (57m-48.5m)MC= 8,900,000 (32m-23.1m)
We would have been better off leaving production at 2009 levels and earned more profit. (25m vs 25.4m)
$25,000,000 profit… Nice!! However, this is not the optimum, nor an improvement
Conclusion
Why Study Economics?
Economists have the most interesting jobs, they are well paid and they are ‘normal’ people!It makes you more “informed” and a better decision maker