Hello aspirant,

In order to study the supply and demand of resources, goods, and services, economists are professionals who collect and analyze data, observe trends, and evaluate economic concerns. Typically, becoming an economist requires years of extensive schooling and the acquisition of a broad range of abilities. It can be easier for you to determine if economics is the proper field for you to pursue a career in if you know what actions to take.

To know the complete process of becoming an economist, you can visit our site by clicking on the link given below.

https://www.careers360.com/careers/economist

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Correct Answer: Statement 1 is true and statement 2 is false.

Solution : The term entrepreneur was first introduced in economics by the early 18th century. It was introduced by a French economist Richard Cantillon.

Hence, option C is correct.

Correct Answer: Suppression of demand will be coming to an end 

Solution : The correct response is 3.

Suppression of demand will be coming to an end 
Explanation:

Examine the following statement:

The survey findings highlight that the suppression of consumer demand because of fears of job losses and salary cuts could be coming to an end. Increasingly, urban Indians are showing increased confidence about the future of the economy.

From the above lines it can be predicted that the suppresion of demand will be coming to an end in the future. So the correct option is 3

Correct Answer: II, III

Solution : The correct answer is (b) II, III

An economist, as a practitioner of positive economics, would primarily focus on objective analysis and explaining economic phenomena as they are, rather than making subjective value judgments. Based on this understanding, an economist would typically be concerned with problems that can be studied and analyzed using positive economics principles.

The effect of speculation on raw material prices and the results of union pressure for increased wages can be analyzed and studied using positive economics principles. These issues involve economic factors, market dynamics, and their impact on the economy, which can be examined through empirical analysis and objective study.

The unfairness of wealth distribution and the rights and wrongs of exaggerated advertising claims, on the other hand, involve normative judgments about fairness and ethics, which fall outside the scope of positive economics.

Correct Answer: Adam Smith

Solution : The correct answer is Adam Smith.

Adam Smith, an economist, is well-known for his groundbreaking work, "An Enquiry into the Nature and Cause of the Wealth of Nations." In 1776, an Inquiry into the Nature and Causes of the Wealth of Nations provided an expression of classical capitalism. Adam Smith aimed to criticise and provide an alternative to the mercantilist economic system in The Wealth of Nations because he thought it would eventually impede nations' productivity.

Both of these fields which are Economics and Data Science are in huge demand in Industry nowadays and if we combine these fields, they form the very foundation of the modern society as almost all the banking and the financial engineering fields are bases on the very synergy between the two. To have a command on both you need to go through rigorous econometrics and have command over Python and all the Machine Learning algorithms. Most NITs and IITs nowadays offer these courses and getting into it would be very great if you plan to continue in this field.

You can also use our college predictor to see your chances in all the colleges:
https://engineering.careers360.com/jee-main-college-predictor?icn=QnA&ici=qna_answer

Hope I have answered your question. All the best!

Hello there

ECONOMICS-

• It deals with the body and characteristics of the principles.
• It is based upon some assumptions.
• In the economics the theories of distribution are studied differently.
• You will be getting both positive and normative sides in the economics.

MANAGERIAL ECONOMICS-

• It deals mainly with the applications of principles.
• Here you will do the study of theory of project only.
• This is mainly normative science. basi

These are the basic differences which I told you.

I hope it helps you!

Thank you!

Hello,

Function of economist:

1. The very basic function of an economist is found in both macro and micro sectors. Macroeconomics need to the economists to find about the factors such as repo rate, inflation, multiplier effect , national income , etc. while in the microeconomic field they are expected to find about certain concepts based on individual behavior .
2. they are the ones who carry out investment analysis, economies, certain economic policies .
3. they provide advices on trades , market research and foreign exchange.
4. they need to study business environment and thus observe the significant changes in the economy.

Significance of managerial economics:

1. Business planning
2. Cost control
3. Price determination
4. Inventory management
5. making business policies.

Student

After doing BA economics,  BA history hons or BA public administration doing graduation candidates goal for giving UPSC civil service examination in the main examination of civil services. Economics is a optional subject for economics graduates and Masters has a grand success rate in this exam.

If you have mathematics degree course then you can get it is as an optional in the UPSC main examination for civil service examination.

Hope this helps.