Microeconomist

“Micro” means “small.” Think of “microbes,” for instance, which are small organisms; “microchips,” which are small computer chips; and “microbreweries,” which are breweries that make and sell beer in small batches.

Not everything “micro” is minuscule, however. Microeconomics, for instance, is a big field, the study of which has really big implications.

Unlike macroeconomics, which is the study of the larger economy — encompassing things like GDP, inflation, and unemployment — microeconomics is the economic study of individuals, households, and businesses. As a Microeconomist, therefore, you analyze, assess, and predict what people and companies do with their money.

There are a few key concepts that drive your Microeconomist work. The first is supply and demand, which is the theory that prices vary depending on how much stuff people want and how much stuff companies make. The second is market failure, which occurs when markets fail to produce good results — when monopolies drive prices up, for example. The third concept is opportunity cost, which describes the choice to use finite resources for one thing instead of another — choosing to spend your paycheck on rent, for example, instead of a vacation.

Using these concepts and others, as the Microeconomist you either: 1) help governments set economic policy related to issues like employment, corporate regulation, and international trade; or 2) help companies assess supply and demand and opportunity costs, which helps them set prices and allocate resources.

Think of it this way: Microeconomics is like a game of dominoes; it’s your job to predict what will happen when different dominoes fall in different directions.