Economics is a social science that studies how societies allocate scarce resources to achieve their needs and wants. Economists act as policy advisers, helping governments formulate public policy. They also, however, function as scientists, using scientific methods to explore, analyze and explain economic phenomena. Globalization has increased the demand for economists as companies involved in international trade need to undertake serious study of the international market and trade policies of different countries and WTO, before going for important decisions like mergers, takeovers and expansion.
