The study of the production and distribution of goods and services among groups and individuals. The Economist is an expert on the many forces which shape an economy, including labor, raw materials, manufacturing, investment, transportation, retailing, and consumption. He is familiar with the history of economics, the effects of government policies, price theory, business cycles, econometric forecasting, various national economic models, benefits of credit and banking, and so forth. Based on computer models and key economic indicators, he can predict short term economic trends of various industries or regions with some success. He can also determine the likely effect of a change in the economic conditions, such as new government regulations, a technological innovation, or a sudden shortage of raw materials.