Shamans are 1 of the hybrid classes of wow and as such have to have the right talents to be effective in gold farming or xp grinding.
Elemental has the downside of mana regeneration and no free water like the mage class and also very limited AOE capabilities.
But the enhancement talented shamans have on par DPS( Damage per second) with most classes and with some mana conservation and efficient heals they can minimize downtime to maximize hourly gold/xp grind rates.
Best practice is to, if possible, find a good tight packed spot and set up some totems to which you can pull to. So set up a Strength of earth, grace of air and mana regeneration totems. Then use that as your base to pull mobs from. You can use rank 1 lighting bolt or full rank if you don't have any mana issues.
Using Stormstrike followed by earth shock gives you a nice little damage boost if you need it and your mana supply allows it. Dual wield is definitely the way to go over a 2h weapon and it will increase your DPS by quite a bit.
Lightning shield is a cheap way to increase DPS especially when talented for it. If you need mana use water shield of course to keep it up. If you cant pull to 1 spot always use totemic recall if your using totems so you dont loose your mana.
Using these Mana conservation techniques and DPS increasing tricks you should be able to be on par with most other classes and in some cases even do better(especially at lower levels)
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