Economics vs Business • Business studies and economics are quite related to one another in that they both explore a few concepts common to both areas of study. Our site uses cookies so that we can remember you, understand how you use our site and serve you relevant adverts and content. An economic major would be able to move into the study of economics for a masters or PHD degree, while a business major would not be able to do so. This is the branch of economics that studies activities carried out in an economy as a whole. Business Administration VS Business Economics? Advantages and disadvantages of monopolies. some overlap in what material is taught. Key Differences between Economics vs Business As mentioned above Economics is a much wider concept than Business. They sound similar and they overlap in some sorts of way. Economics addresses key issues such as Poverty, Taxation, Unemployment, Interest rates, Government expenditure etc. It studies how production, distribution, and consumption of goods and services are carried out. Economics, in a sense, explores concepts in greater depth, whereas business studies explore a large variety of concepts in greater breadth. I was in the same position of Economics vs Business – I just began doing Business degree and in fact it doesn’t matter what you studied at a level, they’ll cover evrything you learned in a year in the first 2 weeks so don’t worry and study what you enjoy…, “Some students swear Economics is easier. Filed Under: Field Tagged With: business, Business Studies, Economics. joey…universities should recognize business studies as a subject, otherwise there would be no point of doing it at a level. Business can take a different form. An increase in the wealth of business eventually increases the stock prices of a company, which consequently increases shareholders’ net worth. A lot of external factors like the economy, the political situation of the Country, government laws and regulations impact the business and the organization. We wanted to outline both areas of study to give you a better understanding of what each field has to offer a prospective college student. They learn how to use the basic principles and techniques of business in a variety of workplaces. The measurement can be absolute or relative. Notify me of followup comments via e-mail, Written by : Hira Waqar. Economics and Business are closely related to each other and due to the complex nature of the global market and economies, often the two are considered as same. Micro economics is concerned with things like Monopoly and externalities (e.g. Economics is used to analyze and understand human behavior along with the decisions that are taken by them and the level of impact the same has on the nation’s overall economy whereas business refers to the process where goods and services are exchanged between entities and people usually in exchange of money. should i take business or ecomomics at A level? Economics is more academic than business studies and has a large number of models and theories. Here we also discuss the Economics vs Business key differences with infographics and comparison table. It takes into account the key decisions in modern, competitive, and often global environments, including how they advertise their goods, why a company approached the labor market in another country, how the final accounts will be compiled, why would companies go for mergers or take a restructuring decision, what marketing strategies should be used to boost sales and attract customers. • Economics is defined as a social science that explores how the actions of firms, individuals, employees, customers, and the government can affect the country’s economy. Of course the fact remains that in order to study either economics or business, you will need a … For instance, they measure how market interactions defines the value of products, such as, computer software, motor vehicles, properties, or even haircuts. Learning economics will teach you to think logically and to learn theories and utilize them to understand how economies work. Based on the general structure of what is taught, a different orientation of economic and business studies is obvious. Compare the Difference Between Similar Terms. It is related to a large number of subject matters, including but not limited to politics, mathematics, international relationships, etc. Economists collect and process economic and statistical data using econometric and sampling techniques. So what does this mean for you? You would have to check which universities you want to goto and their policy on econ + Bus, Cracking Economics The information on this site is for informational and research purposes only and is not an assurance of financial aid. If you want to understand what makes the whole economy move, then study economics. If you are applying for a degree in business studies then the A in business A level will be more prized. is this true? i have got an A in business at gcse but im not sure which one to take. how to calculate a % – something most A Level maths students can never do). Economics vs Managerial Economics . To make sure these goals and objectives are successfully met, key performance indicators (KPIs) are defined by the companies. © 2020 - EDUCBA. Business is an economic activity where goods and services are exchanged for money. I have taught a little business studies (though never studied it), but my main preference is for Economics. While business administration incorporates many economic ideas, a business administration degree tailors itself more narrowly than economics by focusing on how individual businesses run. Economists collect and process economic and statistical data using econometric and sampling techniques. • Business studies explores the actions of individual businesses and industries as a whole and revolves mostly around topics of organization, management, human resources, business strategy, sales and marketing, product analysis and development, accounting, finance, etc.