There are several more reasons why you should study economics, which are: As now you know why the study of economics can be beneficial to you, it is also important to know some of the best economic universities in Europe. Business skills teach direct, marketable skills in specific areas of business. 6 Tips for Staying Engaged During Remote Learning, Peterson’s Launches New Online Community for Transfer Students, 13 Scholarships Constructed for Engineering Students. Economics is the cornerstone of several social issues such as inflation, poverty, unemployment, and human rights. Some of these specialised fields include entrepreneurship, marketing, international business, finance, human resources management and information systems management. Even if an economist knew the needs, wants, and biases of every individual in an economy, market, or even firm, the interaction of that network of … A physicist is a scientist; he is curious about the fundamentals of the universe, and he studies this just because it fascinates him. To learn more about how we store and use this data, visit our privacy policy here. BSBI focuses on helping graduates to become exceptional leaders in their chosen field. Therefore, these students have unique strengths and weaknesses when they enter the job market–as well as further down the line in their career. Solutions to these problems can only be obtained through thorough study of economics. Business students are eager to get started in the professional world, while Jenkins shared that a fair amount of economics students go on to earn a master’s degree or a Ph.D. Those that do not, are well equipped to learn quickly and think critically, as well as choose from a wide range of first jobs. We use cookies to ensure you get the best experience on our website. The reason I’ll put forward is that economics is harder than the hard sciences — not in terms of methodology or the brainpower of its practitioners, but in its goals. Based on the general structure of what is taught, a different orientation of economic and business studies is obvious. An engineer then uses his discoveries to make useful things and solve real-world problems. https://www.berlinsbi.com/blog/student-corner/is-it-better-to-study-business-or-economics/, We use cookies to ensure you get the best experience on our website. In nerdy terms, Economics is the Social Science that focuses entirely on goods and … What to expect from a Bachelor’s degree in Economics versus Business? If you decide on taking up a business major, you should know about the specialised fields of business degrees. “Generally I would consider our business degree, and any business degree to be more of an interdisciplinary degree than an economics degree,” said Maia Young, Associate Professor at the Paul Merage School of Business at the University of California, Irvine. “There’s a lot of economics courses that don’t have direct relevance, but you have to be creative, have the ability to think abstractly, and learn things independently and employers find those things valuable,” said Jenkins. It is one of those things that have slipped into popular belief, and it is hard to evaluate whether Universities really do value Economics more than Buiness Studies. And for the most part, professors agree that students who earn an undergraduate degree in either of these subjects go on to pursue the same types of jobs. Economics Degree vs. Business Degree: What’s the Difference? How is the gross domestic product (GDP) of a country calculated? Usually, these two degrees have similar classes or subjects in the first two years, so it would be easy for you to switch to the other subject. To start, business degrees are usually taught in a separate business school, while economics degrees tend to fall under a school of social sciences. Difference #2: The study of economics is broad, and more theory-based, while business students usually become specialized in certain areas within the business school. Based on the general structure of what is taught, a different orientation of economic and business studies is obvious. “Business is about what would make something profitable and feasible, whereas economics is more about the grand laws by which we think society works, how they may give us bad results or good results,” said Witte. As such, Jenkins explained how many students who know they want to go into the general field of business and economics, but aren’t sure what’s route they want to go can benefit from the theory and wide scope of business learned in economics. Whether you plan on entering the fields of finance, marketing, or even fashion, you should study business administration for the following reasons: There are several factors that you can take into account while deciding if you should study economics or business. Studying economics is an excellent way to gain expertise in problem-solving skills and to cultivate a rational method of observing and solving problems. However, these two subjects are taught very differently in the academic world. Well, hold your horses because things are not quite the same, when it comes to courses, programme structure and even career options afterwards. All rights reserved. The study of economics is broad, and more theory-based, while business students usually become specialized in certain areas within the business school. On the surface, the subjects of economics and business are fairly similar–they both involve the exchange of goods and services. And of course, these two groups of students find different things interesting that apply more to one degree than another. Economics and B.A Economics. Business and Economics seem like the same thing, right? Young explained how to her, this interdisciplinary aspect of a business school shows in how that there are people from many disciplines coming together to teach about how they see business. “Business is about what would make something profitable and feasible, whereas economics is more about the grand laws by which we think society works, how they may give us bad results or good results,” said Witte. Professors from both sides said many former students went to work for consulting or financial firms, in sales or data analysis, or in other entry-level business jobs after college. People who graduate from college with an economics or a business degree may start out in similar jobs, but their accumulation of knowledge is unique from one another in the themes and skills that were prioritized in their classes. So, how do you go about choosing one over another if they yield similar outcomes? So, you have to know early on that that’s what you want to do. Difference #3: While initial career prospects for both degree types are fairly similar, the knowledge brought in and therefore trajectory of the career differs. It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs. Studying economics is an excellent way to gain expertise in problem-solving skills and to cultivate a rational method of observing and solving problems. On the economics side, there is a more of a “big picture” concept of how business and trade works, and how to determine optimal solutions. By continuing to visit this site you agree to our use of cookies. Professors from both sides said many former students went to work for consulting or financial firms, in sales or data analysis, or in other entry-level business jobs after college. Read on to get a clear idea of these two disciplines.

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