Economics vs Business Studies Degree: Which one is best for you?

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If you have always aspired to make a difference in the business world, you might have considered studying business, economics or finance subjects. While your interest is a very major element in determining your career, employment prospects in the market play an equal role.  

Even if you have studied all business subjects in your A Levels, you will have to make a final choice before you decide on the major of your degree. Finance degrees may lead you to accounting-related jobs, so it not solely associated with the business. However, economics and business studies are much more related and can provide you with ample job opportunities to choose from.

Therefore, it is important to know the major difference between the two degrees. A business studies degree is a more comprehensive one with broader general education, so, it will open many career fields for you. However, opting for an economics degree is a more specialized one and will keep you confined when it comes to choosing employment opportunities.

If you are a business enthusiast and confused about what degree will help you excel in your career, you must read this.

What Does an Economics Degree Offer?

Choosing an economics program will teach you the skill of analysing market trends and interpreting and explaining data. Hence, the courses you will study will require you to understand and implement mathematical theories and formulate papers to explain your outcomes. Some of the common courses in an economics degree will include calculus, micro and macroeconomics, statistics and econometrics. Moreover, this degree will develop your understanding and capability to make informed decisions and efficiently deal with unexpected consequences. Read also the Types of Management Styles and Approaches

What Does a Business Degree Offer?

On the contrary, if you opt for a business program, it will prepare you for marketing and business management job roles. However, the knowledge and skills you learn apply to any type of industry. Moreover, it will teach you entrepreneurial skills enabling you to establish and run your venture. The main course that you will study in a business related degree includes management, accounting, finance and economics. You will learn the basics of all. Other subjects include business communication, business ethics, customer relationship management, organizational behaviour, human resource management, marketing, operation management, project management and much more. You will learn management and leadership skills that help you shape yourself into an all-rounded and accomplished professional.

Analysis

So, the major difference between business administration and economics degrees is that the former addresses business-related matters while economics is more related to the “big picture”. Economics usually analyses economic processes and mechanisms to regulate society. Hence, the approaches and objectives are opposite. So, if you study economics you will have a completely different perspective than a student who is enrolled in a business studies degree.

However, both are business sciences and have a few things in similar such as economics mainly focuses on behaviour in households and businesses. While a business degree is more related to managing business matters.

Why You Should Study for Economics Degree?

Economics is related to the manufacture, circulation and consumption of goods and services. It is a study of how people, business setups, governments and countries allocate resources to satisfy their needs and wants. Economics is usually classified into two aspects: microeconomics and macroeconomics. Microeconomics is about individuals while macroeconomics teaches the behaviour of the economy as a whole. 

Here is what you will learn in an economics degree:

  • Calculating the Gross Domestic Product (GDP) of a Nation
  • Learn how the banking system functions in an economy
  • Actions which can help boost economic growth
  • Ways to control inflation in an economy
  • Different types of markets
  • Keynesian Economics

Reasons to Study Economics

Demand for Economics Professionals

In the current era, economics graduates are highly valued. Economics is a relatively challenging subject, and only the hardworking, and talented pursue this career. Hence, these graduates have a high demand in the job market. The reason is that economics graduates have a variety of skills that can change the destiny of companies. Moreover, they are also paid better. Research in 2016 unveiled that economics professionals earned more than 10,000 USD compared to other business professionals.

Economics and the Real World

Economics is a universal subject. So, studying this subject will provide you with a deeper understanding of how the world operates. You will get a chance to study demand, supply and even international trade.

Dual Degree Options

As economics is a universal subject, you can combine it with other courses and boost your learning experience. You can find several economics degrees clubbed with other subjects. So, it will be an advantage when you join the professional world.

Real-Life Application

Economics is very much related to real-world applications particularly concerned with the variability of the global markets. Studying for an economics degree will provide you with opportunities to apply your knowledge in the real world.

Improved Analytical and Cognitive Skills

Analytical skills play a key role in economics. The reason is that when studying economics, you will have to analyse economic models, devise solutions for problems, and deduce economic statistics, data and evidence. So, it is a great chance to refine your analytical skills.

Develop Commendable Writing Skills

By studying for an economics degree, you will be able to create projects and economic models, carry out detailed research, write essays, and work on assignments.

Why You Should Study for Business Degree?

Business is referred to as a commercial system or establishment where products and services are traded with money. The goal of every business is to innovate, promote its venture and maximize profits.

So, if you opt to study business, you will get a chance to master a variety of skills such as leadership, marketing, mathematics, strategy, finance, accounting, business and law. Moreover, internships are a major part of a business degree that helps refine your leadership and research aptitudes while opening many business-related jobs for you.

Reasons to Study Business Degree

The business world has transformed due to globalization. So, if you want to choose a successful career in this fast-pacing world, business administration studies will be beneficial for the following reasons:

Communication Skills

When studying business, you will be required to write assignments, create reports and present projects. All this will hone your communication skills, and develop you for your professional life.

Critical Thinking Skills

A business administration degree will also refine your problem-solving and critical thinking aptitude. It will help you make more informed opinions and decisions, inculcate creativity, and balance budgets.

Accounting Skills

You may have to study an accounting course during your business administration degree, and it will not only improve your financial management skills but also provide you confidence in making better decisions.

Entrepreneurial Skills

If you are ingenious, you may establish your business venture. So, a business studies degree will be the best step towards your dream.

Research Skills

A business studies degree involves carrying out detailed research for assignments and projects. It will not only develop a new skill but also enhance your knowledge and aid your judgement in evaluating customer demands.

Project Management Skills

When you study for a business degree, you will have many deadlines to meet. It will teach you multi-tasking, and project management skills. It will be very helpful when you join the corporate world as a professional.

If you are a business student and find the assignments, exams and projects challenging, you should seek Business Assignment Help from Experts.

Which Program is Best for You?

As discussed above, each program is unique and has its specialities. However, when deciding on a degree for yourself, you should consider your interests, career goals and academic capability. For instance, a student might like economics but would never want to deal with challenging topics. However, his personality is more extroverted and would want to learn practical things. So, a business degree would be a better option. On the contrary, if a student is very hardworking and is motivated to study difficult concepts and topics, he can easily study economics and excel.

If you see, both degrees have potential in the corporate world. If you see an opportunity in economics and business, you may choose a degree in both subjects. Many leading universities of the world offer such options. So, carry out your research or discuss it with an educational consultant, and you will surely find your pathway to success.

Some people like to have specialized jobs, as they are fond of recognition and earning better than their peers. In this case, an economics degree can offer more potential. On the other hand, many people like to socialize and enjoy themselves while they earn a living. For them, the ideal option would be a business degree as it will allow them to develop new skills, attend conferences and seminars, do fieldwork, and much more. And their job title would also be valued!

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