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Difference between economic and business
What's the difference between economic and business major?
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Connor’s Answer
Within both there are many options to specialize. Economics is a type of major within business, as is finance or accounting. Economics, in my opinion, is a focus on trends. The ups and downs of prices, how market conditions impact different products, the relationships countries have with each other in trade, etc. If you want to focus on business in general you will learn about all types of business related majors rather than specializing in one.
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Connor’s Answer
Economics is the study of economic theory (macroeconomics, microeconomics, econometrics, etc.). It will be more theoretical, so you'll learn how to make supply vs. demand models; macroeconomic topics such as how do interest rates, imports/exports, etc. impact inflation, employment, and other variables. It's a newer topic and can go more into the theoretical models used in this study (i.e, go deep into the math / calculus behind economic models) as well as how well do these models track to recent global events (i.e., if the U.S. dollar goes up, how does that impact the rest of the world?)
Business is more of an applied / practical major. It can encompass different things accounting, finance, ethics, marketing, communication, team building, leadership, etc. There will be less theory (as in Econ) but more of it will be hands on learning / case studies from actual businesses.
Business is more of an applied / practical major. It can encompass different things accounting, finance, ethics, marketing, communication, team building, leadership, etc. There will be less theory (as in Econ) but more of it will be hands on learning / case studies from actual businesses.
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David’s Answer
An Economics degree will most specifically focus on learning the elements of Economic theory in immense detail. A Business degree will broadly speaking focus on a variety of business skills such as general business, accounting, finance, and marketing.
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Adriana’s Answer
Completing David's answer. Economics will give you the full view picture of the elements causing inflation and the social consequences, while the business degree will give you tools to cope with the Economical agents. If you are looking for opening a business, Business degree is your area.