What’s the difference between the Business and Economics?

What’s the difference between the Business and Economics?

As both Business and Economics are Social Sciences the skills needed to succeed in both disciplines are similar.

Both subjects have overlapping content which is why it is advised that Business and Economics should not be studied together.

Business pupils will examine business behaviour and how businesses should be run in order to make a profit. It’s a more practical, problem based subject. Ultimately the Business Studies course focuses on business organisations by looking at two aspects in particular:

1. The relationship between the business organisation and the economic, social, political and technological environment in which the firm operates.
2. The process of decision-making within the organisation, for example, what products and services to produce, and how should they be marketed?

Economics includes some of these aspects, but only as one minor part, as Economics covers a much broader area than Business. For instance, Economics looks at the international economic scene, as well as the role that the government plays in the sections of the economy that are still run by the state, and those sections that have been privatized.

Economics is both a theoretical subject as well as being contemporary and real life discipline. Pupils will learn about how local, national and international economies operate and the how governments can influence and regulate industry behaviour.