Love to do some charity work. Have a passion for writing and do it in my spare time
C. Wasek, Philanthropist, Post Graduate, Corpus Christi
Answered on Jul 22, 2019
Business and economics are known to work well together but they do have some differences when it comes to what they stand for. Business is a type of venture wherein people will sell their products and services to consumers. The more that people will support the business, the better it will be for the owners of the business.
Economics will be in charge of determining the supply and the demand for the products that may be requested or are needed by the target audience. This will be based on the current trends and the economy of the country. Economics is known to have a broader range as compared to business because you can have a major in economics and do a lot more as compared to having a business.
It is best to know the difference between economics and business, especially to students who want to go for the financial career path. These two may go side by side, but they also relatively different from another. Economics is analytically and carefully studying the behavior of humans in terms of limited resources. It is also a branch of social science that studies the actions of individuals based on their decisions that makes an impact on their country’s economy.
Business, on the other hand, is a system in an economy wherein the presence of an exchange of goods and services among two or more parties for money. The main concepts of economics are the relationship of supply and demand where the price of goods vary depending on the demand. While in business, goods or services are fixed, whether it is in demand or not as long as the money is circulating.