Are you interested in making progress and building a future for you in the world of business? But confused about what makes economics different from this program- administration & economics? Read on to find out the same. To start a career in this field, getting a business administration diploma would be a good place to begin.
What is business administration?
Business administration is a subspecialty of business sciences that deals with the management of business – from planning, support, and analysing internal business processes like logistics, marketing, procurement of products, controlling etc. Business administration aims to ensure an organisation’s effectiveness and efficiency. Business administration can be chiefly divided into two major categories – Specialised business administration and general business administration. The general category is cross-industry and cross-functional in its orientation approach which is more focussed on planning and organisation as well as undertaking computational decisions for organisations. On the other hand, Specialisations in business administration could be more specific and examine certain departments and sectors more closely like HR, marketing or finances etc.
What is Economics?
In the business sciences, the very second subset is economics that rather focus mostly on singular organisations and examine their overall economic scenario. The European Union would be an example where views and issues concerning the economy overall, distribution of goods as well as production regularities – all of which are examined after evaluation of all economic conditions. The subject is very reliant on statistics which helps to present charts and recommendations on economic matters.
Economics is more significant in the line of political decisions and diplomacy as they deal and address topics like taxes, duties, GDP, inflation etc. Economics too have further specificities to offer in subject matters like environmental policy and monetary profit. Finance, micro and macroeconomics, econometrics etc. are all components defining various economic assets.
An overview of similarities and differences between business administration and economics
The crucial difference is that while economics deals with the larger picture, examining economic processes as well as regularities in the society. Business administration deals with business-related processes including finances etc. however, their approaches are entirely different. Both can deal with and offer different things into the business world.
Although, many subareas of business sciences and economics cover similar topics. More precisely, a degree in economics includes bits and aspects of business administration topics too and vice versa.
Generally speaking, neither business administration nor economics is a “wrong” choice when deciding on a degree. Both programs deal with the economy and prepare you for a future in management. You have to decide for yourself whether you’re more interested in internal business processes and want to deal with subjects like accounting, marketing, and procurement, or if you prefer processes that relate to the economy as a whole, including subjects such as the global economy, the labour market, government debt, and price stability.