is business studies worthwhile? (1 Viewer)

[raceryt]

whats the difference between business studies and economics? lots of ppl are saying that economics is the more intellectually engaging subject but that doesnt tell me alot. what do you learn? and is there any practical use to it?

 

[Absolutezero]

Business Studies: Better if you're interested in marketing, management, entreprenship.

Economics: Better if you're interesting in taxation, global finance.

Both: For things like accounting, financial management.

 

[Mu5hi]

business: key terms. theories, how to a run a business.
economics: alot harder than business, more terms, (you end up highlighting who pages, aleast half the page is highlighted), have to be update to date on economics figures, unemployment, interest rates, GDP growth etc

 

[Rage01]

in terms of workload, I've heard business studies is way easier than economics.
I only did economics so I can only tell you its basically about how the domestic economy interacts with the global economy. It's not a very hard subject in comparison to something like maths but scales well too.

 

[rowdyroddy]

they coincide with each other alot in terms of the content, lots of stuff in globalisation in each etc

 

[Ethanescence]

Essentially, economics is based around the entire economy, while business studies is based around individual firms.

I only did economics, not business studies, so I'll try and give a brief outline.

HSC economics deals with four main areas - aspects of globalisation, the relationship betwen Australia and the global economy, economic issues and economic policies. Economic issues include areas such as inflation, unemployment and the environment - while economic policies are things such as government budgets and monetary policy which aim to control and/or influence these economic issues.

I found economics enjoyable because it isn't just about numbers and statistics (even though these are still necessary). A large part of economics is based on your own perspective, and how well you can evaluate the effectiveness of current policies in addressing issues that currently face the economy, such as the GFC or the threat of increasing unemployment.

Cause and effect also play a large part in economics. For example, unequal distribution of income is increased through the regressive taxation of the GST, yet progressive income taxation reduces income inequality. Better income equality increases consumption of goods and services because low-income earners now have more disposable income, which may help stimulate the economy, but may also cause Australia to become reliant on imports if domestic firms cannot produce enough goods and services to meet demand.

 

[raceryt]

thanks.
i just did two years of commerce from year 9 to 10 and i found it to be quite easy. does commerce reflect on the content you learn in eco and business studies

 

[Ethanescence]

My experience of commerce in years 9 and 10 is more a mixture of business studies and legal studies, rather than economics. Commerce was focused on purchases, goods and services, consumers and other miscellaneous information, if I recall correctly. We also discussed renting, and voting and other overlapping issues - generally just practical social science. The only issue I think we explored in commerce that we later delved into into in economics was pollution and negative externalities.

But if you liked commerce, you'd probably like business studies and economics too.