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What are the similarities and differences between a finance and economics major?

I have been curious about the contrasts in these two fields. #business #college-major #finance #economics

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Virginia’s Answer

Hi Amy!


I studied both economics and finance. Economics studies the behaviors of firms and the economy in general. Finance on the other hand studies markets and how firms utilize markets and make decisions regarding money. For instance, in economics you will learn about how a firm operating as a monopoly differs from one that experiences perfect competition. In finance, you learn how to do things such as value stocks, bonds, and even companies, and how to decide if investing in one of these assets is a good decision.


I hope this helps!
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Garrett’s Answer

Hey Amy,

Extending on what Virginia had said, economics analyzes how firms react at a 30,000 foot view without necessarily having to dive into specifics. How a firm/market would react to a sudden price increase, or government intervention using graphs and theories. Finance analyzes how firms operate with money being the key objective, profits, returns, market share; and trying to optimize the measure that the firm focuses on. This would be maximizing profits or market share, minimizing costs or customer turnover, etc.

Hope this helps.
Garrett
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