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I want know the difference between business economy and finance, which one is more beneficial and why?

I am majoring in business and want to pursuit an economic career, but I still have some questions because I am not sure if I am doing well #business #accounting #economics

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Lingjie’s Answer

I agree with what Paul said about how both the knowledge of economics and finance are used in most decision-making processes. From my perspective, economics builds the theoretical foundation for you to understand why things happen (interest rate goes up, import and export, economic dynamics etc.), while finance focuses more on investment (time value of money, stock returns, risk analysis etc.). It really depends on what kind of roles you want or what kind of responsibilities you want to take in the future - do more research on your own to find the difference and how that requires slightly different skillsets such that you are more prepared for what you are truly passionate about.
Thank you comment icon Your answer is great Lingjie, thanks so much for sharing your expertise! At this moment there are more than 800 unanswered questions so I wanted to encourage you to keep going! So many students will benefit tremendously from hearing from you. Keep up the great work! Jordan Rivera, Admin COACH
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Richard’s Answer

Economics is an academic discipline, business is participating as an active participant in the economy.

Pros of business:
financial compensation
autonomy over many aspects of your life
work can potentially be intellectually challenging

Pros of economics:
almost certainly intellctually challenging, if perhaps less than relevant at times
Broad range of optionality
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Paul’s Answer

When I was in college I majored in Economics and minored in Finance. The two go hand in hand because you have to take into the consideration the current economic environment as well as future expectations to make better informed financing decisions. In my opinion, you can't have one without the other. Economics is more of a big picture way of looking at things. A particular investment will perform differently in various economic cycles (growth and contraction) and business cycles (expansion and recession). Finance generally involves researching the specific details of a particular company or investment in hopes that its rate of return will exceed expectations. In other words, you hope to make a profit. So in conclusion, I wouldn't say one is more beneficial than the other but if you want to become an economist, focus on courses that revolve around macro and micro economics

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