Economics is a social science that attempts to explain how the actions and decisions of firms, consumers and workers and governments affect the operation of the economy. It plays a huge role in our daily lives; it has links to international affairs and politics and is a subject that is often debated and discussed. It requires a fair deal of analysis and includes topics such as supply and demand, growth, inflation, globalisation and exchange rates.
Business studies is more concerned with the actions and decisions taken by firms and focuses on topics such as marketing, staff in the organisation, accounting and finance, management, strategy and production methods. Business studies students will also have to cover some Economics, as it affects how businesses operate in their external environments.
Although Business is not free from theory, it is less theoretical than Economics. Out of the two subjects Economics is considered to be the more academic by employers and universities. Business Studies requires less understanding than Economics, but it is by no means an easy subject; instead it involves more learning and therefore has more work to cover, and a great deal of new terminology to grapple with. Therefore we might say that Economics course has more depth, with the Business Studies course having more breadth.
We do not need to be great at maths for either of these courses. However, for Economics, being comfortable with numbers is desirable due to the need to study graphs and economic data; the Business Studies course actually requires a greater use of numbers – through the Accounting and Finance module – and therefore being comfortable with numbers is essential. Given the nature of the topics covered, a degree in Economics or Business Studies can take a person into almost any occupation. According to a recent survey, although Business Studies is the most popular degree course, Economics students are the second highest need and paid graduates in the world.
The Faculty of Business studies is committed to producing the world-class graduates, research and ideas required to support and grow African knowledge-based economy.