EconomicsToo

Every year, as we go through the Options process (IGCSE and A Level), parents and students alike have hundreds of questions. And rightly so, the decision is important. But one question we hear multiple times every year is:  "What's the difference between business and economics?" ...and more often than not, this question includes accounting. This post hopes to shed some light on this and help explain the main differences.  At GIS, we like to use an analogy given to us a few years ago by another economics teacher (Mr Stewart...credit where credit is Stew!)…   First, let's talk about Business Studies . Business studies delves into the core areas related to businesses and their operations. The buying, selling, producing and marketing of goods and services.  Imagine a business, let's say it is a factory. Visualise lifting the roof off and peering inside; you see four main sections each with very different things going on... In one area, there is a team of people using ...