Differences between Economics & Business Administration

[shibli]

Differences between Economics & Business Administration: My View

The main objective of a business administration degree is to specifically prepare a student to do business or to get a good job in the job market. "Soft skills" (social skills, communication skills, analytical skills, leadership abilities and decision-making skills) are crucial to success in business, and are covered in business studies; business degrees are also more aimed at giving a student the ins and outs of the technical aspects of business (accounting, finance, marketing, statistics, business research method, supply chain management etc.), to give him or her a concrete foundation for doing business or to be well-equipped with the current job market.


On the other hand, Economics is a liberal art, specifically a social science. An economist is a social scientist-no doubt about that-who is curious about human beings, and s/he studies them just because they fascinate him. A businessperson or business professor then uses his/her discoveries to find out how to make money.


The best definition of economics, I think, is "the science of scarcity." Scarcity refers to people having unlimited wants but limited resources. For example, we'd like for everyone in our country to have a job, but that simply can't happen. Some people are going to have jobs while others are going to have to go unemployed. And will that be randomly determined? Of course.. not. Studying when, why, and how this sort of thing happens is what economics can be all about.

But there are many assumptions and theories created by economists and later on refuted and canceled by the modern economists. Some of them opined that the assumption of profit-maximising may be unrealistic or inaccurate while others said economics deals with the study of activities related to wealth only; of scare commodities; other things being equal. An expert said that the main problem with behavioral economics is that it is extremely methodological individualistic; the center of decision-making remains the singular individual. I think that consequently it cannot satisfactorily explain the economic world and certainly not the current financial crisis.

The bottom line is that assumption and theories will come and go by over the time. One theory perishes the other one. Marshall's  definition was criticized by Robbins. But It's the Almighty Allah's principles which never change and should be followed to ensure peace and prosperity of the dwellers of the earth.   

[bidita]

It must know the difference between the related two subjects, Economics and Business administration.
Well said, and thanks to Shibli Sir to arise the topic of that.

Business focuses how to strong our Overall position in market and the organization. And Economics focuses how to get well planned to our society by our Economy. This is the basic think of mine.

 Economic analysis is applied throughout society, in business and finance but also in crime, education, the family, health, law, politics, religion, social institutions.

Please Sir continue the discussion I want to know more about these matters.

Regards

[shibli]

Business Administration is an integrated program designed to groom students for the 21st century. That's why, even a lot of graduates from BUET do MBA from IBA. They don't do masters in Economics. We satirically call Kotler's name as Fotler but how many books have we studied of him? How many articles or books have we written ourselves? Very often we make comments with our vague knowledge without reading extensively.

However, i would say, my MBA has tremendously changed my perception about business studies. Before doing MBA, I thought that Finance is about maximizing profit; Marketing is about selling and advertising; and Management is about getting things done by others. But to my utter surprise, i came to know something different. I used to say, "Let's go for marketing". I now say, let's go for shopping. Before studying MBA, i thought that any sort of promotional activity is advertising but i understood later on that advertising is one component of communication mix. Earlier i thought public relation is all about mass communication but i learnt later on that public relation is handling queries and rumor and upholding the image of a particular company. I also came to know the difference between Mass communication and Business communication. MBA has taught me a lot.

We cannot ignore classroom learning that forces us to rigorous studies resulting in academic degree.

[goodboy]

Thank you sir, for your lovely & useful comments over Economics & Business Administration......
Precisely, study is the main cue for the development of any kind of experiments, and Business & economics I can say are related with with each other. Because when we need to go for a business term, we must first analysis the economical background of that.....as for a real money or part of profit. surely we can not deny it.

Perhaps, I'm a business student, I'm practicing these terms as deeply as possible to shape my performance, & I wish, my destination will not allow me to do any kind of hectic accomplishments that can hamper my career & concentration!!!

again, Thank you sir for your priceless suggestions!!!

[shibli]

Why is MBA required for managerial positions?
There are a lot of benefits associated by doing MBA, world's most-chosen postgraduate qualification. MBA helps in enhancing an individual's ability to comprehend real life problems. It is valuable in all professions. Top Managerial positions in any industry go to persons having required qualification or capability of management.

MBA graduates tend to possess managerial capabilities as they can handle various resources at their optimum capabilities; be it human, finance or raw material. As Business Administration suggests this course instills in the student an ability to plan and manage. There are other benefits of pursuing MBA as a career are -

Career Advancement - MBA graduates are preferred as Managers in various roles in organizations. This results in greater responsibilities and higher salary.

Job Satisfaction - There is an increase in job satisfaction as work area expands individual has to face new challenges.

Increased learning - Apart from an increase in job satisfaction there is increased learning as work area expands individual has to face new challenges which means more things to learn and grow.

Entrepreneurship - MBA qualification provides an individual with exposure to all the details involved in handling business. This gives individual confidence to start his/her own business.

Business Insight - MBA helps in developing a versatile individual how knows and can face real life business problems.

If having an MBA has got all these benefits, why don't you go for it?

[sajib]

Business administration is the management of the daily operations of a business enterprise and the management of the employees and business assets and production of the products and services the business provide.

Economics is the money and income derived from the business Enterprise as it related to the employees, customers, managers and owners of the business and it's overall impact on the location where the business is situated, where it's customers are located and impact on the overall system of the inflow and outflow of benefits and requirements used and provided.

[shibli]

An MBA can help one move up in one's current job with regard to responsibility and/or pay. He or she might have to pay for the degree on his or her own in hopes of a promotion, but sometimes employers will encourage more education....

An MBA can also increase job security with current employer or within our current industry. If nothing else, MBA programs can provide good networking opportunities. Getting an MBA is an excellent way to advance one's career...

[shibli]

Are you looking for a for more responsible job that offers a better salary and chance to move upward

Are you interested in balancing your work life with your own personal life

Do you want to see yourself eventually doing consulting
 
Do you think your resume would look better with the degree MBA written under academic achievements

Then an MBA degree is a must for you