When I came to know business math as one of my subjects this semester, I thought "was it somehow like economics?" I had my Economics class in my fourth year of high school and I really enjoyed it. It had some computations too. So I went back through my notes, which is still alive up until now, and read my writings. Well, based on its course outline, economics is a lot different from business math. First, because business math being math, it's all about computations and numbers while economics was more of words.
So I further look into that by searching in the internet. Basically I researched for the meaning of business and economics. And here is what I got :
Business is an organization engaged in the trade of goods, services, or both to consumers.
Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
As I can see, business is an organization and economics is the social science, by it we can tell the difference. But as I come to realize it, business is a part of what economics analyzes! Right? Let us look back "Economics is the social science that analyzes the production, distribution, and consumption of goods and services" and that underlined phrase is what business are doing!
Furthermore, there is also a discussion on what is the difference between economics and business majors. And I got an answer from a thread/forum.
"Economics is usually (and I am generalizing) more theory-oriented and intellectual and focuses purely on how and why money does what it does.
Business is usually more practical and broad in that it may include classes on how to manage a business and how to market a product/service. Less of the focus is on pure theory. For example, you are way more likely to take a class on the hypothetical effects of labor reform in China in Econ than business, while you are more likely to find a course on human resource management in business."
Well I'm not a business or economics major, I'm just one ordinary fine arts student who happen to have a business math subject now and economics subject long before. So if you want to ask further questions about it, ask one of the majors' students or professionals :)
Having such a professor is an advantage. I know you'll learn a lot from him. :)
ReplyDeleteread your blog it was great! learned so much from it thanks!:)
ReplyDeleteI think EVERYBODY should know something from business math. In that way, they will know to deal with their own money and business! they can predict and create statistics. maybe in that way to, young teenagers like us can make a successful business careers even as sidelines:)
ReplyDeleteSharing this on twitter! It's so informative. :))
ReplyDeletewow! a very successful professor! your blog will be my guide when i take business math. thank you for posting this!
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