Both economics and finance involve money. The difference is that economics is large-scale or abstract, while finance covers fiscal matters of a person, company, government, or household. For example, a profitable business has financial success, and a country full of profitable businesses has economic success.

 

Economics

 

Definition from Wiki:

Economics is a social science concerned with the factors that determine the production, distribution, and consumption of goods and services.

Branches:

● Microeconomics deals with how individual businesses, households and persons within an economy allocate their resources.

● Macroeconomics is the study of the overall workings of the national economy, dealing with income, output and the correlation between diverse economic sectors.

Profession:

● Professional economists are hired as consultants and in industries including banking and finance.

● They also work for various government departments and agencies, for instance: Central Bank, Bureau of Statistics, and the national treasury.

Related Subjects:

● Natural resource economics

● Law and economics

● Philosophy and economics and

● Political economics

Relevant Skills:

● Active listening

● Critical thinking

● Speaking, Writing

● Complex problem-solving

Job Titles:

● Risk management specialists

● Survey researchers

● Operations research analysts

● Political scientists

● Economic teachers, postsecondary and more.

Finance

 

Definition from Wiki:

Finance deals with the study of investments. It can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return.

Branches:

● Public Finance

It deals with the role of government in the economy. It is concerned with the administration and paying for collective or governmental activities.

● Corporate Finance

Includes managing funds for business or corporation.

● Personal Finance

Relates to the income, source, and expenditure of individuals and families, including debts and other loan obligations.

Profession:

Finance is the profession of individuals, banks, or other financial institutions.

Related Subjects:

● Accountancy

● Chartered Financial Analyst and more

Relevant Skills:

● Judgment and decision-making

● Monitoring

● Active learning

● Critical thinking

Job Titles:

● Accountants

● Budget Analysts

● Auditors

● Financial Examiners

● Personal Financial Advisors and more

These are all the major differences between economics and finance. If you are an online student struggling to complete homework assignments in economics or finance, contact us and ask, ‘can you take my online class for me?.’ We will complete all your coursework on time. A or B guaranteed.

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