business vs economics

i am in year 9 and will be choosing options in 2 weeks i am debating between business studies or economics. could anyone tell me what the real difference between both is and perhaps what you learn in each. also, i want to be a lawyer but there are no gcse options for that at my school, would any of this benefit me for going into law. (i do also aspire to start a business)

Reply 1

Jaa_

Economics analyses resource allocation + the distribution and production of goods and services. Economics is split into micro and macro. For macro you'll look at the wider economy, such as interest rate changes, inflation etc. For micro you'll look at firms and individuals, such as market structures and individual behaviour (e.g. firms cutting total costs to maximise profit).

For business, you'll look at the inner workings of firms, e.g. marketing strategies and the objectives of firms.

They're both very interesting subjects in fairness so I'm sure you'd find them enjoyable, but to make sure you make the right decision you could look at the specification online and see which one you'd prefer!

Reply 2

MindMax2000

Original post

by emily00044

@Jaa_ has pretty much covered the main differences, so I am not going to go into depth on this.

In terms of what you study for law, to become a lawyer you would need a training contract/pupillage depending on which roles in law you want to secure. Typically, you would do a qualified degree in law and work in a solicitor's firm or under a barrister. You can sometimes get away by doing a degree apprenticeship in law or do CILEx (professional qualification) instead, but it's more common to go through the law degree route.
To get a degree in law, you need 3 A Levels in any subjects. What you study at A Levels have absolutely no bearing on what you study in law or whether you're eligible for a law degree (except possibly from the top unis where they would prefer if you have at least one essay based subject). For example, I have seen people who did 3 science A Levels before going into law.
For A Levels, most colleges (if not all) don't care whether you picked business or economics at GCSE - it won't affect your ability to study Business Studies or Economics at A Level. Officially, the exam boards for A Levels (the same ones for GCSEs) don't have any entry requirements for any of their subjects (age, grades, subjects, etc. don't matter to them); the hoops that you're jumping through to get onto A Level courses are individually set by the colleges.

So to answer your question, it makes absolutely no difference which GCSEs you pick. The essential ones (and possibly subjects that they ask from you at college) are already mandatory i.e. maths, sciences, English language. Most other subjects (if not all other subjects) at A Level don't have any specific entry requirements.

If you aspire to start a business, I usually recommend people to read through A Level Business Studies. It doesn't necessarily mean that you have to do the A Level, but a lot of the material in the A Level would cover the basic knowledge that would help when running a business. However, the knowledge itself is not enough because it only covers business theory and not all the practical stuff that you would need e.g. how to do bookkeeping, what the legal paperwork that you have to do, which regulatory bodies you need to go to, where to get advice, etc.
Personal preference to starting a business: get mentorship or learn from people who have ran similar businesses. Where possible, do an apprenticeship or learn under them. Failing that, get mentorship from credible businesspeople with a successful track record in the industry that you would hope to start your business in (because each type of business and industry will have their own nuances; you can't for example do a catering business and then hope you would succeed in property without further training and experience for example). Winging it is also not a very good idea, unless you want the journey to be as slow and painful as possible.

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