Economics vs Finance vs Accounting
These terms always get mixed together but what’s the clear differences of each and which is best to take to study in terms of opportunities and salaries
Reply 1
Economics: The theoretical and empirical study of how economies are structured, how markets behave, what causes prices and wages to change, why economies grow or shrink, how governments and central banks may influence economies through tax, interest rates, exchange controls etc.
Finance: The study of banking and other financial services, how enterprises are funded, how investments work, how money can be used to produce more money.
Accounting: The study of how financial transactions and the performance of businesses are recorded, how businesses are valued, how the integrity of financial reporting is tested, how insolvency is dealt with, how debts may be restructured, how taxes work.
Few degrees are vocational. It's best to study a subject that interests you than to fixate on money. Economics is the widest and most academic of the three subjects you mention. Accounting is the most technical and vocational of the three.
Finance: The study of banking and other financial services, how enterprises are funded, how investments work, how money can be used to produce more money.
Accounting: The study of how financial transactions and the performance of businesses are recorded, how businesses are valued, how the integrity of financial reporting is tested, how insolvency is dealt with, how debts may be restructured, how taxes work.
Few degrees are vocational. It's best to study a subject that interests you than to fixate on money. Economics is the widest and most academic of the three subjects you mention. Accounting is the most technical and vocational of the three.
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