Economics vs Business Studies. Which Bachelor's Degree to Study in 2021?

When it comes to Business Studies, lines can get a little blurry if you want to know exactly what subjects your degree will cover. What should you expect to learn during a Bachelor’s in Business, and what differentiates it from other undergraduate degrees, such as a Bachelor’s in Economics?

Business and Economics seem like the same thing, right? Well, hold your horses because things are not quite the same, when it comes to courses, programme structure and even career options afterwards.

What to expect from a Bachelor’s degree in Economics versus Business?

In nerdy terms, Economics is the Social Science that focuses entirely on goods and services, aka their production, distribution, and consumption.

If Economics focuses on the big picture of the world’s finances, then you can say that Business Studies have a more specific vision, teaching you the skills to manage a specific company or organisation.

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Jumping to the point here’s what you will learn during each undergraduate specialisation:

Courses during a Bachelor's in Economics

  • Mathematics
  • Statistical Theory
  • Applied Mathematics
  • Managerial Economics
  • Political Economy

Courses during a Bachelor's in Business

  • Business Administration
  • International Business
  • Finance
  • Marketing
  • Economics

In short, following Business Studies means you will learn how to create an organisation and then manage and develop it further. Studying Economics, on the other hand, will give you a broad understanding of past and present economic processes.

Where to study a Bachelor’s degree in Economics?

Economics is a very in-demand degree, so you can go wild when choosing where to study it. UK, Spain, Canada, USA, all are good places to start looking for a great Economic degree.

What matters more, however, is choosing the right university for your undergraduate study. You’ll need to find a school that has a good track in the area and offers challenging study options that help you grow. Some good examples to get you started are:

Based on our data some of the most popular countries for international students who want to do a Bachelor’s in Economics are:

Also check out online Bachelors in Economics.

Bachelors in Business Studies

Where to study a Bachelor’s degree in Business Studies?

Business Studies are like a chameleon. They change colour from country to country, depending on the cultural background of each. Still, based on the number of Bachelor’s degrees available on Business Studies we can say that some popular countries for a degree in Business are Switzerland, Netherlands and Poland.

In terms of universities, we totally encourage you to check these schools out:

Also, here are some of the most popular countries for an undergraduate degree in Business:

Also check out online Bachelors in Business.

What jobs can I take with a degree in Economics or Business?

Let’s close our eyes and imagine you finished your Bachelor’s and are ready to get a grown-up job and acquire grown-up responsibilities. Before you start panicking, you should know that everything will be OK, seeing how sought-after Economics and Business graduates are:

Economics vs. Business studies

And, because we understand the Jerry McGuire principle of “Show me the money”-ness, we can tell you what the entry salaries are as well:

  • salary for a Bachelor’s in Economics graduate: 45.000 USD/year
  • salary for a Business Studies graduate: 40.000 USD/ year

If you really want to be picky you should know that a 2018 economics report reveals that the best salaries for Economics graduates are offered in the next countries:

  • USA – 144,000 USD/year average salary for economists
  • United Kingdom – almost 85,000 USD/year average salary for economists
  • Germany – almost 70,000 USD/year average salary for economists

By comparisons, the countries where Business graduates expects to earn most according to Universum Global are:

  •  Switzerland: 79,435 USD/year
  •  Denmark: 57,932 USD/year 
  •  USA: 52,655 USD/year

Depending on your personality and goals, if you’re a theory or a practice person, orientated towards analysing in-depth data, or focused on business opportunities, you can decide which degree is better for you: Economics, if you’re the former, and Business Sciences, if you’re the latter.

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