Why do we have to learn economics as a general subject for all business courses in university?
by California Cthulhu (Will Hart)
Question by Elainee: Why do we have to learn economics as a general subject for all business courses in university?
Nearly all business courses in university take economics as the base course that all students must take. Is it because it caught up bits and pieces of all business correlated subjects? Or is it because the economy as a whole is the most vital in society? Or what?
Best answer:
Answer by blt729
Economics is a broad study of how most business is done in the planet. It is a fantastic foundation to understanding the way business works and most institutions generally accept the fact that economics is a fundamental part of any business. Some even have it broken down into micro-economics, and macro-economics. I reckon it’s a very necessary course if you want to really get to know how business works.
What do you reckon? Answer below!
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Economics is the social science surrounding the money people spend and its relationship to price and supply of goods. Basically it asserts that there is only so much stuff and only so much money to spend on that stuff - so how do we choose which stuff we want to buy/manufacturer and how much to sell it for?
Business (aka commerce) is the study of supplying that “stuff” to people and taking their money for it in the most efficient and profitable manner. So, business as a major is very much correlated to economics (the social science of financial behaviors - not the general economic condition of nations, though the latter is influenced by behaviors and studied by economists) and is therefor reliant on those behaviors for success.
In effect, we need economics in order to know which widgets to sell and for how much. We study business to know the best way to sell those widgets, account for them and our money, and maximize our profits. Without the study of economics we might sell gold bars for $ 1 (they’d sell very well and we’d lose our shirt) or open a snow ski shop at the beach (they’d not sell too well and we’d lose our shirt).
This is, of course, simplified. Economics is a vast field of study and most business majors only take a vital foundation in the field. Micro and Macro are essential to really understanding the whole reason we engage in commerce.
Economics is very vital, mainly with business courses. In order to succeed in a business environment you must be aware of the economy, and its trends. I am responsibility a health science degree, majoring in economics. Because even health science involves economics! Hospitals, health firms, pharmaceutical companies need a knowledge of economics to run.
My daughter thought it was so vital she majored in it. Economics is considered the top end of the business education food chain. Because it teaches you the huge picture.