Economics as a discipline is concerned with the production, distribution and consumption of resources. It is the study of how individuals, Industries, governments and nations make choices on allocating these resources to satisfy their wants and needs. The two branches of economics comprise microeconomics, which focuses on individuals; and macroeconomics, which focuses on the behaviour of the economy as a whole.
An in-depth knowledge of economics paves way for excellent skills in problem-solving skills and to cultivate a rational method of observing and solving problems. It lays a great foundation for individuals who wish to get into extensive research and data handling with means of studying and interpreting data to prove or disprove theories. It is also considered to be an excellent subject for graduate study in the fields of government, business economics, law, labour relations, public administration, and diplomacy.
Pursuing a BSc Economics programme will help you:
Get a deeper understanding of the inner workings of the world by studying topics ranging from demand and supply to international trade.
Opt for dual-degrees or dual programmes to enrich or improve your learning experience. Some of the subjects that you can study with economics in a dual-degree are law, management, finance, international politics etc.
Help you with real life applications of theories and knowledge especially with regards to instability of global markets
Polish your analytical skills which are extremely important in the field of economics because you have to analyse economic models, come up with solutions for problems, and interpret economic statistics, data, and evidence.
Refine your writing skills by creating projects and economic models, and writing assignments on a regular basis, your writing skills will develop greatly.
Why Business Management?
A business management degree evaluates you academically from all directions. It prepares you to simultaneously focus on several areas such as leadership, mathematics, strategy, finance, accounting, presentations and law. One should be aware of the fields they wish to specialise in, in order to gain an in-depth knowledge of the particular discipline. Some of the key specialised areas include entrepreneurship, marketing, international business, finance, human resources management and information systems management.
A Business Management degree helps you develop and polish the following skills:
Communication skills: Writing reports, assignments and presenting projects require excellent communication skills. A bachelor in business management will hone your communication skills and help you perfect the ability of making your point in any situation.
Critical thinking: You will learn how to enhance your problem-solving skills and critical thinking. This would help you in tough situations such as fixing uncalculated decisions made by your organisation, and in balancing budgets.
Accounting skills: Studying accounting will always come to use when handling your firm’s finance and to increase its overall business.
Entrepreneurial skills:You will be taught how to successfully implement start up ideas, innovation, and execution strategies for your product/services.
Project management skills: Skills to perform multiple assignments or to participate in group projects will prepare you to manage and successfully complete the tasks at hand before the deadlines.
What should you opt for?
Superficially, both business and economics deal with the exchange of goods and services and have similar job prospects post completion of the degrees. Technically, it all comes down to what interests and what career path you plan to take in future.
The concepts taught in economics are overarching as compared to the ones taught in Business management. Economics is thinking about what is socially optimal, so issues of how markets fail, inequality, ineffectiveness of policies etc. are often studied through this discipline. On the other hand business management is organizing, analyzing, and planning various types of business operations to ensure profits and high returns. The study of economics is theory based while business management gives you an option to specialise in a particular field within your undergraduate years. Studying business management allows you to make a tangible impression, however limited it might be.
Pursuing an Undergraduate degree at ISBF
All UG Programmes at ISBF are 3-year, full-time, honours degree programmes. Incessant inquiry, discussion and application to the real world are the hallmarks of an ISBF education. Being internationally recognised and valued, this education is a great stepping stone to postgraduate studies at globally reputed institutions.
The undergraduate programmes equip students with the rigour needed to start the world’s most rigorous and rewarding Master’s programmes, often on generous scholarships or even go ahead and work in challenging roles with leading companies in India and abroad else set up successful entrepreneurial ventures of their own.
ISBF has a plethora of programmes that students can choose from which include: