Business or Economics

Both economics and business administration are applicable in the real world with regards to money making. However, they have different focuses.

• Economics is the study of how people make decisions in the face of scarcity. It examines the behavior of individuals, businesses, and governments in the marketplace. Economics majors learn about topics such as supply and demand, market equilibrium, and economic growth.
• Business administration is the study of how businesses are managed. It covers topics such as accounting, finance, marketing, and operations management. Business administration majors learn how to run a business, from planning and organizing to staffing and managing.

In terms of money making, economics majors may be more likely to find jobs in government or academia, where they can use their knowledge of the economy to inform policy decisions or conduct research. 

Business administration majors, on the other hand, may be more likely to find jobs in the private sector, where they can use their skills to manage businesses and make profits.

Ultimately, the best college major for you will depend on your individual interests and goals. If you are interested in understanding how the economy works and how to make policy decisions, then economics may be a good choice for you. If you are interested in running a business and making profits, then business administration may be a better fit.

Here is a table that summarizes the key differences between economics and business administration:

900000 kids graduate with business major and 200000 with economics major, but why?

According to the National Center for Education Statistics (NCES), there were over 900,000 students who graduated with a business major in 2020. This is significantly more than the number of students who graduated with an economics major, which was around 200,000.

This difference in the number of graduates can be attributed to a number of factors, including the popularity of business schools, the perceived job prospects for business majors, and the availability of financial aid for business majors.

Business schools are very popular in the United States, and there are many different types of business schools to choose from. This makes it easy for students who are interested in a career in business to find a school that is a good fit for them.

The perceived job prospects for business majors are also very good. Business majors are typically in high demand, and they can find jobs in a variety of industries. This makes business a very attractive major for students who are looking for a good job after graduation.

Finally, financial aid is more widely available for business majors than for economics majors. This is because business schools typically have more endowments and are able to offer more financial aid to students.

As a result of these factors, there are many more students who graduate with a business major than with an economics major. However, both business and economics majors can lead to successful careers.

Market size difference between economics and business administration

According to a report by Grand View Research, the global economics market size was valued at USD 24.7 billion in 2021 and is expected to reach USD 35.9 billion by 2028, registering a CAGR of 4.8% from 2022 to 2028.

On the other hand, the global business administration market size was valued at USD 183.3 billion in 2021 and is expected to reach USD 252.6 billion by 2028, registering a CAGR of 4.6% from 2022 to 2028.

This means that the total market size for economics is about 15% smaller than the total market size for business administration.

There are a few reasons for this difference in market size. First, business administration is a broader field than economics. Business administration encompasses a wide range of topics, including accounting, finance, marketing, and management. Economics, on the other hand, is a more specialized field that focuses on the study of the economy as a whole.

Second, business administration is more applied than economics. Business administration degrees are designed to prepare students for careers in business, while economics degrees are designed to prepare students for careers in academia or government. This makes business administration degrees more in demand by employers.

Finally, business administration is a more popular field of study than economics. There are more business schools in the world than there are economics departments, and more students choose to major in business than economics. This larger pool of students creates a larger demand for business administration degrees.