Economics vs Business studies (1 Viewer)

[anonuser283092189]

Hi,

I am in Year 10, and I am struggling to decide on my last 2 units for next year. These are the subjects I am definitely going to choose:
English Advanced
Mathematics Ext 1
Biology
Chemistry
Art

For anyone doing either economics or business studies
what are the advantages/disadvantages?
how much content?
how much time does it take?
which subject scales better

 

[jimmysmith560]

The concepts you explore and learn about in Economics are specific/relevant to the field of economics. Preliminary Economics covers concepts such as consumers, markets (including labour and financial markets) as well as the government. HSC Economics expands on those concepts by introducing you to the global economy, Australia's place in the global economy, economic issues as well as economic policies and management. There is quite a bit of writing in Economics, particularly when considering Section III and Section IV essays, meaning there is also quite a bit of content to be covered. If you take Economics, you need to make sure you are regularly studying and staying up to date with the content, and seeking assistance with any concepts/aspects of the subject that you feel you are struggling with.

Some advantages I can think of with regard to taking Economics is that this subject allows you to build a foundation of knowledge relevant to the field of economics, which can be useful to have beyond the HSC, such as for your first-year studies in a Bachelor of Business/Commerce with an Economics major, a Bachelor of Economics, and (I believe) a Bachelor of Actuarial Studies.

Business Studies is much broader as it explores different areas of business, where you'll be given the opportunity to build a foundation of general knowledge of the business world in year 11. In year 12, you will explore 4 important areas of business and will study contemporary business issues through case studies and apply the knowledge you acquire to problems encountered in the business environment. Preliminary Business Studies covers the nature of business, business management as well as business planning. HSC Business Studies explores 4 key business functions: operations, marketing, finance and human resources. Business Studies also includes some economics concepts (such as exchange rates) within the Finance topic in year 12 for example. Just like Economics, there's quite a bit of content to be covered in Business Studies, and quite a bit of writing in exams as well, particularly for the Section III report and the Section IV response. In terms of difficulty, Business Studies is generally considered to be easier than Economics because the concepts taught are relatively easy to understand. However, with that being said, you should also ensure you are regularly studying and staying up to date with the content, and seeking assistance with any concepts/aspects of the subject that you feel you are struggling with if you decide to take Business Studies.

The advantages of taking Business Studies include the fact that it allows you to build a foundation of knowledge in multiple areas of business (including economics) rather than only one area of business. This knowledge could be useful for your first-year studies in a Bachelor of Business/Commerce (examples of majors include finance, accounting, management, human resource management, economics and marketing) as well as a Bachelor of Economics.

In terms of scaling, Economics scales relatively better than Business Studies. However, that being said, you should keep in mind that scaling should not be a primary factor to consider when choosing a subject. Instead, you should consider which subject you are more likely to be interested in as well as which subject you think you can perform better at.

I would personally recommend taking Business Studies based on the information I provided.

I hope this helps!

 

[anonuser283092189]

The concepts you explore and learn about in Economics are specific/relevant to the field of economics. Preliminary Economics covers concepts such as consumers, markets (including labour and financial markets) as well as the government. HSC Economics expands on those concepts by introducing you to the global economy, Australia's place in the global economy, economic issues as well as economic policies and management. There is quite a bit of writing in Economics, particularly when considering Section III and Section IV essays, meaning there is also quite a bit of content to be covered. If you take Economics, you need to make sure you are regularly studying and staying up to date with the content, and seeking assistance with any concepts/aspects of the subject that you feel you are struggling with.

Some advantages I can think of with regard to taking Economics is that this subject allows you to build a foundation of knowledge relevant to the field of economics, which can be useful to have beyond the HSC, such as for your first-year studies in a Bachelor of Business/Commerce with an Economics major, a Bachelor of Economics, and (I believe) a Bachelor of Actuarial Studies.

Business Studies is much broader as it explores different areas of business, where you'll be given the opportunity to build a foundation of general knowledge of the business world in year 11. In year 12, you will explore 4 important areas of business and will study contemporary business issues through case studies and apply the knowledge you acquire to problems encountered in the business environment. Preliminary Business Studies covers the nature of business, business management as well as business planning. HSC Business Studies explores 4 key business functions: operations, marketing, finance and human resources. Business Studies also includes some economics concepts (such as exchange rates) within the Finance topic in year 12 for example. Just like Economics, there's quite a bit of content to be covered in Business Studies, and quite a bit of writing in exams as well, particularly for the Section III report and the Section IV response. In terms of difficulty, Business Studies is generally considered to be easier than Economics because the concepts taught are relatively easy to understand. However, with that being said, you should also ensure you are regularly studying and staying up to date with the content, and seeking assistance with any concepts/aspects of the subject that you feel you are struggling with if you decide to take Business Studies.

The advantages of taking Business Studies include the fact that it allows you to build a foundation of knowledge in multiple areas of business (including economics) rather than only one area of business. This knowledge could be useful for your first-year studies in a Bachelor of Business/Commerce (examples of majors include finance, accounting, management, human resource management, economics and marketing) as well as a Bachelor of Economics.

In terms of scaling, Economics scales relatively better than Business Studies. However, that being said, you should keep in mind that scaling should not be a primary factor to consider when choosing a subject. Instead, you should consider which subject you are more likely to be interested in as well as which subject you think you can perform better at.

I would personally recommend taking Business Studies based on the information I provided.

I hope this helps!

Thanks for the info

 

[jimmysmith560]

Thanks for the info

No worries, all the best!

 

[nourished.]

Personally, I didn't do Business Studies during my HSC. However, one of my close friends did.

From what I could tell, he enjoyed Economics A LOT more lol. Though, he did find Business Studies easier than Economics.

 

[FesuY]

As someone who does both heres what I can say. Economics is probably the most content heavy subject in the HSC, and business studies is some what content heavy. Economics scales way more than business (comparable to physics and chemistry), whilst business scales not that great. Personally I prefer economics as the content, whilst harder and more difficult to understand, is so much more interesting. Business is much easier. but to me its quite dry but its a decent subject. Overall its up to you, but considering the subjects your doing, I'd suggest business.

 

[anonuser283092189]

As someone who does both heres what I can say. Economics is probably the most content heavy subject in the HSC, and business studies is some what content heavy. Economics scales way more than business (comparable to physics and chemistry), whilst business scales not that great. Personally I prefer economics as the content, whilst harder and more difficult to understand, is so much more interesting. Business is much easier. but to me its quite dry but its a decent subject. Overall its up to you, but considering the subjects your doing, I'd suggest business.

Thanks for the suggestion

 

[FesuY]

Thanks for the suggestion

no worries

 

[jazz519]

If you want to do anything related to a commerce, finance, economics degree at uni, business studies is not going to be helpful for this.

The subject is basically like a you memorise all the content and you do well and as such it is easier to get a good mark compared to economics, but it scales lower. Little of what is in business studies will give you any advantage in those degrees as the concepts are basic in the sense of there's lots of content but not much in the syllabus goes into depth. Economics on other hand will help you more if you are going into any of those degrees as it goes more in depth into business world concepts.

In terms of time, business doesn't really require much study relative to other subjects. If you have made a good set of notes and memorised them and have some exam practice it's relatively easy to score well. Economics will require more time as the concepts are more detailed and also you have to use case studies to a more significant extent in the essays.

Economics scales better but harder to get a better mark since requires more commitment. The scaling aspect shouldn't really be your main reason for choosing it or not, this in most cases doesn't have much of an effect unless you are aiming for 99+ atars where the difference of getting a 90 in eco vs 90 in business will be more significant, reflecting the greater difficulty so ends up balancing out in the end. Even then it is still possible to get 99+ atars while having business (I did business and got high 99 atar, so you can see the scaling didn't really limit that happening)

Main question you need to ask yourself is are you doing it cause you are potentially thinking about any degree relevant to the commerce, finance, economics, or want to keep that option open as something you might want to do then you should do economics as it will give you a better foundation in the concepts you will learn in those degrees.

 

[AKONS]

Economics is more interesting but requires a commitment to do research outside content (ie. stats) and keep up to date with the current economy.

Business is easier but the actual test questions feel very unstimulating and repetitive

Choose economics if you have an interest in it otherwise it's a heavy burden. Choose business if you want a more stress free easy going subject.

 

[jimmysmith560]

If you want to do anything related to a commerce, finance, economics degree at uni, business studies is not going to be helpful for this.

I highly disagree with this, if there is a subject offered in Stage 6 that will provide students with foundational knowledge relevant to Business/Commerce with respect to their tertiary studies, then that subject is Business Studies. Keep in mind that Business/Commerce is not limited to Economics. There are a number of fields relevant to business, including Finance, Accounting, Marketing, Management, Human Resource Management and Operations. Business Studies covers all of those at Preliminary and HSC level.

Economics can be studied as a major within a Bachelor of Business/Commerce as well as through its own degree, i.e. Bachelor of Economics. While Preliminary and HSC Economics does go in-depth, it only does so with one particular area of business, which is Economics. Also, the fact that Economics covers its content/concepts in depth doesn't make Business Studies a vague subject. Several concepts taught in Business Studies will be revisited at university (particularly during first-year studies), including:

• The HR cycle
• The marketing mix
• Financial ratios

This means that if you wish to study a field of business other than Economics, Business Studies will give you an advantage as you would've already learned about a number of concepts that will be explored during your time at university.

Unless you are specifically interested in studying Economics beyond the HSC, Business Studies is the superior subject considering the multitude of business fields you learn about.

 

[nourished.]

If you want to do anything related to a commerce, finance, economics degree at uni, business studies is not going to be helpful for this.

The subject is basically like a you memorise all the content and you do well and as such it is easier to get a good mark compared to economics, but it scales lower. Little of what is in business studies will give you any advantage in those degrees as the concepts are basic in the sense of there's lots of content but not much in the syllabus goes into depth. Economics on other hand will help you more if you are going into any of those degrees as it goes more in depth into business world concepts.

I highly disagree with this, if there is a subject offered in Stage 6 that will provide students with foundational knowledge relevant to Business/Commerce with respect to their tertiary studies, then that subject is Business Studies. Keep in mind that Business/Commerce is not limited to Economics. There are a number of fields relevant to business, including Finance, Accounting, Marketing, Management, Human Resource Management and Operations. Business Studies covers all of those at Preliminary and HSC level.

I see the merits of both.

From what I've seen, business studies does cover a lot of uni related stuff, but briefly and with brevity. It's an introductory primer at most. It is very rote-learnt subject. The students who do well write well and memorise well.

Economics, on the hand, goes into quite some depth. It doesn't cover a lot of uni related stuff, but it does cover some micro courses very neatly. It is a critical thinking subject. The students who do well can adapt well and apply well.