Rohit Dubey

What is the difference between Economics and Commerce field, which one is better?


by Rohit Dubey
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RE: What is the difference between Economics and Commerce field, which one is better?

Surabhi Dewra
Surabhi Dewra
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The field of Commerce revolves around the value that is income generated i.e. business transactions and overall benefits taking the sales of products and services provided by producers to the consumers. Economics has even broader scope that excavates deeper into how this relation between Producer and consumer runs. This study allows examining how individuals, societies and businesses allocate these limited resources so that they can be beneficial to all. Commerce falls as a helping hand to economics, but studying Economics gives you much deeper understanding.

These two subjects can be counted as complementary to each other but both have individual importance and roles in order to understand the real situation of “What is going on in the Market?”  Both the disciplines share similarities but still a number of important different attributes are there. Economics allows user to understand the issues of trade market in an open market system in which consumers interact with producers whereas commerce gives you a much wider but macro level approach. Economics focuses on not only business as a model but also with issues in even daily life.

Majorly Economists study around way of maintaining an optimized ratio between production and allocation of resources, goods and services. They work on collecting, analyzing data, finding trends and historical patterns and using it for Final Evaluation. These analyses are applicable to various major sectors like education, health, development and environment. Sectors and type of analysis may vary but basis of work almost remains the same. For instance some economists study the cost of products, health care or energy other examines employment level business cycles, exchange rates, taxes, inflation or interest rates.

Various Types of Economists on the basis of Job Role are as follows:

  1. International Market Experts - These individuals have a better understanding of International market. They study International trade and impacts of various restrictions in tariff, taxes and trade. They also had a keen eye on Global Market Scenario, Exchange Ratio and its impact on Overall Economy.

 

  1. Econometrician – The word Econometrician is an amalgamation of “Economics and Mathematician”. These Experts work around creating various models using basic mathematics and statistics to test and analyze economic relationships. Various Tools like Regression, Game Theory, Queuing Theory, Calculus etc. are used to prove Economical facts in a derivative way.

 

  1. Behavioral Economists- These Experts study the direct and Indirect Impact of psychological and social factors on the economic decision making of an individual, entrepreneur or even Society. They work around the real-time impacts of the decisions taken and the factors that either made the system beneficiary.

 

  1. Financial Experts : These are the Market Experts and their job role involves market risks or predictions around savings and investment within various Financial market bodies and institutions.

 

  1. Industrial Organization Economists :These Experts basically analyse the organization and competition that exist between industries of Common Genre. They majorly focus around “Cause of Existence of Industries within the Market”. They also examine how antitrust laws, which regulate attempts by company to restrict competition, affect market.

 

  1. Labor Economists: Major focus of these kind of Experts drives around the trend of the supply of workers and the demand for labor by employers. They research around employment levels and comparable wages in order to maintain ratio between employee satisfaction and company’s overall benefit. They also helps in creation of labor related policies, such as minimum wages, laws & institution such as union etc.

 

  1. Macro EconomistsThese Experts analyze market or economy as a whole. Focus always relies on society or whole economy as a single unit. Overall Impacts of decisions on GDP, NPA etc that relates at Macro Level.

 

  1. Monetary Economist: These Experts work closely with Money related decision making bodies. The may perform research to analyze trends related to unemployment, inflation & economic growth. They also study fiscal & monetary policies which examine the effects of money supply & interest rates on the economy. These can be considered as a part of Macro Level Economists.

 

  1. Micro Economists: Micro Economists analyze supply & demand decisions of individuals and firms.They work around optimizing these small factors that can help in giving a major overall benefit. These study and decision might vary in case of every firm or even every individual hence it gives us a real understating at Micro Level.

 

  1. Public Finance Economists: Public finance economists analyze the role of government in the economy specifically that may analyze the effect of tax cuts, budget deficits and welfare policies. They provide the clear picture of the overall benefits of Taxes and developments within a country.

A degree in economics provides with an array of subject specific & transferable skills highly sought after by employers.

On the Other hand, Commerce is among top three popular academic choices in India, other two being Humanities and Science. Individuals pursuing a course in this field basically acquire overall knowledge about corporate finance, stock markets & the inner financial functioning of various profit and nonprofit institution and the economy on the whole. The Commerce field revolves around the concept of trade and economy, it consists a wide range of interdisciplinary branches such as accountancy, business administration, E- commerce & taxation laws etc.

 

Students pursuing degree in Commerce can get job opportunities in the field of accounting, auditing, finance & banking sector. Students who are good in calculation and having vast interest in statistics may find this field interesting. Students who initiate career in commerce field can have few of the below listed profiles –

  1. Chartered Accountant(CA): The job of a Chartered Accountant is one of most renowned profile that a person can have after pursuing education in Commerce Field. This profile has no crunching and understanding of intricacies of financing, accounting and auditing. As a company needs to be financially stable and sound in order to survive & profits. Individuals pursuing CA can have a number of jobs in private as well as public sector.

 

  1. Company Secretary(CS):Many Individuals find pursuing Company Secretary good for their career in this Industry as the prospects of C.S in today’s day & age are limitless. Various job opportunities are there in public as well as private sector. A CS can work as an legal and economic advisor in legal and corporate firms.

 

  1. Accounting: Accounting Individuals always have a great demand in market, it deals with analyzing & summarizing financial records along with auditing & strenuous book keeping. This offers an array of opportunities to students becoming professional in their field. This will help them having a bright future in various fields like accounting, tax planning, human resources & consultation.

 

  1. Work and Cost Accountant:The Cost & Work Accountant is considered an essential part of any corporate strategy whether as an employee or as a consultant. This professional collects, assimilates, collates & analyze financial information from every angle & then interprets those number for the management.

 

  1. Stock Broking Experts - Stock brokers are basically considered as the Stock Market Experts who knows everything about the Stock Market. His/Her job role involves analyzing various patterns, historical trends to deduce the profit making entities for the day. They are involved in the buying & selling of stocks in the market, mainly for their clients. A career in share market might be a very good option indeed. Prospects for the stock broking business are bright & for those are qualified to handle this business & have the necessary personality traits to cope with it, the job openings are many.

 

Every field has pros and cons and exceling in any field can give you an utter satisfaction in job as well as wealth wise. All you have to do is to learn and stay updated as per the need of market in your field. There are number of opportunities in both the fields so it is difficult to decide which one is better. One should choose career in any of this field on the basis of their ability, interest and growth. But while choosing the career one thing should be very clear in the mind i.e. the goal which you want to achieve in life.

For further queries and related information, you can approach the Professional Experts at CareerGuide. Hope this will help you!

RE: What is the difference between Economics and Commerce field, which one is better?

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