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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:
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 –
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.
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