Economics Vs Commerce
Economics Vs Commerce
Define Economics
Economics Commerce
Focuses on the study of
production, distribution, and Deals with the buying
consumption of goods and and selling of goods and
services services
Examines how individuals, Concerned with the
businesses, and governments practical aspects of
make decisions about resource conducting business
allocation transactions
Includes topics such as
microeconomics, Includes topics such as
macroeconomics, and marketing, sales, and
international economics logistics
As you can see, economics and commerce have different
areas of focus, which is why they cannot be used
interchangeably.
Context Matters
When it comes to choosing between economics and
commerce, context is an important factor to consider. The
decision to pursue one over the other can depend on the
specific situation and goals of the individual or
organization. Let’s explore some examples of different
contexts and how the choice between economics and
commerce might change.
Context 1: Business
Context 2: Policy-making
Context 3: Academia
1. Cultural Differences
3. Market Imperfections
Practice Exercises
One of the best ways to improve your understanding and
use of economics and commerce is through practice
exercises. These exercises can help you apply the concepts
you have learned and identify areas where you may need
more help. Here are some practice exercises to get you
started:
Economics Exercises
Key Takeaways
Shawn Manaher
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