Tuesday, May 24, 2022

Business vs Economics Major!! (4 Key Differences)

Hey guys how's it going it's Calvin Rabb and in this video I'm gonna be going over the decision of deciding between a business major and an economics major and this decision is all too familiar to me because out of high school I had to decide between the two and I actually come from an interesting perspective where I chose business originally but I .

Actually then switch to I'm now economics but in this video I'm gonna go over a couple things so firstly I'm gonna go over four key differences between the two majors that really set them apart from one another and then I'm gonna jump into who a business major is for you know what your interests are and who I think should be a business major .

And then I'm gonna go over who I think should be an econ major and then after all that I'm gonna round it out and give a little bit of my personal perspective and talk a little bit about why it is that I switched from business to econ and I'm extremely happy that I chose econ 4 I do think it was a better fit for me so let's get into it there's .

Gonna be a fun video to make and it's it's a tough decision I know but but in this video you should have a good understanding of kind of where you fall and hopefully I'll help you navigate through this decision but without any further ado let's get into it and if you're new here my name is Calvin Rabb I make videos all about personal finance .

And economics and different things like that so if you're interested anything like that I would love it if you would subscribe alright so let's get started I'm gonna start by going over those four key differences between the two so the first big difference is practical versus Theory so when you are a business major everything is very practical in what .

You're learning so you're learning a lot of different things that you will use as in kind of in the business world you know you were learning tools you were learning things that you will use and it is all very applicable oftentimes if you're a business major and you're in class you know I'm gonna use this in this situation whereas econ is not so .

Much because in econ you study a lot of econ Theory meaning a lot of mathematical equations and a lot of theory behind a lot of the things you do in business so oftentimes you may not use that in the world you know or in the business world in your future job it isn't quite as applicable but it is I find it very fascinating I find economic .

Theory very fascinating but it isn't as applicable so that is something that you may want to keep in mind when making this decision the second difference is surface level versus dig deep so in my experience the business administration major that I was or the business major was very surface level so oftentimes as a business major your .

Classes are a lot of introduction courses so it's a lot of introduction to finance introduction to management introduction to accounting and you get this kind of jack-of-all-trades idea however you don't dig really really deep where as econ does that so econ doesn't get all that like all those managing classes all those finance classes but it .

Digs very deep in economics so for instance as a business major you will take macroeconomic courses and micro economic courses and you'll learn about things like supply and demand but you kind of stop there you know after you learn about ok what happens when supply shifts when demand shifts what causes those shifts you kind .

Of stop there whereas econ that's where we get started so I just took a course diving deep into supply and demand curves learning all about the calculus that goes behind it in creating those curves which I found quite fascinating but that just goes to show how much deeper econ dives granted I don't get all those other courses and I don't get .

That broad exposure to all those kind of practical courses that a business major may get the third difference is the math with econ you will be doing a lot more math so when I went freshman year to my business major right away I took the highest math course that was in the business school and really all it was was just a calc 1 course all we did was .

Derivatives and integrals and in that calc 1 course it was business calculus was like the name of it we didn't even do any trig or really anything like that so and that was the highest kind of calculus based course that was within the business school at least that was open to me whereas econ once I switched over it's a whole different story so .

With econ you got to take calc one you got to take calc 2 sometimes you got to take calc 3 I didn't have to specifically take calc 3 although I did learn multivariable calculus which is kind of calc 3 in some of my courses so I didn't take an official multivariable calculus course but I did have to know some .

Multivariable calculus for a course I took Fall Quarter so I did have to learn a little bit of multivariable but it wasn't the full extent but there is a lot more math involved with econ you know oftentimes you will have to go calc one two and three at least calc one – at least from what I've seen difference number four is non-business related .

Information so if you are a business major guess what you're really just gonna be sticking to business although you may get a few elective courses that you can dive into other things but for the most part the practical application stuff is gonna be all business centric which should be expected because this is all about kind of practical use of your .

Business major whereas economics you will go outside of the world of traditional business because you have to remember what economics is at its core all econ is it's just the study of decision making when it comes to scarcity so decisions based on a scarce amount of resources and from that very high level definition .

You can start to see that business isn't the only place that that issue will come up you know we learn about different things within the government and different social situations that everything's like that so we will get out of and when I say we I'm talking about economics get out of kind of the business world .

Into general decision-making we also look at the economy as a whole much more whereas business tends to be much more centered on one company so we get a much more holistic idea where as you know that that's maybe good or bad maybe you just want to focus on one company whereas econ may be a little bit too big a little bit too general because we'll .

Look at equations and everything's like that that will map the entire economy whereas it isn't quite as applicable to a centered company that you may get with a business major where you're looking at one company's decision so that may be something you want to think about but this one is all about you get outside of business a little bit with econ because .

You are studying decision making all right so those are four big differences that I see between economics and business and now I want to jump into who I think business is for and who I think an economics major is for so let's start with business and keep in mind here that all of this is just my opinion you know nothing is set in stone of this person .

Should be this that person should be that it is just personal opinion and this stuff is all just things that I've seen from my experience who I think should be which so take it or leave it this is just my personal opinion but let's start with that business major and who I think should be a business major all right so who do I think should be a .

Business major well I think you should consider being a business major if you know right after you graduate you are gonna enter the business world you know you are gonna jump right into a job using that major and then business may be better for you because they really do a good job of preparing you for the workplace and because with econ .

Oftentimes a lot of be con people that I know a lot of my econ friends actually go to grad school and different things like that but if you know you want to get right into the workforce then business may be something that you wanted to do also if you can see yourself pretty entrepreneurial and you wanted to maybe start your own company .

Then a business major may be better for you because you get that kind of jack-of-all-trades thing you know you'll learn about accounting you'll learn about marketing you'll learn about just general finance and different things like that and management and it will probably better suit you for in kind of an entrepreneurial lifestyle because .

You're learning how to kind of do everything and be kind of good at everything and when you start your own company oftentimes you do have to do everything at first before you grow it and start hiring other people but if you are considering taking an entrepreneur route and then you may want to consider being a business major and then another .

Part is if you just want to early practical information so some people are going to school the soul mindset of I want to work after this and I want this degree to help me to work and if that's something that is a very big concern for you then you may want to be a business major because oftentimes from my experience being in .

An economics class or a economics Theory class or being in a high math class I oftentimes in learning things that if I'm being completely honest I'm never gonna use you know I'm not gonna use it in the workplace now I've had some classes where it will be quite applicable but you will take classes that are diving so deep into something .

Or it's gonna be so complex or the math is very very complex that you're not going to use it so if you are purely based on kind of you want everything to apply then businesses may be a better bet for you but if you really want to learn and you want to understand how everything works as a whole then maybe econ more so would be for you but if you .

Get annoyed by learning a lot of stuff that you're never gonna use then maybe business may be a better kind of suited major for you okay so now let's jump on over whoo I think economics is four so I kind of touched upon it at the end there but economics is for someone that wants to dive deep into something you know if you don't want to be the .

Jack-of-all-trades kind of thing if you just really want to dive deep if you want to be really really good at something and a really good understanding of it then econ may be that for you I mean me personally I just like to learn things at a very deep level not so much a surface level and that's what kind of Jarrah's made econ I .

Want to know why things work I don't know how they work I want to know why they work so that's something that draws me to each person and then another person I think should be an econ major is if you really enjoy learning new things and you really enjoy research because you have to remember at its core econ is a social science and you are a .

Social scientist and what you are doing is you are researching methods for making decisions and when you think of it like that it helps you frame econ at least in my mind whereas business isn't so much that research side of it and you know the research of decision making it's more so applying these systems to help a particular business whereas with .

Econ there aren't always these system set up and you have to do research and you have to go find the answers it's not all given to you so that's a little bit of a difference there although I do understand that with a business and kind of in the business world you will be doing research as well so these aren't .

Necessarily mutually exclusive although they may be a little and then another person that I think would like being an econ major is if you like the big picture so with econ especially macro economics you look at things from a large scale you know you were studying GDP of different countries you are studying what the globalized world is .

Doing as a whole and that's something that business majors don't do so much because business is much more into the practical and applicable side of kind of their studies in that they focus on one company you know this is how this company runs this is how businesses do it whereas econ sort of takes that step back and says all right this is the .

Effect of that this is what it's doing to the world at large and you come up with equations that can map it and different things like that so if you are someone that thinks very big picture and wants to get a good idea of how the world is working from an economic standpoint then econ may be something that you may want to fix so those are .

The differences that's who I think should be a business major and that should be an econ major and I'm kind of gonna end this with talking about myself and kind of my personal situation and why I made the switch so as I said out of high school I chose to be a business major and I went with that however a few things happen that made me kind of .

Switch and the first one was I really like math so I'm someone who I just am very passionate about math I really enjoy it and I wanted to go deeper in math and kind of with my math knowledge I wanted to expand it a little bit and as I said with business after like calc one I stopped and I wanted to go further and econ allowed me to do that I didn't .

Really want to be a math major because I thought econ be a little more applicable and I wanted the business side of things as well so I really liked math that was something that kind of brought me over to econ more so more specifically I really really calculus I really enjoy it and I just find it really really cool so that's .

Something that drove me over and was part of my reason for switching but there are a couple other reasons that I want to go over and then another reason was after my freshman year I finished a macroeconomics course and I remember thinking it was really cool I really was enjoying economics I was very passionate about it and all of a sudden when the .

Class was over I felt like I had this big void in that there was so much more that I wanted to learn and we just got through the surface level so I kind of gave that example of supply and demand there was so much more to that class that I just wanted to learn more about and I as looking through the econ courses and classes it dives so much .

Deeper into that and I wanted to learn more about that I wanted to know why these graphs were a thing I didn't want to know necessarily just how they worked I wanted to know why they worked I wanted to know the math behind it and that was something that drove me to being an econ major and the cool thing was knowing how those worked involved a .

Lot of math and a lot of calculus which I kind of converged those two interests and then another reason I made the switch I just said this one may be somewhat controversial and this certainly could be part of my bias sort of I guess towards econ even though I don't feel I necessarily have a big bias towards it I respect both of these .

Majors a ton but I thought of the job market afterwards and I kind of came to the conclusion that or the thought process that as an econ major I can kind of get all the jobs a business major can get and a business major I don't think could get all the jobs that I could get because econ goes so deep in math that it opens up a lot of jobs within data .

Science and different things like that and business majors don't quite go far enough in math in my opinion to get or be very qualified for those jobs so that was also something I thought it opened up the job market even more however I do have to say that business majors are more prepared for those jobs than I am because they've been doing things that .

Are so applicable and so practical once they get into the job world there isn't as much of a learning curve for them because they've done this they've done all the finance stuff they done all the accounting stuff and they know how to do it whereas me there will be a pretty steep learning curve because I haven't learned this .

Stuff I've learned a lot of math at a very deep level but I haven't learned all this kind of practical stuff however I can learn that on the job whereas the flip side it would be very hard for a business major say in like a data science position to learn multivariable calculus on the job that's kind of something that you need a classroom or a .

Sort of course setting to learn it and you know you can't really learn multivariable calculus on the job whereas accounting and different financial things that I didn't do in the classroom I can learn that on the job so that was another reason that I made the switch was that opening up of the job market however I do understand that .

There's probably a lot of business majors that would disagree with me there and that's okay that was just kind of my personal opinion here and I totally could be wrong and that being said I don't think econ is perfect I don't think it is the perfect major I do find myself getting frustrated because I'm not learning a lot of practical stuff I .

Was actually just talking to one of my good friends who is a business major and I was talking with her going over what classes she was taking and she was talking about how like she was learning and looking at real financial P&L statements and different things like that learning how to make business decisions and I was i jealous probably .

Isn't the right word but I was a little frustrated that I don't do anything like that now I did bring that upon myself of being an econ major but I do wish econ had a little more practical side of it because I don't necessarily feel as prepared as she may feel to go out in the business world and just start working right away I do and am very .

Confident in myself that I can learn everything that she knows along with other business majors but I do wish econ did have a little bit more of a practical element to it whereas oftentimes I just feel like I'm a math major sometimes and then there were a couple other things like I do plan on getting my MBA which I think will .

Encompass and allow me to take courses that are a lot more practical to myself and then another big thing that I do want to touch upon was I also transferred schools so I was at Gonzaga University as a business major and when I did transfer I am at UCLA now they actually or we actually don't have .

A business major for undergrads we just have an economics degree in a business economics degree and I'm just econ not business econ and that's kind of what also pushed me over the edge but I think had I stayed at Gonzaga I would have also made the switch probably over to econ as well because it is something that I am passionate about so that will .

Wrap it up I hope this gave you a pretty good understanding of the differences between the two who I think fits in one maybe business versus who fits in the other and then a little bit of my personal explanation as to why I switch and I'm very happy that I switched I do absolutely love econ I do think it was the right choice for me I am now a third .

Year economics student at UCLA as I said and I love it but there is no perfect kind of major there's no real right answer necessarily and it's okay if you're wrong like I was wrong I chose the wrong major and I switch it's okay so don't worry too much about it you know don't lose too much sleep over making sure you have the right major I .

Know so many people that have switched majors and they make it seem like as soon as you sign up for a major your freshman year it's set in stone it is most certainly not you can move around shift around and eventually you'll end up where you should be and that's exactly how I feel right now so that will wrap it up thank you so .

Much for watching if you have any other thoughts or any other just big differences or why you chose one why you chose the other or just questions in general about either I kind of have an interesting perspective and that I was a business major and now I'm an econ major so I see both sides so let me know in the comments below if you have any .

Questions I'll be talking to you guys down there but this is something that I really enjoy talking about so if you guys want more econ videos let me know what you would like to see in the comments below I'll be going through there talking to you guys and I really appreciate it so again thank you so much for watching I hope you have an amazing .

Rest of your day as always my name is Calvin rod and I'll see you soon hey you made it to the end of the video congratulations so I'm gonna move to the corner of your screen here if you look in the upper left hand corner you were going to see my most recent video and if you look in the lower left-hand corner you were .

Going to see a video that YouTube and I each thing that you would like maybe haven't yet you can hit my face right here and subscribe as always my name is Calvin Rabb and I'll see you soon

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