From the course: Economic Tips for Everyone

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Academic versus business economics

Academic versus business economics

From the course: Economic Tips for Everyone

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Academic versus business economics

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- Did you ever take economics courses in college? There are economics courses about the economy at a global scale with theories about international trade, and there are microeconomics courses looking at market details, the focus on supply and demand curves. While all of that is academic economics, it's not what most businesses consider when they're thinking about economics and the economy. Business economics is focused on the intersection and practical application of the economy, data, and statistics with the intent of driving good business decisions. It's not about economics for economics sake, even if sometimes there's the practical application of economic theory. After all, most economists aren't professors, and business people don't analyze economic data just for courses. Business leaders and other professionals examine the economy and economic data because it has important implications for their business, for their…

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