Each of these areas is different, but they are interrelated in subtle ways. but what is different between them?
ACCOUNTING
Accounting is the gathering and reporting of financial information on companies and organizations. It deals with the preparation of statements that are used to understand the financial condition of a company at specific points in time, and its reveniues, expenses, income and cash flows over periods of time. When you study accounting you learn how to read financial statements, including the balance sheet, the income statement and the funds flow statement.
FINANCE
In finance, you study ways in which you can use accounting information and other information to make finnancial decisions. These decisions might include such things as determining whether to extend credit to a person or a business, determining the best way to help a company raise money, and determining whether the securities of a particular company represent a good investment.
ECONOMICS
Economics studies the broader system by which goods and services are allocated. In macroeconomics you study the structure and function of the U.S. economy, including the driving factors behind such variables money supply, interest rates, and inflation. In microeconomics you study the theory of the corporation, including production, supply and demand, and costs.
BANKING
In banking you study the structure and function of the banking system, including the role of the Federal Reserve bank, the different types of banks, electronic funds transfer, and so on.
all this field are different btween each other. thanx for the informations!!
ReplyDeleteyupz, but as i said before they are interrelated in subtle ways...You are most welcome..maybe you can share some of your knowledge in baking with us...:-P
ReplyDeleteThe following is purely my own opinion.
ReplyDeleteI am currently doing my PhD in Economics and I think your article may constant some minor misleading information (no offense)
For some Economics may just be a study of the economy facing the problem of scarcity but it actually is much deeper than that.
Economics is a study of decision making. Scarcity together with choices and unlimited wants results in requirement to choose.
Decision making can range from macro perspective such as lower unemployment vs lower inflation to micro perspective such as production to even daily life decision making situation such as roti canai or chicken rice.
A good economist should be able to choose correctly and objectively with the help of behavioral economics, Econometrics and opportunity costs analysis. Everything from long hair or short hair, computer or laptop, job a or job b, rice or noodle, coffee or tea, tv show a or tv show b etc.
Hope this will give you (the author) a better view of what economics can do. Thanks!