Economics studies how resources are allocated between alternative uses. It is concerned with all activity which could be described as economic whether by individuals, firms or the government.
It is often asked what's the difference between Economics and Business Studies, and inevitably there is some overlap. For instance government policy may have an impact on firms and the economy as a whole and so is covered by both subjects. Therefore, it is advisable to study either Economics or Business Studies at GCSE to prevent narrowing your field of interest too early. However, at A Level the study of one of these subjects can be used to complement the other.
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