“INTERNATIONAL BUSINESS” AND “INTERNATIONAL ECONOMICS” – DIFFERENTIATE THE “SAME” THINGS?

1. Introduction

Even though you might have not yet familiarized yourself with these terms, you could have come into them on some specific occasions. And yes, even for those taking an interest in dealing with money on a global scale, differentiating them might as well be bewildering.

So, is there any actual way to tell them apart, or are they suggesting the same things?

If these questions still bother you every now and then, consider checking our article below! In this article, we will walk you through several similarities and distinctions between the aforementioned terminologies. And now, without further ado, let’s get started!

2. Similarities

The mentioned terms, in fact, still share some significant similarities, albeit unable to be used interchangeably. The similarities consist of the working area, and even a number of compulsory courses in the syllabus. In order to have a better view of the ideas, let’s see what they have in store for us below!

2.1 Area Of Operation

As their names straightforwardly suggest, these majors chiefly take heed of what operated on a global scale. Internationally, right?

In contrast with their domestic counterparts, their focus will shift onto the much wider field in which transactions are conducted worldwide, detailed surveys are carried out on the much larger samples; and the higher risks of conflicts, inevitable cultural disparity, geographical locations, etc. ought to be calculated even more painstakingly due to the ever-changing hardships they might bring about.

The field, therefore, accentuates the prerequisite of having a flair for cross-cultural communication, decent adaptability, and an extensive network,...

2.2 Specialized Knowledge

As mentioned above, what you will study in “International Business” will bear a relatively close resemblance to that of “International Economics.” “Commonsensically” speaking, these majors have been actively focusing on the global flow of money, the perplexing bilateral or even multilateral relationships among many countries and regions, and the list even goes on. Henceforth, you will expect to experience many of the crystal-clear similarities in their syllabus.

For the sake of yielding the most sought-after multifarious result and maintaining its long-term sustainability, students following “International Business” or “International Economics” have the opportunity to learn about the specialized knowledge regarding the process of import and export, global logistics operation, international trade policies, and so on.

Seems pretty ceaselessly overwhelming, doesn’t it? However, those are what aiding you through many of the impediments that the future is holding. The goal of education, ultimately, is all about the creation of well-being individuals of high calibre, isn’t it?

3. Differences

And that’s all we need to share about the crossroad where these majors may meet, but what’s about the major distinctions that we’re looking for? Let’s take a look around, shall we?

3.1 Concentration

Even though we've mentioned before that the focus of “International Business” is tantamount to that of “International Economics,” their main concentration cannot be misconstrued. In terms of the former terminology, the study of “International Business” pays closer attention to the position of a specific corporation in the global field, i.e., the conduction of transactions on a global scale, the flow of goods and services taking place amongst two or more countries and regions.

The concentration of the latter one, however, gravitates toward the economic issues and patterns produced by the interrelationship between countries and countries. “International Economics” actively analyzes and explores the economic interaction, including, inter alia, exchange rate determination, protectionism, and embargoes.

To recapitulate, “International Business” will focus on microeconomics (firm-centric), and its economics counterpart will focus on macroeconomics in a multinational environment.

3.2 Career Opportunity

Even though “International Business” and “International Economics” may cross paths one way or another, the opportunities they offer do not invariably “cross paths,” ironically enough, right?

So what makes the opportunities offered by “International Business” special? As mentioned previously, “International Business” is much more of a firm-centric major; therefore, multinational corporations can be where anyone with a Bachelor’s degree in International Business looks forward. If you want to challenge yourself in an active and ever-changing environment, consider opting for the “International Business” major.

And what does “International Economics” have to offer? Characteristically speaking, “International Economics” focuses on analyzing and generalizing many of the economic patterns created by such mentioned interactions. Henceforth, “International Economics” offers rewarding job opportunities for those who want to forge ahead as economic analysts, financial counselors, or even a part of the governing body. The career might be challenging and exhausting oftentimes; however, “the ends” may as well “justify the means.”

4. Wrap Up

And that’s what we want to share about “International Business” and “International Economics.”

Through the article above, we hope that we can help any layman have a better grasp, a better view of how these two operated. At the end of the day, we hope that you will come to realize that what relating to these majors is no rocket science nor out of reach in spite of the hardships you may have to confront.

If “International Business” or “International Economics” have been piquing your interest, then aim for it! Your dream is no cloud-cuckoo-land if you are the one who makes the first move, right?

Thanks for reading our article! If you have come across anything useful, please don’t mind sharing it with others!

Credit: Hao Tran

(*) Reference sources

This article would have been nigh on impossible without the valuable information garnered from these websites. Special thanks to:

1. Sự khác nhau giữa hai ngành kinh tế quốc tế và ngành kinh doanh quốc tế

2. Phân biệt kinh doanh quốc tế và kinh tế quốc tế đúng cách

3. International business, international economics & international management

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