Business

Business

If you have ever thought that accounting is about the tracking of money coming in and out, you would be right, at its fundamental level. However, accounting can be described more eloquently as the language of business. You see, accounting communicates a plethora of information between employees, owners, managers, and investors to help understand how a company is doing. So, essentially, accounting tells a story to help understand a businesses financial state. In order to make decisions to better help organizations, accounting reveals financial information in transparent ways to help those invested in the company make the best decisions as possible.

What do you think about when you hear finance? Risk? Gain? Loss? Well, finance involves all those things and more. More eloquently, finance can be described as “the science of money management,” because it looks at how money, investments, and financial instruments operate. Furthermore, finance involves the dispersion of assets and liabilities over a period of time, with risk and uncertainty mixed in with it.

Economics is about supply and demand at its basic core. But more eloquently, economics can be described, according to Investopedia as, “the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.” Economics at its core is so integral to our society because it allows us to understand the ebb and flow of items in our society which for the most part affects everyone. Hence, that is why economics is broken down into two forms, macroeconomics and microeconomics, so as to help understand specifics of situations in either small form or large forms to properly prescribe the right solutions.

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