Which is harder: economics or accounting?
I am accounting major, my only experience with economics is 2 semesters. I think economics are more math intensive, whereas accounting is more number intensive.I passed my econ classes, even without tutorials in exercises (we didnt have phd students to do the extra courses). In my opinion, it was boring. I has a certain logic, but you will get it only if the professors likes his job. I have heard in higher level it has advanced statistics.Accounting, is flat hard from beginning to the end. You need to analyse numbers fast and remember what which number may change in the others. But you dont need any advanced math. Basic numbers. In my opinion it is practical (while econ is not), when you learn about the cost and budgeting of a company.In short, both can be good, depending on the professor. Econ is more "sophisticated math" oriented, accounting is more about number crunching. Which is harder depends on what are your abilities to handle that.
What is the difference between finance, economics, and accounting?
As someone who's taught all three of these on the college level, and has worked in the business world for many years, I can tell you that there is lots of crossover between the three subjects. In other words, you will see similar terms and principles in all three. So they're interconnected. But where they differ is in their main focus. Accounting is mainly concerned with the gathering, reporting, and analysis of business transaction data. Finance has to do with raising money, making investment decisions, and deciding which projects are worth doing and would be profitable. And economics, being the broadest of the three, looks at the behaviors of society, consumers, and firms to see why they're doing what they're doing. And to evaluate whether their decisions are the best ones. Now of course, there's much more to all three than what I just described above. But this will help you see the main distinctions between them.
How Economics and politics related to each other?
Politics affects government expenditures (quite big share of GDP, gov-consumption, gov-investment), legislation (trade barriers and environment), social condition (so it affects labor force) thus has very strong impact on economy. While economy provides environment for politics to finance them, manipulate society (promises and interpretation of economic events, etc). All in all I would say that there is direct interconnection between politics and economy, moreover - people go to the politics to control their wealth thus economy.
What's the difference between economic cost and opportunity cost?
Accounting cost: This is the actual, numeric dollar amount that a firm (company) pays to run their business. Opportunity cost: This is the cost of choosing one thing over another. In the context of a job, you could say that if you work as a lawyer, you could also have worked as a pizza delivery boy. The opportunity cost is the price your salary as a delivery boy. Also, if you go on holiday, your opportunity cost is the missed income that you could have gotten if you worked. Economic cost: Accounting + Opportunity cost.