The two primary branches of economics are Business Administration and Economics
Business Administration as a subdiscipline of economics, in contrast to economics, focuses on company-related issues. Often case studies are used for an analysis. Important areas of business administration (general and special business administration) are, for example, marketing, finance, banking management, accounting, planning and organization, quality management, logistics and procurement, corporate communications, real estate, health care, business start-ups, tourism management, etc. In addition, there are interdisciplinary branches of Business studies, such as economic sociology, economic geography, business ethics or business psychology. The study of business administration requires good mathematical, statistical and analytical knowledge. In many areas (such as finance), you must have a good command of English.
Important questions that the business administration would like to answer are, for example, to what extent the business strategy of a company is successful, how costs can be reduced, if and how much investment should be made, how the willingness of consumers to pay etc.
Economics is a sub-discipline of economics. It includes the analysis of microeconomic and macroeconomic relationships. She wants to explain the effects on the economic cycle and its laws. An important part of economics is the development of models that examine the behavior of households and companies in specific markets. The focus is often on the development of wages, prices, trade and production. Due to the sometimes very complex models, a student of economics should have in-depth mathematical and statistical knowledge. Especially for the master’s thesis the professional handling of one of the well-known statistical programs (for example SPSS, R, STATA or SAS) is mostly indispensable.
Important questions to be answered by the developed models are, for example: What effects does globalization have on individual countries or the economy as a whole? What does the euro mean for a stable Europe? How can poverty and unemployment be tackled?