What is Business and Economics? Student Guide

Business and Economics is the study of how people, companies, and governments make decisions about money, resources, and innovation. It helps us understand how the world works — from why prices rise to how businesses grow, and what causes financial crises or booms.

At its heart, Business and Economics is about problem-solving. You’ll explore how choices are made, how markets behave, and how ideas can be turned into successful ventures. Whether you want to run your own company or understand global issues like inflation or inequality, this subject gives you the tools to think strategically, manage resources, and create value.

In this guide, we’ll explore why Business and Economics is such a powerful subject, the key concepts you’ll study, how it’s applied in the real world, influential thinkers to know, career options, and how you can begin your journey at Oxford Summer Courses.

Why Study Business and Economics?

This subject helps you make sense of money, decisions, and the systems that affect our everyday lives — from buying a snack to understanding a country’s economy.

• It teaches real-world thinking
  You’ll learn how to solve problems, evaluate risk, and weigh costs and benefits — skills useful in any career or life decision.
  
  
• It sharpens analytical and numerical skills
  You’ll explore data, trends, and patterns, learning how to turn numbers into insights and make smarter financial or strategic decisions.
  
  
• It encourages innovation and creativity
  Studying business helps you think like an entrepreneur — spotting opportunities, developing ideas, and building sustainable solutions.
  
  
• It connects with global issues
  Economics helps you understand major challenges like inflation, inequality, climate change, and unemployment — and how policy can address them.
  
  

Key Concepts in Business and Economics

1. Supply and Demand

Explore how prices are determined in markets based on what people want and what’s available. You’ll learn how shifts in supply or demand can impact everything from food costs to concert tickets.

2. Opportunity Cost

Understand the idea that choosing one thing often means giving up another. This concept helps individuals and businesses make better decisions by weighing what they gain and what they sacrifice.

3. Entrepreneurship and Innovation

Study how entrepreneurs start businesses, take risks, and bring new products or services to market. You’ll explore what makes an idea successful and how to turn creativity into a business model.

4. Financial Literacy

Gain essential skills in budgeting, profit calculation, and understanding costs. You’ll learn how businesses stay profitable, how to manage money, and what makes a venture financially sustainable.

5. Global Trade and Markets

Examine how countries buy and sell goods across borders. You’ll explore trade agreements, tariffs, and how international events can impact local businesses and economies.

6. Government and Economic Policy

Discover how governments influence the economy through taxes, spending, and regulations. You’ll explore how policy can support jobs, manage inflation, and encourage sustainable growth.

Real-World Applications of Business and Economics

Starting a Business

From product design to pricing and marketing, entrepreneurs use business and economics to launch ventures. Whether it’s a lemonade stand or a tech start-up, success depends on planning, budgeting, and understanding customer needs.

Personal Finance and Decision-Making

Understanding basic economics helps people manage savings, spending, and investments. Knowing how interest works, how to budget, or when to spend vs. save can have a big impact on lifelong financial wellbeing.

Global Events and Market Reactions

Events like pandemics, wars, or elections can cause major economic shifts. Studying economics helps you analyse why fuel prices spike, why currencies change value, or how governments respond to recessions.

Environmental Economics

This field looks at how we can balance growth with sustainability. You’ll explore how businesses can reduce waste, governments can use taxes to protect the environment, and markets can encourage green innovation.

Tech and E-Commerce Growth

Online businesses rely on economic data to grow. Companies like Amazon or Spotify use pricing strategies, demand forecasting, and customer behaviour analysis to adapt and succeed in competitive digital spaces.

Social Enterprise and Impact

Many modern businesses aim to make a difference as well as profit. Economics helps evaluate how these organisations create value for communities, protect the planet, and remain financially sustainable.

Famous Figures in Business and Economics

Adam Smith

Often considered the father of modern economics, Smith introduced the idea of the “invisible hand” — the concept that individuals pursuing self-interest can benefit society. His book The Wealth of Nations shaped capitalism as we know it.

Elon Musk

Entrepreneur and innovator behind Tesla, SpaceX, and X (formerly Twitter). Musk is known for taking big risks, challenging industries, and using business to drive technological and environmental change.

Warren Buffett

One of the world’s most successful investors, Buffett is known for his long-term strategy, financial wisdom, and philanthropic efforts. His business principles are studied around the world for their clarity and impact.

Amartya Sen

An Indian economist and Nobel laureate who focused on human development and poverty. Sen’s work helped shift economics toward wellbeing, justice, and social progress — not just GDP growth.

Oprah Winfrey

Media mogul and self-made billionaire, Oprah turned a talk show into a business empire. Her career shows how personal brand, strategic vision, and entrepreneurship can build lasting global influence.

What Careers Can You Pursue with Business and Economics?

Entrepreneur or Business Owner

Launch your own company, manage your team, and bring new ideas to market. Entrepreneurs need creativity, resilience, and a strong grasp of financial planning and customer insight to grow a successful venture.

Economist or Policy Advisor

Work with governments, research centres, or international organisations to study how economies work and how to improve them. You’ll use data to help shape policies that support growth, stability, and wellbeing.

Financial Analyst or Accountant

Help businesses understand their numbers — from profit margins to investment performance. Analysts and accountants guide decisions on budgets, risks, and how to manage resources effectively.

Marketing or Sales Manager

Develop strategies to promote products, attract customers, and grow revenue. You’ll use research and consumer psychology to shape campaigns and deliver measurable business results.

Banker or Investment Specialist

Whether working in retail banking, investment, or fintech, this role involves managing money — helping individuals grow savings or advising corporations on how to fund big projects or mergers.

Operations or Supply Chain Manager

Keep things running smoothly by managing logistics, production, and resource allocation. You’ll ensure products are made efficiently and delivered on time — essential in everything from food to fashion.

Consultant or Business Strategist

Advise companies on how to solve problems, improve performance, or enter new markets. Consultants need strong analytical thinking, industry knowledge, and communication skills.

Social Entrepreneur or NGO Leader

Combine business thinking with social impact by leading non-profits or mission-driven companies. This path is ideal for those who want to tackle global issues like inequality, health, or education with sustainable models.

Explore Business and Economics at Oxford Summer Courses

At Oxford Summer Courses, we offer a dynamic Business and Economics course for students aged 13–15, hosted in the inspiring academic city of Oxford.

You’ll explore key concepts in finance, entrepreneurship, decision-making, and global trade — all while developing your analytical and creative skills. With no fixed curriculum, your tutor will tailor the course to your interests, allowing you to focus on what fascinates you most, whether that’s business planning, economic theory, or social enterprise.

Through interactive seminars and real-world examples, you’ll leave with a strong foundation in how economies work and what makes a business succeed.

📍 Available Course:

• Business and Economics in Oxford (Ages 13–15)
  
  

Conclusion: Is Business and Economics Right for You?

If you’re curious about how the world works, love solving problems, or dream of running your own business — Business and Economics could be the perfect subject for you. It’s practical, inspiring, and opens doors to a wide range of future paths. To secure your preferred location, we highly recommend applying early. Each of our Business and Economics courses has a limited number of places available, and they tend to sell out quickly. Once they are full, no further places will be available. Submit your application today to ensure you don’t miss the opportunity to study Business and Economics in Oxford. Apply Now.

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