What is the Difference Between Economics and Applied Economics?
One of the top questions we see from incoming students and their families is, “What is the difference between economics and applied economics?” Economics, as an academic discipline, is a social science that explores how individuals, organizations, and societies make decisions about limited resources; it’s a broad field that entails investigating everything from income disparity and public health to global trade and supply chain issues. Applied economics is more practical; it puts those theories and ideas into action; you use the theory of economics in order to do the applied work.