<p>Economics is the study of resource allocation and the economy’s actors (people, businesses, government, etc.) behave in it and influence it. It makes use of other liberal arts subjects like math and statistics and overlaps with other liberal arts subjects like psychology and history.</p>
<p>Business is the study of applying various liberal arts subjects like economics, psychology, sociology, and statistics to operating a business.</p>
<p>Of course, many students study economics as a substitute for studying business when the latter is not offered.</p>