Both economics and finance are terms related to similar backgrounds. Possibly this is the reason why one term is confused with another. This article is an attempt to differentiate between finance and economics. Though both the terms are related to money matters, there are certain lines that differentiate finance from economics.
Economics is the study of the market and non-market components related to money. It involves the study of the market, its components, its predicted behaviour based on the global economic trends at the micro level. It also encompasses the study of greater financial institutions and global economic regulators and their functions.
Finance on the other hand deals with matters solely related to money management. It encompasses the raising, management and investment of finance. It also deals with the ways to raise finances and their optimization. Apart from this general distinction, there are certain parameters that are taken into account to distinguish economics vs. finance. These are the parameters that will be considered to compare economics and finance.
COMPARING ECONOMICS VS FINANCE
Finance is applied to manage financial resources for a company or venture. It deals with the ways and methods of raising finance to procure resources for the company. It allows planned investment of procured resources and appropriate distribution of equity.
Economics on the other hand is the aggregate study of market and market forces. It analyses market behaviour and makes predictions of future events based on the general trends in the past. It is elemental in planning the course of economic activities during different phases of the economic cycle. It facilitates optimum utilisation of resources and helps in coordinating supply with demand.
When talking about finance, there are basically three prominent branches in finance. These are namely public, corporate and personal finance. Public finance basically deals with the financial matters of the state. It is concerned with the larger public interest and is governed through policy decisions.
In economics, there are two subcategories. These subcategories are macroeconomics and microeconomics. Macroeconomics deals with the entire economy. It studies the elements vital in running the larger economies that vary from regional to the global level. Microeconomics on the other hand deals with the smaller and fundamental elements that govern the market. These fundamental elements form the basis of economic functioning.
There is a range of courses offered by both the courses. Both economics and finance offer quite popularly opted and highly demanded courses. This segment discusses some of the most widely opted courses from economics and finance orderly.
COURSES IN ECONOMICS
- Info economics– information economics deals with economic aspects related to the information field. It offers varying learning and job opportunities to individuals.
- Development economics– In third world countries, development economics plays a vital role in the growth and development of underdeveloped economies. Development economics focuses on socio-economic developmental aspects of the economy.
- Microeconomic principles– Microeconomic principles are the founding principles of economics. It analyses market forces, demand and supply, prices and factors affecting these elements in the long and short run.
- Public policy– Economics in public governance is the study of public policies and their implications on the economy. It analyses the nature of economic public policies, their impact on growth and the rise of the economy.
- Behavioural economics– It deals with the psychological aspect of the economic behaviour of the people in varying circumstances. It plays a significant role in understanding the aggregate behaviour of the market in times of ups and downs in the economic cycle.
COURSES IN FINANCE
- Finance MBA– an MBA in finance is a very popular course among the masses. It offers wide-ranging job opportunities in the corporate sector. Finance MBA can be applicable to jobs regarding taxation, investment, financing etc. All the jobs in the sector offer decent pay to the employees.
- Public accounting– knowledge in the field of accounting, tax management and auditing of finances constitutes the work of public accounting. It basically involves offering accounting services to other ventures.
- Financial risk management– Firms in the market are exposed to a series of risks including credit risk, investment risk, exchange, legal risks and risks related to market reputation and image of the firm. The study of financial risk management involves the study of financial risk mitigation and prevention. It is a preferred course due to its demand in every large and small firm.
- Management accounting– The study of management accounting comprises techniques to manage risks, plan for the business strategies and manage other significant finance-related elements of the firm. It involves control and coordination of diverse but related elements in the financial sector.
- Investment counselling– choosing a course in investment counselling involves advising clients on investment-related aspects. The advice tendered in financial matters should be well understood and free from possible financial risks. Investment counselling provides a safeguard against the possible risks to the capital invested and promotes wider investments.
- Ease of learning:
Finance involves the general management of financial resources, while economics involves the application of complex math concepts like calculus. So it can be held that learning economics is harder than finance owing to the usage of mathematical concepts. While this is true for any average student, ease of learning also depends on the interest of the learner. Someone having sound knowledge of higher mathematics combined with an interest in economics can effortlessly learn economics.
Belonging to the market-related concepts both finance and economics are two diverse disciplines. Both disciplines provide different services for the functioning of the market. While comparing Economics vs. Finance, various aspects of both streams have been unearthed. One can now easily choose the subject that best suits their interests and natural capabilities.
The Growing Role Of Interactivity in E-learning: academia
During the pandemic outbreak, the education sector was worst affected and has witnessed a tremendous transformation over the past decade, giving rise to the emergence of tech-enabled learning models. This new way of learning revolutionized the traditional classroom settings, and education today has metamorphosed into instant, online, flexible, and on-the-go learning.
There is an urgent need for continuous upskilling. Moreover, with the easy availability of the internet and democratization of technology, online education has witnessed a rapid surge across all learning phases and is embracing prominent e-learning to learn, educate and build specialization in the field of interest.
Besides, the pandemic’s disruption has provided a platform to offer an opportunity to experience virtual and remote learning experiences beyond global boundaries.
However, new avenues and surge of learning models give rise to new e-learning platforms which brought more recent challenges.
For learners, the classroom is a place offering the best learning environment – providing them with the opportunity to engage and can clear all their doubts with the subject matter expert, also learners can share knowledge and focus on the topic.
Furthermore, this has created doubt about the effectiveness of the new online learning model and the learning outcomes associated with it.
Effective and Meaningful Learning:
E-learning is a remote learning experience and e-learning course effectiveness depends on factors like course content, learning modules, and delivery of sessions. However, digital tools are helping e-learning courses to be interesting, fruitful and meaningful for students.
Educational institutions around the world offering virtual courses rely on recorded audio-visual content i.e asynchronous learning, but this often leads to loss of interest among learners resulting in low learning outcomes. In contrast, new synchronous models of e-learning focus on providing students with a platform to interact live with the subject matter expert and an opportunity to communicate effectively through video.
In the case of synchronous learning, virtual engagement facilitates learners for real-time exchange of inputs and feedback. Moreover, educators also employ various tools and execute exercises to include small group assignments, quizzes, case studies, simulations, and group discussions.
The rise of EdTech platforms worldwide brings transformation in online learning, exploring new ways to drive interactivity and virtual engagement. E-learning platforms have evolved to provide simulation-like classroom experience, by building new tools to develop interactive interface and screen time management. For online educators, this provides for greater control and complete visibility as students can raise questions and can use whiteboards as tools whenever required. Moreover, educators can organize a quiz, discussion, or any other group or project-related activities through digital platforms.
For an effective online teaching program, educators require the right study material and the right infrastructure. Besides meticulous planning, educators need to create a compelling, engaging, enjoyable learning environment for learners through specialized live interactive online courses. The disruption caused by the pandemic pushed a large segment of educational institutions and universities to make a considerable shift towards embracing education in an online scenario. Moreover, this also helps the institutions to evolve with this paradigm shift and keep pace with the technological transformation happening worldwide.
4 Ways of Increasing Interactivity in Virtual Classes:
Social Media Interactions
Social media tools can be used for better engagement and increase interactivity for learners. With the advent of social media tools, educators can facilitate better communication with the help of activity streams through social media. Also, social media enables learners to connect with the learners from the same community for collaboration and can be a great space to curate and share content, also aid learning and promote knowledge sharing.
Video has already found a significant place for itself in eLearning as a powerful interactive tool. Almost every e-learning platform incorporates this feature as a part of its eLearning strategy. Earlier videos were predominantly used for delivering a recorded lecture or session but today, videos are incorporated for better engagement and instant feedback can be provided to learners. Interactive video sessions can encourage the learners to think, analyze, act and interact with the professional trainer.
Virtual reality is another important tool to boost interactivity in eLearning. Today with readily available smartphone and tablet adoption with greater internet availability, virtual reality is making learning experiences more immersive and engaging.
Smartphones or mobiles being an interactive element in this digital age, proved to be a great facilitator of interactivity in online learning… Mobile learning provides customized, bite-sized content to be more specific to facilitate learning anytime, anywhere. Mobile learning helps learners to collaborate across social channels, and facilitate continuous learning.
Virtual Learning Interactivity Benefits:
It causes a reaction
Online learning-induced interactivity can replicate real classroom settings.
Real learning is the result of simulations that provide learners with the opportunity to make decisions without taking real risks. eLearning experience makes learners go through an actual situation, and are encouraged to explore what will happen in case they succeed or fail. It encourages reflection.
Virtual learning integrates the eLearning content and encourages their involvement, as depending on their response, correct or incorrect, they receive feedback, which is a key element in a virtual face-to-face session.
Every Learning session results in some sort of reaction; provocative questions allow learners to immerse deeply in interactive activities and engage learners in the learning process resulting in better learning outcomes. Virtual training should be learner-centred, which is a perfect framework for eLearning interactivity.
Enhances Knowledge Retention
Knowledge retention always comes from curiosity. Social media elements, scenario-based learning, simulation-life experiences, have the power to transform the boring digital lecture into an engaging and memorable eLearning experience.
With these changing times, personalized learning is now a trend in online learning and educators are finding new ways to increase interactivity in online learning and help them access content from anytime, anywhere.
Using the interactive online learning engagement techniques enhances the benefits for learners in a modern tech-enabled online educational system.
Join academia , your online learning solutions, and learn in a different way for a better engagement experience and enhanced interactivity
Productive Things for Students to Do Over the Holidays
It’s that time of year again. Exams are just about done, and then the long comfortable break over the holidays.
It’s also about now that you start wondering what to do with yourself with all that free time. Although catching up on lost sleep seems like a fantastic idea, it’s counterproductive. Besides, one can only rest so much.
Most students want to be productive during the break, but few know how to achieve that. Whether you plan on spending time with friends taking advantage of all the great student discounts, or doing some voluntary work, being proactive and planning will help you achieve your goals. Projects that’ll get you started include:
Teach Yourself Something New
Learning a new skill is never a bad idea. It puts you ahead of your peers and always comes in handy later on in life. It does, however, take time, patience, and dedication. There are various holiday programs that tutor students on how to do new things. Alternatively, you can search for a book on the subject, or even Google it, and teach yourself.
Fill-Out Intern and Scholarship Applications
Now is the best time to apply. It’s not necessary to dedicate your entire break to this. However, spending a day or two filling out intern and scholarship applications will make a tremendous difference in your search. The more you send out, the better your chances of getting a positive response.
It might also be a good idea to learn about new career prospects by arranging a job shadow or informational interview.
Do Some Voluntary Work
Choose a charitable or non-profit cause you care about and find a practical way to contribute to their effort. Whether you decide to help raise money or donations for an animal rescue center or clean up the beach is up to you. Most organizations will appreciate your assistance.
During the holidays, it’s essential to watch what you eat. Gradually start phasing out unhealthy food and work toward building a healthy diet. It’s also vital to follow an exercise routine. Set a realistic goal for yourself, and once you’ve achieved it, select another. Be sure to have someone to support you and reward yourself for each milestone achieved.
Get Lost in a Novel
Choose a novel from an author and genre that you enjoy and haven’t read before. Take the time and get lost in the fictional world created by the writer. Whether it’s a fantasy, crime, or love novel is up to you. Just make sure that you can indulge yourself in it. It’s bound to be an experience you won’t regret .tothetimes.com
To Wrap Things Up
While it’s essential to be productive, it’s also vital to have some fun. Use the ideas in this article or be creative and come up with your own. However, you don’t want to overwhelm yourself. Carefully plan your time and make sure to create a balance between rest and doing the rewarding things. Best information
The Growing Popularity of Online Tutors during COVID-19 Outbreak
The covid-19 pandemic has led to the closure of schools in almost all countries in the world. Around the world, over 1.2 billion school-going students are at home and can’t study in their respective schools. The education platform and system have changed abruptly, creating a rise in online learning and tutoring. Online learning involves tutors teaching their students through various digital platforms remotely. According to studies, online learning is fast, and it’s increasing the retention of valuable information. These benefits mean it’s an education module that might stay for a long time even after the virus gets contained.
Let’s check its benefits, what it offers, and how it helps students during this coronavirus pandemic.
What Does Online Tutoring Offer, and What Are the Requirements?
For clarity on this, we need first to understand what online tutoring is, who can be a tutor, how it works, and any other relevant information.
Who Can Be an Online Tutor?
With the rising coronavirus pandemic, every teacher in public and private institutions can be an online tutor. Teaching online is achievable to anyone as long as they have the right gear. If you are a passionate teacher, you can embrace this online tutoring, as long as you have a computer and a stable internet connection. Other individuals who can offer online teaching include university students and other individuals, who would love to share education to individuals in lower classes.
Anyone can offer online tutoring. You must be of the legal age and must have the required experiences and knowledge. You also need to have excellent communication skills and the culture of interacting with people. You can acquire much experience by training or learning through online tutorials videos. The main goal of online tutoring is to pass the required message to students in the most definite way. Ensure your communication skills and connections are top-notch to carry out this online tutoring.
To conduct online teaching, especially on this pandemic, you must also be a listener. You need to make your students understand and ask questions where they don’t understand. As a tutor, you have to make sure they comprehend the information you are passing on. Students always have high expectations from their teachers, and they rely on them to gain much-needed knowledge to achieve their career goals. By accepting to teach students, you give them hopes of learning, and you should deliver what gets expected of you.
How Does Online Tutoring Work
After schools got closed due to the ravaging pandemic, many parents and scholars were worried about their education. Thanks to online tutoring, they can now get the same learning remotely at their homes’ comfort. Online training works by teachers offering their services through technology to students at home. To start online teaching as a tutor, you need to create an impression. You can do this orally or share your skills through social media sites like Facebook, Twitter, LinkedIn, and Instagram. To get much attention to students and their parents, you can offer your services in the form of sponsored ads, which create a good impression. You can also join reputable organizations and websites like Train the Brain that provide online teaching to students. Ensure you provide all the required information such as the media you will use, learning time, your rates, and other relevant information to the target audience. With the rising number of tutors in this COVID-19 pandemic, offering the best information and services will make you stand out among the growing competition.
Online tutoring needs dedication and hard work. You can decide to work several hours a day, teaching different types of students, including people of different levels, nationalities, and ages. You have many choices to choose from what suits your needs. You need to decide what works best for you and stick with it. As an online tutor, you need to register your profile, advertise, and get set to offer these learning services. Online learning is easier since you don’t require many tools. You only require a laptop/computer or tablet, good internet connection, webcam, and microphone.
Where Can Online Tutoring Be Conducted?
You can conduct online tutoring anywhere as long as you and the students have a reliable internet connection. You don’t require moving from one place to another, commute from home, or move from one office to another. You only need the above tools, internet, and useful resources to begin with. Suppose your home is not a suitable place to work from? You can choose your nearest café, cyber-shop, or any other better position you are comfortable with, with a reliable internet connection. Ensure it is a place conducive for passing out information with few or zero disturbance. Any place is ideal, as long as you are safe from the dangers of contracting the Corona Virus disease.
Which Is the Best Suitable Time to Carry Out Online Tutoring?
Online tutoring is flexible. Meaning you can conveniently set your own time to train your students. You can set your timetable, whereby students can only book you when you are free to teach them. With this pandemic, when almost everyone is working at home, you can set different classes in a day. If you work somewhere else, you can teach after work, on weekends or during the holidays. Be mindful of the hours you set for your students. Most growing tutors currently are teachers, who don’t have physical classes and are taking most of their idle time to teach students online. With international students available, it would be easier to be all-rounded. You can work during the day and at night since there is a time zone difference. This time zone difference enables you to have different types of students at different times of the day.
How Much Can You Charge for an Online Tutoring
Charges on this COVID-19 pandemic times depend on several things since there is a rise in the number of online tutors trying to make ends meet. Do not make your prices too high or too cheap. Too high might make you lose students while too low might mean your services are weak or won’t cater to your expenses.
In online tutoring, pricing is paramount. You need to consider your time and the resources you will use on this kind of learning. However, on this pandemic, pricing is dependent on the supply and demand for your services. Most students will consider paying more for tutors who are experienced and who can create more time for their learning. Different subjects also require different types of pricing methods. You can charge less for easier subjects and more for complicated topics.
Prices can vary based on the teacher’s expertise, experience, preparation required, and the time required to teach students. It will be less costly to teach several students compared to individuals since the cost is apportioned amongst them.
Benefits of Online Tutoring and how it is Helping Students in This CoronaVirus Pandemic
Now that you have known the requirements of online tutoring, how it gets offered, and other features, it is time to understand its benefits, and how it helps people in this coronavirus pandemic.
Online tutors always follow two types of teaching. These include:
- Asynchronous tutoring: involves sending emails by tutors to their students on what they are supposed to learn and the assignments. Assignments, questions, and any other exchanges between the teachers and the students get done online for this kind of tutoring, Students and tutors do not need to be online at the same time. It is the best module for online learning in remote areas experiencing an unstable internet or power connection.
- Synchronous tutoring: This type of education involves real-time learning between the teacher and the student. It requires a stable internet connection and also requires software, which enables students to communicate with their teachers via live video conferencing, audio calls, or live text messaging. This type of learning is useful and allows students and teachers to interact with each other directly. A teacher will be able to determine the student’s weakness, and the student can ask direct questions and get immediate answers from the tutor.
When it comes to the benefits of online tutoring, they are diverse and depend on the model being used to teach the students. Some of its benefits include:
Students Can Learn at Their Pace.
Unlike the traditional learning method, online learning enables students to learn at their own time, taking their own pace. There is no waking up early, running to take a bus to school, and no designated learning time. It also allows students to complete assignments and coursework at their own time.
Online Tutoring Involves Personalized Teaching.
Whereby a teacher concentrates on one student, they will learn quickly and efficiently since there is total concentration and input from the teacher. Students can get direct aid from the teachers and get assistance in case of complicated assignments.
It Provides Web-Based Benefits.
Through online learning, students can learn other digital aspects, either directly or indirectly. They can learn more about computers, web processes, word processing, and other online learning technologies. This learning has enabled students to acquire skills that were impossible to receive before the pandemic, during the traditional mode of learning.
Online Learning Has Boosted the Tutoring Industry.
Online learning has brought up a tutoring business since teachers and non-teachers can pass information through various means. Most government agencies are also funding online tutoring, making low-income earners and low-income families get assistance in getting internet and devices required for this type of learning, especially on this COVID-19 pandemic. For example, through the No Child Left Behind initiative, the US government is coming up with ways to help disadvantaged families acquire computers and internet essentials for online writing. This initiative has led to massive job openings for internet service providers and technology companies.
Online Tutoring Gives Better Education and Training.
According to studies conducted in the US, college students who got their education online scored higher than those who attended physical classes. This idea has shown that through online courses, students can concentrate and learn more while researching as compared to when they get clustered in a traditional classroom. Students who acquire education through online learning seem to have more attitude, achievements, and retention in their careers than other students.
How Do You Begin as a Student?
For a student who wants to begin online learning, there are several factors that you need to consider, and the main one is to have a reliable tutor. To get a competent tutor, use the below tips to get one that meets your requirements:
- Find out how a tutor can help you achieve your goals: Most online tutors offer different types of subjects to different types of students. Look for a tutor that can help you in achieving your goals through various subject combinations.
- Create a list of viable tutors: after getting several tutors, have a list of them, check on their services, and choose the best. You can search for tutors on websites and social media sites. Take their details and choose the best according to reviews, response time, and how they answer questions. Check the red flags for a lousy tutor and discard them from the list.
- Choose a tutor by reviewing their curriculum.
After going through the list, choose the best tutor based on their curriculum. If it’s a self-guided Programme, review it according to its daily, weekly, and monthly schedules, checking if they meet your schedule and other commitments. If you are a parent, contact the online tutor and check if their education courses meet that of your child.
The way E-learning has changed how individuals acquire an education; online tutoring seems to have more changes, thanks to the COVID-19 pandemic. It provides supplemental skills required by students to build up their careers, making it more effective and cheap compared to traditional learning methods. If you are a student or a tutor, the information in this article will help you a lot either in acquiring or offering online tutoring.