The two main techniques involved are data aggregation and data mining stating that this method is purely used for understanding the underlying behavior and not to make any estimations. The accounting field has several potential career pathsand this degree will equip you to pursue different types of accounting, audit or tax-related positions within a variety of organizations. Both of these branches contribute a major part in business analysis and decision-making directly or indirectly. Economics is a wide subject that involves several concepts, which are difficult to be studied under a single discipline. And the Supreme Court can rule on the constitutionality of a law, but Congress, with approval from two-thirds of the states, may amend the Constitution. Each Cabinet member also holds a spot in the presidential line of succession. This is because Marshall laid emphasis on welfare, but the meaning of welfare is different to different individuals. For example, economics covers how individuals allocate their resources (income) to purchase different goods and services, so that they can achieve maximum satisfaction. They include the vice president, the heads of the 15 executive departments, and other high-ranking government officials. The president's power is checked by the Congress, which can refuse to confirm his appointees, for example, and has the power to impeach or remove, a president. Commerce is just like a tree. Both the House and the Senate must pass the identical bill by a simple majority vote. This way it gets Microeconomics covers the study of decision-making process of individuals, organizations and consumers. Before diving deeper into each of these, let’s define the four types of analytics: 1) Descriptive Analytics: Describing or summarising the existing data using existing business intelligence tools to better understand what is going on or what has happened. Microeconomics deals with the economic problems of a single industry or organization, while macroeconomics deals with the problems of economy as a whole. The other approach includes simulation where all the key performance areas are combined to design the correct solutions. The most popular tools for predictive analytics include Python, R, RapidMiner, etc. Let’s understand these in a bit more depth. It is an important step to make raw data understandable to investors, shareholders and managers. Positive science refers to the science that deals with the question of what is, while the normative science deals with the question of what it should be. There are many business degree options for business majors. Trade: Trade eliminates the barriers of persons for the smooth flow of goods from producer to consumer. … The basis of this analytics is predictive analytics but it goes beyond the three mentioned above to suggest the future solutions. Thus, it helps in understanding and analyzing the overall performance of an economy. According to him, “Economics is a study of how men and society choose with or without the use of money, to employ scarce productive uses resource which could have alternative uses, to produce various commodities over time and distribute them for consumption, now and in the future among the various people and groups of society.” In his definition, he outlined three main aspects, namely human behavior, allocation of resources, and alternative uses of resources. Gross Domestic Product (GDP), inflation, and price levels. The result of the analysis is often an analytic dashboard. It makes sure whether the key performance metrics are included in the solution. By mining historical data, companies can analyze the consumer behaviors and engagements with their businesses that could be helpful in targeted marketing, service improvement, etc. However, wealth cannot be earned or maximized without human efforts. The United States has three branches of government: the executive, the legislative and the judicial. If the model is properly tuned, it can be used to support complex forecasts in sales and marketing. Email security is significant due to cyber threats like social, Automation empowers machines to play out specific operations. The legislative branch consists of the Senate and the House of Representatives, collectively known as the Congress. I will study online that's why I am trying to figure out a curriculum for myself” I would start with a fundamentals of/introduction to Economics course or … Hope this article gave you a better understanding of the analytics spectrum. He is regarded as the father of economics and wrote a book entitled “An enquiry into the Mature and the Causes of Wealth of Mahon 1776.