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'Business Studies' is the name of an academic subject taught at secondary level in Australia, India, Ireland and the United Kingdom (at both GCSE and A Level in the UK) and at university level in many countries. Its study combines accounting, economics, finance, marketing and organisational behavior.
A common GCSE and A Level taken in the UK, it is often accused of dumbing down the more academically rigorous GCSE of Economics. The subject is generally not considered a 'traditional academic subject,' and as a result universities prefer the more academically rigorous GCSE and A Level of Economics. This view is taken by many universities, including the University of Cambridge who clearly state this in their online prospectus.
Recently, the new suite of GCSE and A Level in applied subjects has included Business. Business Studies is generally seen to be more theoretical and conceptual as opposed to the new vocationally focused Applied Business. Both courses effectively cover the same concepts but the Applied Business course has a much more practical emphasis. This is in line with the UK government's vision for secondary eduction.