Economics is a social science that deals with the production, distribution and consumption of goods and services. It basically focuses on how scarce resources in a country will be affected by the forces of supply and demand. The field can be separated by two broad branches; micro and macro economics. The former deals with the behaviour of individuals and how it impacts the decision making process. The latter takes the economic concept to a broader level and deals with areas such as unemployment, taxes, inflation and how it affects the economy as a whole.
Finance deals with the asset and money side of individuals and how they locate these resources by considering one important factor; time value of money, which implies that a dollar today will be worth more tomorrow or after a certain period of time. Finance can be further distinguished by public finance, corporate finance and personal finance. Public finance works at the state or national level (government expenditures) whereas corporate finance takes into consideration money factors related to businesses. For smaller matters, personal finance comes into play. All categories deal with money, time, and more importantly, risk.
Economic profits are usually difficult to calculate than financial profit, which is simply the difference between revenues and expenses.