Economics

There are economics departments and there are titles such as economist, and chief economist. Most economists have Ph.D's in economics, a few have Masters. You find the in government, banks and investment firms, and research firms that are investment advisers, and publication firms that are investment advisers.
For example, The national association of realtors has an economics department. The Chief economist gives out quarterly reports on the state of the economy and how it effects the real estate industry. He reports on what has happened, where we are, and what this may mean for the future. This data is used by local firms for local economic analysis done by local economists. the local economists change the language into something that realtors, the press, attorneys, real estate managers, REITS, and everyday people can understand.
If you want to go into business and an undergraduate degree in economics is not good enough. Accounting is better. Much better. Economics is a theory, philosophy, and mathematical analysis and prediction, and policy. It's academia. There is very little practical training for economists other than how to conduct research and experiments. Economics also covers a broad range of subjects beyond business.
Economists do become financial analysts but they all have Masters and Ph.D's.
Undergrad economists tend to go to law school or MBA. If you work as an economist from undergraduate you will work in data collection and data entry. Undergrad business students (and economic Ph.D's) are better prepared to interpret the data. The business students know how to apply it to practical matters. For example: How does the consumer price index (a measure of inflation) effect rental rates in Austin, Texas? What should you do as a REIT property manager (Probably an MBA with finance or real estate specialty) or a small company property manager (A realtor with an accounting degree maybe?).
Most graduate in economists come out of mathematics, physics, and finance disciplines.
You can not really be a solo economist like you can be a solo accountant or financial adviser. You need credibility and that comes from academia.
Unless the economics department is apart of the b-school. Usually, it's not. Economics is considered a science and a humanities subject. You find it in liberal arts or science departments. If it's in the B-School, you should be required to take some core business classes as well, and then my description will not apply to you.

Hello Viral,
Educational prospects:
Post-graduation after the graduation is a lucrative career option along with M.Phil or Ph.D in development studies which emphasises on economics. There are also a number of specialised fields like agricultural economics, business economics, labour economics, financial economics, international economics and industrial economics. One of the more recent choices among the economics graduates is an MBE (Master of Business Economics) degree.
There is no dearth of good institutes in the country which will provide you with an option to pursue your studies in these fields. Another field is econometrics which combines the mathematical and statistical principles with the knowledge of economics. In order to make a great future in this field, you just need to be analytical sound and a problem solver.
Job opportunities:
Once educated in the field, you need run for jobs rather both government and non-government organisations will be competing with one another to hire you. Organisations such as FICCI, Assocham, CII, PHDCCI hire economics experts, IES officers are placed at the highest echelons in commission, planning board, Ministry of Economic Affairs, National Sample Survey and other departments that need specialists in economics.