Business studies refer to a discipline area that consists of classes such as finance, marketing, leadership, and money management. Classes may be taken as part of a particular degree or to prepare students for a business career.

Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia, to the south by Lithuania, to the east by Russia, and to the southeast by Belarus. The Latvians are a Baltic people, culturally related to the Lithuanians. Capital is Riga which is home to University of Latvia with more than 23,000 enrolled students.

The PhD is a doctoral degree, specifically called a "doctor of philosophy" degree. This is misleading because PhD holders are not necessarily philosophers (unless they earned their degree in philosophy!). That said, PhD recipients are able to engage in thought experiments, reason about problems, and solve problems in sophisticated ways.