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Economics is concerned with the way individuals or
societies allocate scarce resources and distribute goods and services.
Any situation requiring choice among competing alternatives can be viewed
as an economic problem. Economics courses enable students to study the
way individuals make these choices (microeconomics), the way governments
make these choices (public choice), and the aggregate consequences of these
choices (macroeconomics). In addition, the economics curriculum addresses
international trade, money and banking, and economic development of the
less developed nations..
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The contemporary business executive or manager must
be creative, able to make complex decisions, and able to understand the
full scope of an enterprise and its role in the economy. Effective management
requires leadership ability, strong problem solving skills, effective oral
and written communication skills, analytical skills, an understanding of
economic trends, and a basic knowledge of behavioral processes in organizations.
These skills and abilities are required for careers as diverse as managing
a multinational corporation, selling pharmaceuticals, starting your own
business, working as a banker or stockbroker, or running a department in
city government.
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