What is Economics and Management?
Economics is the study of how consumers, firms and governments make decisions that together determine how resources are allocated. An appreciation of economics and the general workings of the economy has become increasingly necessary to make sense of government policy-making, the conduct of businesses and the enormous changes in economic systems which are occurring throughout the world. Management is concerned with the effective use and coordination of materials and labour within organisations in the pursuit of the organisation’s defined objectives. The study of management thus encompasses understanding the various processes, procedures and practices that are used in running organisations. It considers the interrelationship and interactions between distinct parts of an organisation and between the organisation and its environment if it is to attain its objectives. Management studies includes the consideration of theories, models and frameworks to understand how managers behave and cons
