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Some faculties or professors teach models that are criticized by both students and other economists because they no longer apply to reality. You have to like this part of the race, or else it may be inconvenient for you.
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Economics is the science that studies the distribution of scarce resources among the members of a society for the satisfaction of their needs. However, while the resources are limited, the needs are endless, and this is where the importance of economic analysis in the business world lies. Students pursuing business economics understand the role of the consumer, manufacturer, and the marketplaces in which they interact (Microeconomic Theory).
The study of the economy fosters its ability to interpret economic phenomena such as inflation, unemployment rate, public deficit, economic crisis, economic policy, the balance of payments, interest rate, and government duty (Macroeconomic theory), understanding the significances of not efficiently manage the resources of corporations and governments.
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