Economics is about allocative efficiency in the face of scarce resources in an efficient, effective and ethical manner. It is in fact the study of decision making on the allocation of scarce resource of the organization in order to achieve optimization curve. Managerial Economics course involve the study and application of economic theory to decisions made by individuals or organizations in order to achieve their goals. It is designed to enhance strategic decision making capacity of candidate‚Äôs business management. It focuses on production, theory, cost theory, price theory and game theory (business strategy or competitive strategy). Specifically it covers demand, supply, elasticity, consumer theories, market systems and structure, cost of the firm, pricing, labour market and international trade theories.  This course covers micro- and macro-economic theory, models, quantitative concepts and their application to forecasting, production, budgeting, and government regulations in managerial decision-making. The Economics module will provide an overview of micro & macro-economics with an emphasis on the practical managerial application of economic thought and theory to firm, national, and international business activities