why do we need to study economics in bms
Bachelor of Management Studies The objective of the course is to show students how economics theory is related to the applications in managerial decision making and how resources are allocated and coordinated to achieve the organizations' end goal. [9]It emphasizes microeconomics ideas to solve problems and define the main concepts and models used in economic analysis. "Course topics covered include consumer theory, production, applications to the labour market, market structure, monopoly, oligopoly, product differentiation, pricing, decision analysis, bargaining, auctions, and asymmetric information."[10]