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. It considers the inter-relationship and interactions between distinct parts of an organisation, and between the organisation and its environment. Management students look at theories, models and frameworks in order to understand how managers behave and consider their role in the process of decision-making.
Economics and Management examines issues central to the world we live in: how the economy and organisations function, and how resources are allocated and coordinated to achieve the objectives that are set. Economics and management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilise the other. Economics provides the broader understanding of economic activity within which all organisations function; management in turn analyses the character and goals of that functioning.
Source: http://www.ox.ac.uk/admissions/undergraduate/courses-listing/economics-and-management#
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