Economics

Economics is concerned with the allocation and distribution of scarce resources. It provides us with an understanding of the changing economy as well as the role of competition and free market in a global context. For example, why are most athletic shoes made in Asia? Or why does Mexico now have more automobile plants than Detroit? Economists provide the answers to these questions when they discuss comparative advantage. Similarly, an understanding of free trade and protectionist policies are absolutely essential to any manager operating in the global marketplace, and these topics are addressed by economists.