Economics is the study of how the economic system functions on a number of different levels. Macroeconomics is the study of the entire economy, and how government budgetary and monetary policies affect levels of unemployment, inflation, and economic growth. Microeconomics is the study of why individual firms, and industries made up of similar firms, make the decisions they do about what to produce, how much to produce, and what prices to charge. International economics integrates these two areas to explain issues of international trade and international finance.
Students who study a minor in economics learn the differences between the various avenues of economics and discover why individuals and firms behave the way they do, rather than in finding ways for specific individuals or firms to increase their own welfare or profits. Economics provides the theoretical foundation for most of the practical and applied courses offered in the business curriculum.