Economics is concerned with the efficient use of scarce resources to maximize the welfare of the people. In this era of global competition and open market economies, the study of economics provides insights into the issues ranging from individual decision making to complicated international financial networks. Economic policies assume paramount importance in bridging the development divide between the rich and poor countries. Efficient implementation of economic policies should help the individuals to realize their needs and aspirations and assist the countries to achieve economic growth with stability and equity.
The practical importance of the subject of economics in the micro and macro contexts has increased the demand for people capable of doing scientific economic analysis. In order to take advantage of the widening scope and employment opportunities in the field of economics, the subject was introduced in combination with history and political science (HEP) in the year 2006.