Economics is the social science of satisfying unlimited wants with scarce resources. In other words, it is a social science dealing with production, consumption and distribution of goods and services. The economics is further classified into two disciplines i.e. the macroeconomics and the microeconomics. The economics is chosen by the students as an outstanding career option. For this, they pursue different courses in the field of management, in order to acquire the higher degree of education including the doctorate degree or the PhD.