A popular MBA specialism choice, economics and the study of economic theory has come under the spotlight in recent years following the global economic collapse.
Economic theory can be applied at several levels and programs offering economic majors will probably cover them all. The levels cover macro (e.g. business cycles, exchange and interest rates), market (the competitive business environment) and the company level. Ultimately all factors will influence what an 'optimal' business will look like and how to best allocate limited resources.
In terms of specific subject matter, students are likely to cover such areas as:
Broad economic overview of supply and demand.
The market - economic efficiency and industry organisation.
Macroeconomics - the international perspective.
Money supply - monetary policy and central banking systems.