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- Introduction to economic concepts and tools
- Scarcity of choice, limited resources, rationality of choice
- Economic Efficiency, utilization of resources
- Opportunity costs, definition, implication for making choices
- Alternative Economic System, centrally planned economy, free market and mixed economies
- Microeconomics
- Demand, law of demand, elasticity of demand, aggregate demand
- Supply, elasticity of supply, aggregate supply
- Circular Flow of Goods, exchange of goods and services, participants in the model
- Price Determination, forces of supply and demand, equilibrium
- Macroeconomics
- Gross National Product, importance of GDP, determinants of GDP
- Potential and Actual Output, economic efficiency, utilization of resources
- Productivity, marginal utility, marginal cost, marginal benefit
- Organisation of Industries
- Perfect/Imperfect Competition, product differentiation, imperfections
- Monopoly, features,, market power, sources of monopoly power
- Oligopoly, market structure, influences and consequences, cartels
- International Sector
- The Theory of Absolute Advantage, input costs, advantages over competitors
- The Theory of Comparative Advantage, opportunity costs, competitiveness of nations
- International Trade, tariffs, quotas, trade restrictions, regulations, entry barriers
- Money, Central Bank and Monetary Policy
- The Function of Money, medium of exchange, a unit of account, a standard of deferred payment, and a store of value
- Banking and Credits, exchange rates, interest rates
- The Central Bank, role and purpose
- Monetary Policy and Fiscal Policy, role of government, taxation, interest rates, subsidies
- Bonds, debtors, creditors and security
- Inflation and Unemployment
- Inflation, causes and effects of Inflation, inflation rate, recession
- Policy Implications, tools for fighting inflation and unemployment
- Unemployment, types of unemployment, effects, controlling or reducing unemployment
- The World Economy
- Developing Countries, types of economies, rules and regulations, growth, Asia
- Globalisation, effects, trade agreements, technology, new trends
- Abbreviations
- Accounting
- Financial statements, income statements, balance sheet, cash flow statement
- Accounting principles, understanding of cash flow, assets, liabilities, profit and loss, expenses
- Accounting journals and ledgers, definition and types
- Marketing
- Marketing philosophies, production, sales and market orientation
- Sales and Market Orientations, firm’s business, firm’s goals
- The Marketing Mix, 4 P’s ( product, place, promotion, pricing )
- Marketing Plan, implementation, evaluation
- Management
- Strategic Management, functions, process, approaches, strategies, operations
- Business Plan, implementation, evaluation, how to write
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