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Principles of Economics

Business Management · Level 6  ·  10 Chapters

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Chapters

1
Apply fundamentals of economic concepts
19 topics
No Notes Yet
2
Analyze demand and supply
4 topics
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3
Apply consumer behavior theory
6 topics
No Notes Yet
4
Apply production theory
10 topics
No Notes Yet
5
Apply cost theory
11 topics
No Notes Yet
6
Understand market structures
9 topics
No Notes Yet
7
Understand Inflation and unemployment
12 topics
No Notes Yet
8
Understand money and banking
7 topics
No Notes Yet
9
Determine National income
11 topics
No Notes Yet
10
Understand International trade.
6 topics
No Notes Yet
What Principles of Economics covers: 47 main topics in 10 chapters

1. Apply fundamentals of economic concepts

  1. 1.1 Economic concepts.
  2. 1.2 Economic methodology
  3. 1.3 Scope of economic resources
  4. 1.4 Economic systems.
  5. 1.5 Effective resource utilization.

2. Analyze demand and supply

  1. 2.1 Market demand and supply dynamics.
  2. 2.2 Factors affecting demand and supply.
  3. 2.3 Demand and supply curves
  4. 2.4 Elasticity of demand and supply.

3. Apply consumer behavior theory

  1. 3.1 Consumer behaviour approaches.
  2. 3.2 Consumer utility
  3. 3.3 consumer equilibrium
  4. 3.4 Indifference curves

4. Apply production theory

  1. 4.1 Mobility of Factors of production and their rewards
  2. 4.2 Output units determination
  3. 4.3 Stages of production
  4. 4.4 Long run and short run production period
  5. 4.5 Direct and Indirect Production
  6. 4.6 Merits and demerits of direct and indirect production
  7. 4.7 Division of labour and specialization.

5. Apply cost theory

  1. 5.1 Classification of production costs
  2. 5.2 short run costs analysis
  3. 5.3 long run costs analysis
  4. 5.4 Cost curves analysis.
  5. 5.5 Optimal size of the firm.

6. Understand market structures

  1. 6.1 Market structures determination
  2. 6.2 Market output
  3. 6.3 Market Prices.
  4. 6.4 Market structures selection

7. Understand Inflation and unemployment

  1. 7.1 Concept of national income
  2. 7.2 Methods used to measure national income
  3. 7.3 Problems of national income
  4. 7.4 Importance of national income statistics
  5. 7.5 National income equilibrium.

8. Understand money and banking

  1. 8.1 Functions of money
  2. 8.2 Characteristics of money
  3. 8.3 Financial institutions
  4. 8.4 Functions of central bank and commercial bank
  5. 8.5 Functions of non-banking financial institutions

9. Determine National income

  1. 9.1 Types of inflation
  2. 9.2 Causes of inflation
  3. 9.3 Effects of inflation
  4. 9.4 Measures to control inflation
  5. 9.5 Causes of unemployment
  6. 11.6 Unemployment control measures

10. Understand International trade.

  1. 10.1 Concept of international trade;
  2. 10.2 International balance of payments.

Revise this unit

Exam-style questions Written to CDACC standard, with answers Test yourself Multiple-choice, one at a time Practise questions Quick recall — check you know the facts
3 more for this unit
Oral exam preparation What the assessor asks, and how to answer out loud Worked calculations Step-by-step maths with the common mistakes Quick cards Myth busters, skill tips and scenarios

Beyond the syllabus

Decision simulator On site, what would you do? Workplace scenarios Real site situations — what would you do? Turn this into income Where this skill earns — what to charge, how to find clients

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