This is an introduction to business economics and assumes no prior knowledge of the subject. It aims to provide students with a knowledge of the fundamental economic and financial concepts necessary for conducting the role of a management accountant, and underpins their studies towards attainment of the award of Chartered Management Accountant.The first section of the syllabus introduces the key concepts of business economics, including the fundamental economic problem of how to allocate scarce resources to obtain the maximum possible benefit from them.
The second section looks at the way markets operate through the interaction of supply and demand. It also looks at a range of different market structures, and considers situations where governments need to intervene to correct market failures.
The third section introduces the financial system, and looks at the role of financial organisations in meeting the
financial requirements of businesses and individuals. Finally, the fourth section looks at the way economies operate as a whole, and it looks at key issues such as inflation, unemployment, government economic policies and international trade.
Book: Fundamental of Business Economics Practice Book
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