Economics For Business

Economics For Business

BOOK TITLE:

Economics: A background text – B Forster and G Whitehead (ICM)
Student Handbook for Economics: A background text – B Forster and G Whitehead (ICM)








THE TOPICS YOU HAVE TO COVER

The Nature & Scope of Economics:

The Nature & Scope of Economics
The Development of Economic Society
The Economic Problem: Scarcity Choice and Opportunity Cost
Alternative Economic Systems


Production:

The Economic Background to Production
Specialisation and the Division of Labour
Business Organisations
Factors of Production
The Scale of Production and Economies of Scale
The Location of Production


The Theory of Price Determination:

Demand
Supply
Price Determination
Concept of Elasticity
Applications of the Demand and Supply Model


Market Structures:

Competitive Markets – the Institutions where Price is Decided
Monopoly
Oligopoly
Imperfect Competition (Monopolistic Competition)
Public Policy Towards Competition


Factor Markets and Rewards to Factors

Rewards to Factors:

Distribution Theory
Land & Rent
Labour & Wages
Capital & Interest
Entrepreneurship & Profit
Economic Rent


Market Failure:

Market Imperfections
Externalities
Public Goods and Merit Goods
Imperfect Information
Dealing with Market Failure
Money & Banking:

Functions of Money
Financial Institutions
Central Banking


Macroeconomics:

Basic National Income Accounting
Use of National Income Statistics
Economic Policy
Circular Flow Analysis
Consumption, Savings and Investment
National Income Equilibrium
Multiplier and Accelerator


Unemployment & Inflation:

Types of Unemployment
Costs of Unemployment
Causes of Inflation
Costs of Inflation


Economic Policy Instruments:

Taxation, Government Spending and Budgets
Fiscal Policies
Money and Monetary Policy
Supply Side Measures and Privatisation
International Trade:

Absolute & Comparative Advantage
The Principle of Free Trade
Protection – Types and Causes
Free Trade, Customs Unions and Single Markets
The European Union and Other Free Trade Areas
GATT and WTO
Balance of Trade and Payments
Dealing with Balance of Payments Problems


Globalisation and International Monetary Issues:

Exchange Rate Determination
Fixed and Floating Exchange Rate Systems
Trade and Economic Development
Transnational Enterprises
Globalisation