Chapter
Basic Concepts
Fundamentals of Business Economics and ManagementSection A: Fundamentals of Business Economics (70%)15 marks
8 topics
- The Fundamentals of Economics
- Utility, Wealth, Production
- Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand - Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting)
- Supply (Meaning, Determinants, Law of Supply and Elasticity of Supply)
- Equilibrium
- Theory of Production (Meaning, Factors, Laws of Production - Law of Variable Proportion, Laws of Returns to Scale)
- Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs, Total, Fixed and Variable Costs)
- Means of Production