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Economics - Level 1
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Introduction to Chapter 1
Introduction to economic concepts -1
1.3 Economic resources and non-economic resources
1.4 Difference between Macro Economy and Micro Economy
1.5 Scarcity, Opportunity Cost and Basic Economic Problems
1.6 Different types of Economic Systems and how to solve the basic economic problem by each system
1.7 Production Possibility Frontier
1.8 Economic behavior within business environment
2.1 Consumer Equilibrium
2.2 Theory of Demand and Law of Demand
2.3 Theory of Supply and Law of Supply
2.4 Market Equilibrium
2.5 Determinants of Demand and Supply and their influence on the Equilibrium Price
2.6 Elasticity of Demand (Price Elasticity, Income Elasticity and Cross Elasticity) and their influence
2.7 Price Elasticity of supply and its influence
2.8 Consumer’s Surplus and Producer’s Surplus
2.9 The importance of Demand and Supply concepts in business operations
2.10 Ways of intervention by the Government to the market
3.1 Basic concepts related to the production process
3.2 Economic Cost and Accounting Cost
3.3 Behavior of production process and stages of production in short run and long run
3.4 The Law of Diminishing Marginal Returns and Law of Returns to Scale
3.5 Marginal Cost, Marginal Revenue and Profit Maximization
3.6 Characteristics of market structures and their behavior in short run and long run
3.7 Optimum output, price and profit in the short run and long run in different markets
4.1 Macro-Economic Objectives of a Country
4.2 Trade Cycle and its impact on business
4.3 Circular Flow of National Income
4.4 Different approaches of National Income Accounting
4.5 Gross Value Added, Gross Domestic Product, Gross Domestic Income, Gross National Income and Per Capita Income
4.6 Importance and limitations of National Income Accounting
4.7 Reasons for market failure
4.8 Functions of the Government in a market economy
4.9 Fiscal Policy and its impact on business
4.10 The Government Budget and Direct and Indirect Taxation
5.1 Functions of money
5.2 Demand for money and money supply
5.3 Financial system of a country
5.4 Objectives and the functions of Central Bank of Sri Lanka
5.5 Monetary policy and its impacts to the businesses
5.6 Functions of commercial banks
5.7 Financial Intermediaries
5.8 Profitability and liquidity in relation to commercial banks
5.9 Price level and inflation
5.10 Types of inflation and causes for inflation
5.11 Relationship between inflation and interest rate
5.12 Effects of inflation and remedies for inflation
6.1 Basic concepts of international trade (Absolute Advantage, Comparative Advantage, Terms of Trade and Protectionism)
6.3 Balance of Payment and its elements
6.4 Expansion of businesses through international trade
6.5 Foreign exchange market and the determination of exchange rate
6.6 Exchange Rate and its impact on businesses
6.7 Steps to control the depreciation of currency of the country
7.1 Economic growth
7.2 Economic Development and structural change in Economic Development
7.3 Development and Human Development
7.4 Sustainable Development
7.5 Changing role of businesses and accounting with the concept of Sustainable Development
7.6 New trends in the Economy
Chapter 1 - Economic Concepts and Systems Related to Business Environment – 15%
Introduction to Chapter 1
Preview
Introduction to economic concepts -1
Preview
1.3 Economic resources and non-economic resources
1.4 Difference between Macro Economy and Micro Economy
1.5 Scarcity, Opportunity Cost and Basic Economic Problems
1.6 Different types of Economic Systems and how to solve the basic economic problem by each system
1.7 Production Possibility Frontier
1.8 Economic behavior within business environment
Chapter 2 - Demand, Supply, Equilibrium and Ways of Government Intervention – 20%
2.1 Consumer Equilibrium
2.2 Theory of Demand and Law of Demand
2.3 Theory of Supply and Law of Supply
2.4 Market Equilibrium
2.5 Determinants of Demand and Supply and their influence on the Equilibrium Price
2.6 Elasticity of Demand (Price Elasticity, Income Elasticity and Cross Elasticity) and their influence
2.7 Price Elasticity of supply and its influence
2.8 Consumer’s Surplus and Producer’s Surplus
2.9 The importance of Demand and Supply concepts in business operations
2.10 Ways of intervention by the Government to the market
Chapter 3 - Behaviour of Production Process and Different Market Structures – 15%
3.1 Basic concepts related to the production process
3.2 Economic Cost and Accounting Cost
3.3 Behavior of production process and stages of production in short run and long run
3.4 The Law of Diminishing Marginal Returns and Law of Returns to Scale
3.5 Marginal Cost, Marginal Revenue and Profit Maximization
3.6 Characteristics of market structures and their behavior in short run and long run
3.7 Optimum output, price and profit in the short run and long run in different markets
Chapter 4 - National Accounting and Role of the Government – 20%
4.1 Macro-Economic Objectives of a Country
4.2 Trade Cycle and its impact on business
4.3 Circular Flow of National Income
4.4 Different approaches of National Income Accounting
4.5 Gross Value Added, Gross Domestic Product, Gross Domestic Income, Gross National Income and Per Capita Income
4.6 Importance and limitations of National Income Accounting
4.7 Reasons for market failure
4.8 Functions of the Government in a market economy
4.9 Fiscal Policy and its impact on business
4.10 The Government Budget and Direct and Indirect Taxation
Chapter 5 - Financial System, Money and General Price Level – 15%
5.1 Functions of money
5.2 Demand for money and money supply
5.3 Financial system of a country
5.4 Objectives and the functions of Central Bank of Sri Lanka
5.5 Monetary policy and its impacts to the businesses
5.6 Functions of commercial banks
5.7 Financial Intermediaries
5.8 Profitability and liquidity in relation to commercial banks
5.9 Price level and inflation
5.10 Types of inflation and causes for inflation
5.11 Relationship between inflation and interest rate
5.12 Effects of inflation and remedies for inflation
Chapter 6 - International Trade and Foreign Exchange Market – 10%
6.1 Basic concepts of international trade (Absolute Advantage, Comparative Advantage, Terms of Trade and Protectionism)
6.3 Balance of Payment and its elements
6.4 Expansion of businesses through international trade
6.5 Foreign exchange market and the determination of exchange rate
6.6 Exchange Rate and its impact on businesses
6.7 Steps to control the depreciation of currency of the country
Chapter 7 - Economic Growth, Development and New Trends – 5%
7.1 Economic growth
7.2 Economic Development and structural change in Economic Development
7.3 Development and Human Development
7.4 Sustainable Development
7.5 Changing role of businesses and accounting with the concept of Sustainable Development
7.6 New trends in the Economy
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