SECTION A: FUNDAMENTALS OF ECONOMICS [50 MARKS] 1. Basic Concepts of Economics – Micro & Macro Economics - 20%
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) and 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)
2. Forms of Market - 20%
Pricing strategies in various forms of markets
3. Money and Banking - 10%
Definition of Money, Types, Features and Functions
Definition, functions, utility, principles of Banking
Commercial Banks, Central Bank
Measures of credit control and Money Market
SECTION B – FUNDAMENTALS OF MANAGEMENT [50 MARKS] 4. Management Process -50%
Introduction, planning, organizing, staffing, leading control, communication, coordination
Concept of Power, Authority, Delegation of Authority, Responsibility, Accountability
Leadership & Motivation – Concepts & Theories
Decision-making – types of decisions, decision- making process.
