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FUNDAMENTALS OF BUSINESS ECONOMICS PDF

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1. PAPER C Fundamentals of Business Economics. Acorn chapters. 1. Introduction to economics. 2 The price mechanism. 3. Elasticity of demand and supply. FUNDAMENTALS OF BUSINESS ECONOMICS. Published by: Kaplan Publishing UK. Unit 2 The Business Centre, Molly Millars Lane,. Wokingham, Berkshire. We are grateful to the CIMA for permission to reproduce past examination questions. The answers to CIMA Exams have been prepared by Kaplan Publishing.


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Business economic meets these needs of the business firm. This is illustrated in the As regards the scope of business economics, no uniformity of views exists among it can be used to explain Demand Theory or fundamental theorem of. This Study Text has been written around the Fundamentals of Business Economics syllabus. • • • It is comprehensive. It covers the syllabus content. No more, no. To Understand the fundamentals of Business Economics. • To Know whether Economics is a Science or an Art. • To Study the Basic Economic terminologies.

Micro -- the prefix refers to very small things. Macro refers to the larger, to the bigger picture. And so, micro-economics is essentially how actors..

And you hear the words scarce resources a lot when people talk about economics. And a scarce resource is one you don't have an infinite amount of. For example, love might not be a scarce resource. You might have an infinite amount of love. But a resource that would be scarce is something like food, or water, or money, or time, or labor. These are all scarce resources. And so microeconomics is how do people decide where to put those scarce resource, how do they decide where to deploy them.

And how does that.. Macro-economics is the study of what happens at the aggregate to an economy. So, 'aggregate', what happens in aggregate to an economy, from the millions of individual actors. Aggregate economy. We now have millions of actors. And often focuses on policy-related questions. SO, do you raise or lower taxes.

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Or, what's going to happen when you raise or lower taxes. Do you regulate or de-regulate? How does that affect the overall productivity when you do this. So, it's policy, top-down.. And in both macro- and micro-economics, there is especially in the modern sense of it, there is an attempt to make them rigorous, to make them mathematical. So, in either case you could start with some of the ideas, some of the philosophical ideas, so of the logical ideas, to say someone like Adam Smith might have.

So, you have these basic ideas about how people think, how people make decisions. So, philosophy, 'philosophy' of people, of decision-making, in the case of micro-economics -- 'decision-making' And then you make some assumptions about it.

Or you simplify it.. And you really are simplifying. You say "oh, all people are rational", "all people are gonna act in their own self-interest, or all people are going to maximize their gain", which isn't true -- human beings are motivated by a whole bunch of things.

We simplify things, so we can start to deal with it kind of a mathematical way. SO you simplify it, so you can start dealing with it in a mathematical sense. So, this is valuable to clarify your thinking. It can allow you to prove things based on your assumptions.

And so, you can start to visualize things mathematically, with charts and graphs and think about what would actually happen with markets. So it's very valuable to have this mathematical, rigorous, thinking. But at the same time, it could be a little bit dangerous, because you are making these huge simplifications, and sometimes the math might lead you to some very strong conclusions.

Conclusions, which you might feel very strongly about, because it looks like you've proven them in the same way that you might prove relativity, but they were based on some assumptions that either might be wrong, or might be over-simplifications, or might not be relevant to the context that you're trying to make conclusions about.

So it's very very very important to take it all with a grain of salt, to remember that it's all based on some simplifying assumption. And macro-economics is probably more guilty of it.

Introduction to Economics: Basic Concepts and Principles

In micro-economics you are taking these deeply complicated things that are the human brain, how people act and respond to each other, and then you are aggregating it over millions of people, so it's ultra-complicated. You've millions of these infinitely complicated people, all interacting with each other.

SO, it's very complicated. Many millions of interactions, and fundamentally unpredictable interactions, and then trying to make assumptions on those, trying to make assumptions and then doing math with that -- that could lead you to some conclusions or might be leading you to some predictions. And, once again, this is very important. This is valuable, it is valuable to make these mathematical models, with these mathematical assumptions for these mathematical conclusions, but it always need to be taken with a grain of salt.

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page2.pdf - BA1 Fundamentals of business economics...

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