SECTION A: BUSINESS ECONOMICS

1. Basic Concepts

1.1 The Fundamentals of Business Economics
1.2 Utility, Wealth, Production
1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand
– Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) and
Supply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium
1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Laws
of Returns to Scale)
1.5 Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs,
Total, Fixed and Variable Costs)
1.6 Means of Production

2. Forms of Market

2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,
Oligopoly, Monopoly, Monopolistic Competition
2.2 Price Discrimination

3. Money and Banking

3.1 Money – Types, Features and Functions
3.2 Banking – Definition, Functions, Utility, Principles
3.3 Commercial Banks, Central Bank
3.4 Measures of Credit Control and Money Market

4. Economic and Business Environment

4.1 PESTEL (Political, Economic, Societal, Technological and Legal) Analysis
4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of
Unknown and Unprecedentedness)

SECTION B: FUNDAMENTALS OF MANAGEMENT

5. Fundamentals of Management

5.1 Introduction to Management
5.2 Stewardship Theory and Agency Theory of Management
5.3 Planning, Organizing, Staffing and Leading
5.4 Communication, Co-ordination, Collaboration, Monitoring and Control
5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority
5.6 Leadership and Motivation – Concepts and Theories
5.7 Decision-making – Types and Process