PRINCIPLES OF ECONOMICS

This unit covers the competencies required to apply economics concepts to solve business problems. Competencies include: Apply foundational economic concepts to manage limited resources, determine the pricing of commodities using the forces of demand and supply, apply the theory of consumer behaviour in determining consumer satisfaction, apply the theory of production to determine appropriate mix of factors of production, apply the theory of costs to determine the cost of production, use mathematical approach to determine profit maximisation in various market structures and evaluate the impact of macro-economic factors on an organisation