ATD 009: Principles Of Economics

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About Course

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GENERAL OBJECTIVE
The general objective of studying the principles of economics for accounting technician diploma students is to equip them with a fundamental understanding of economic concepts and their practical applications in the business and financial world. This knowledge is essential for several reasons:
  1. Informed Decision-Making: Economics provides the tools to analyze market conditions, understand economic trends, and make informed decisions that can enhance the financial health of businesses. This is crucial for accounting technicians who often advise on financial planning and budgeting.
  2. Understanding Market Dynamics: By learning about supply and demand, market structures, and price mechanisms, accounting technicians can better understand how businesses operate within the larger economic environment. This understanding helps them anticipate changes that may impact financial performance.
  3. Resource Allocation: Economics teaches the principles of efficient resource allocation. Accounting technicians can apply these principles to ensure that resources are used effectively within an organization, contributing to cost control and improved profitability.
  4. Policy Implications: Economic policies at both the macro and micro levels can significantly impact businesses. Knowledge of economics allows accounting technicians to understand these policies and their implications, helping them to adapt strategies accordingly.
  5. Financial Analysis and Reporting: Economic principles underpin many of the analyses and reports prepared by accounting technicians. For instance, understanding inflation, interest rates, and economic cycles is essential for accurate financial forecasting and valuation.
  6. Risk Management: Economics provides insights into risk and uncertainty, teaching techniques to manage and mitigate financial risks. This is particularly relevant for accounting technicians involved in auditing and financial compliance.
  7. Ethical Considerations: Economics also involves the study of welfare and the distribution of resources, which can inform the ethical standards and practices in accounting. This broader perspective helps accounting technicians to uphold integrity and social responsibility in their work.
Overall, integrating economic principles into the curriculum for accounting technician diploma students ensures that they have a well-rounded education that prepares them for the complexities of the financial and business environments.
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What Will You Learn?

  • Apply foundational economic concepts to manage limited resources
  • Determine the pricing of commodities using the forces of supply and demand
  • Apply the Theory of Consumer behavior in determining consumer satisfaction
  • Apply the theory of production to determine appropriate mix of factors of production
  • Apply foundational economic concepts to manage limited resources
  • Apply foundational economic concepts to manage limited resources
  • Apply the theory of costs to determine the cost of production
  • Use mathematical approach to determine profit maximization in various market structures
  • Evaluate the impact of macroeconomic factors on an organisation

Course Content

INTRODUCTION TO ECONOMICS

  • Definition of Economics
    15:53
  • Basic Concepts of Economics
    26:18
  • Scope of Economics: Micro and Macro Economics
    18:11
  • Methodology of Economics
    15:03
  • Economic systems
    22:23
  • Consumers’ sovereignty and its limitations
    14:53

DEMAND ANALYSIS

SUPPLY ANALYSIS

THE THEORY OF CONSUMER BEHAVIOUR

THE THEORY OF PRODUCTION

THE THEORY OF COSTS

MARKET STRUCTURES

INTRODUCTION TO MACROECONOMICS

NATIONAL INCOME

ECONOMIC GROWTH, DEVELOPMENT AND PLANNING
The differences between economic growth and economic development Actual and potential growth The benefits and costs of economic growth Determinants of economic development Common characteristics of developing countries Role of agriculture and industry in economic development Obstacles to economic development The need for development planning Short term, medium term and long term planning tools Challenges to economic planning in developing countries

MONEY

THE BANKING SYSTEM

INFLATION

UNEMPLOYMENT

AGRICULTURE AND INDUSTRY

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