BA1 FUNDAMENTALS OF BUSINESS ECONOMICS

Explain the macroeconomic phenomena, including price inflation, the equilibrium and growth in national income, unemployment and trade deficits/surpluses. Understand the various stages of the trade cycle and the impact that it has on the economy and individual organisations. Gain insight into the principles of public finance, including the various aspects of taxation and financial deficit. Learn about the snippets of the national policy which are relevant to trade. Explore the concept of globalisation and the consequences that it can have on businesses and organisations. Apply this knowledge to your work with prospective employers. Understand the differences in goals set by profit-seeking organisations, NPOs and governmental organisations. Learn how shareholder wealth and stakeholders can impact on the goals of a business. Demonstrate and calculate the point of profit maximisation using total cost and total revenue data. Explore the concept of price elasticity of supply and demand and the effects that they can have on an organisation’s revenue. Learn how price regulation can impact goods and factor markets and the impact of competition on price, output and profitability. Explore the concepts of liquidity, the foreign exchange market, the role of financial intermediaries and how supranational organisations can help to stabilise the market and encourage economic growth.