ICWA : Foundation
Paper 3 : Economics and Business Fundamentals
[One paper: Three Hours – 100 marks]
Objective . . .
| • | To gain basic knowledge of economics |
| • | To understand different structures of organization |
| • | To know how stock exchange functions |
A. ECONOMICS (60 marks) :
| 1. | Basic Concepts of economics | 10% |
|
| • | The Fundamentals of Economics & Economic Organizations |
| • | Utility, Wealth, |
| • | Basic Elements of Supply and Demand, elasticity |
| • | Equilibrium |
| • | Theory of Production |
| • | Cost of production. |
| |
| 2. | Forms of Market | 5% |
|
| • | Perfect competition and Imperfect competition |
| • | Pricing in perfect and imperfect competition |
| |
| 3. | National Income | 5% |
|
| • | Gross National Product |
| • | Net National Product |
| • | Measurement of National Income |
| • | Economic growth and fluctuations |
| • | Consumptions, savings and investments |
| |
| 4. | Theory of Employment | 5% |
|
| • | Type of unemployment |
| • | Concepts of full employment |
| • | Labour and Population theories |
| • | Definition of capital and growth of capital |
| • | Steps in capital formation |
| |
| 5. | Money | 10% |
|
| • | Definition and functions of money |
| • | Quantity theory of money |
| • | Inflation and effect of inflation on production and distribution of wealth |
| • | Control of inflation |
| • | Money supply |
| • | Liquidity preference and marginal efficiency |
| • | Rate of interest and investment |
| |
| 6. | Banking | 10% |
|
| • | Definition |
| • | Functions and utility of Banking |
| • | Principle of commercial banking |
| • | Essentials of sound banking system |
| • | Multiple credit creation |
| • | Functions of Central Bank |
| • | Weapons of credit control and money market |
| • | National & International Financial Institutions |
| |
| 7. | International Trade | 5% |
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| • | Basic feature of export and import |
| • | Competitive advantage of trade |
| |
| 8. | Public Finance | 10% |
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| • | Direct and indirect taxes |
| • | Principle of taxation |
| • | Effect of taxation on production and distribution |
| • | Deficit financing system |
| |
B. Business Fundamentals (40 marks) :
| 9. | Type of Business Unit | 10% |
|
| • | Sole proprietorship, Partnership, Companies, Cooperatives |
| • | Hindu Undivided Family |
| • | Joint Stock Companies |
| • | Public Utilities services |
| • | State Enterprises |
| • | Limited Liability Partnership |
| |
| 10. | Company Organization and Management | 10% |
|
| • | Types of companies and their formation |
| • | Incorporation and commencement of business |
| • | Memorandum of Association, Articles of Association and Prospectus |
| • | Shares and debentures |
| • | Board of Directors and General Meeting |
| |
| 11. | Business Objectives | 5% |
|
| • | Concept and rationale of social responsibility |
| • | Business and its environment, interface with legal, political, economic, social and cultural aspects |
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| 12. | Stock Exchange and its workings | 10% |
|
| • | Dealers and brokers transactions |
| • | Economic significance, condition of membership |
| • | Role of stock exchanges , Depository participant |
| |
| 13. | Business Communication and Report Writing | 5% |
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