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Nov 2020 - Econ Tute1.pdf - CERTIFICATE LEVEL Subject...

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CERTIFICATE LEVELSubjectLecturerModuleCodeFundamentals of Business Economics (BA1)Tharindu AmeresekereMBCS(UK),ACMA(UK),CGMA, Masters in Project Mgmt.(USQ)(Aus),PQHRM(IPM-SL),BSc(Hons) Computing(UK),BCS-PGD(UK), Cert.coach ABNLPTute 01 - Micro Economics Section 1 : Organizations BasicsBA1/TA/01
BA1 Nov. 2020Tute 01 -Tharindu Ameresekere1THINK ABOUT IT……
BA1 Nov. 2020Tute 01 -Tharindu Ameresekere2Tute Usage Guidance-Theory in Summary:Explaining the theory in brief-Econ in Practise:Case Studies to apply theory-ESQ:Exam Success Questions
BA1 Nov. 2020Tute 01 -Tharindu Ameresekere3Micro Economics Section 1: Organizations Basics1)Organization IntroEconomy & Economic resourcesEconomy is a System by which goods and services are to be produced, distributed andconsumed between business and people.Any economy will need resources for its economic activity. The 4 main Economic Resources areLandLaborCapitalEntrepreneurshipMicro EconomicsBasics ofOrganisationalManagementDemand &SupplyManagementMarket SystemManagementand Regulations
BA1 Nov. 2020Tute 01 -Tharindu Ameresekere4ScarcityThis refers to the concept of the available resources not being adequate or enough to fulfill theeconomic needs and demand of the individuals & Organizations.Example:Toyota cannot make all the types of vehicles in the World because resources arelimitedThe term Opportunity cost means that when a Company decides to focus on one product, theyare giving up another product (X) out of the products given up; value of the next bet alternativeis called Opportunity Cost.Types of EconomiesThere are three main economic systems to approach theFundamental economicproblem.The Market Economy - where the supply, demand interactions (Market Forces) determine theeconomic activity,Command Economy- Production decisions taken by the government.Mixed Economy- A mix of the above types.(Most of the economic decisions are made by the government)
BA1 Nov. 2020Tute 01 -Tharindu Ameresekere5OrganizationsThey aresocial arrangementsfor thecontrolled performanceofcollective goals.Anorganization has a goal, for which people are organized in a certain structure, where theirfunctions and performance is monitored & controlled.

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