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Fundamentals of Economics & Management

Fundamentals of Economics and Management

CMA Foundation - Paper 1 : Fundamentals of Economics and Management

ICMAI has introduced this paper Fundamentals of Economics and Management at the CMA Foundation level where you learn about the basic concepts of Economics (study of wealth) and Management (Study of how to get things done through people and people involved in an activity.) 

Section A : Economics
Section B : Management
Theory of Demand and Supply
Nature of Management and its Process
Basic Concepts of Economics
Paper 2
Paper 3
Paper 4
June 2018
December 2018
June 2017
December 2017

More about Fundamentals of Economics and Management

What is Economics and Management? 
  • Economics is the study of how we work together to transform scarce resources into goods and services to satisfy our wants that are unlimited in nature 
  • Economics is most widely accepted as a study of wealth though there are many scholars who have defined economics in different ways 
  • Management is nothing but the study of how to get things done through the people and with the people involved in an activity  
Why has ICMAI introduced this paper, Fundamentals of Economics and Management, at CMA Foundation Level? 
  • This paper is divided into 2 Parts. In part 1, you will be gaining knowledge on Fundamentals of Economics and in Part B, you will be learning Fundamentals of Management. 
  • Since economic activity is one of the basic functions of an enterprise, it is inevitable to have knowledge on basic concepts of micro economics such as demand, supply, different types of market and its conditions and so on  
  • Management is just not applicable for a commercial establishment; it also applies at Individual/People’s life 
  • Management principles are universally applicable and therefore it is important to understand the principles of management 
What are the topics covered in Fundamentals of Economics and Management at the CMA Foundation Level? 
  • Since you will be learning the fundamental or elementary concepts at foundation level, you will be gaining knowledge in Micro-Economics such as how to analyse demand and supply, various theories such as Law of Diminishing Law of Marginal utility, Theory of Production such as Law of Variable Proportion, Laws of Returns to Scale 
  • In Macro Economics, you will be introduced to the structure of Banking, various financial Institutions, its structure and its functions  
  • In Fundamentals of Management, you will be learning various definitions of management, its processes and functions such as Planning, Organising, Staffing, Directing and Controlling 
What is the best approach to study Fundamentals of Economics and Management? 

This paper is purely theoretical but interesting as you will be applying these principles just not in a commercial entity but also in your personal life  

  • The best approach to study this subject is to first understand the concepts and then solve multiple choice questions. This way you will retain the concepts for a longer tenure and understand where your footing on the subject is 
  • Study Time: As per ICMAI rules and regulation, there should be at least 9 months of time gap from the time of registration to the time of giving exam. The reason behind this is that a student should do a thorough study of all the concepts. Therefore, it is always recommended to start immediately after registering to the course.  
  • Study content:  There are many books which are available in the market as well as various books recommended by ICMAI. However, from the point of view of exam and to conceptually understand the entire syllabus, Study materials given by ICMAI is highly recommended. Cover the ICMAI syllabus in detail and don’t indulge in any selective coverage of syllabus. 
See how CS Bhavya Parvathi K and CS Akshata Rao teach this paper Fundamental of Economics and Management

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