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.

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.