Basic theory, concepts, and methodology of accounting. Valuation and income determination, internal control systems, and basic financial statement preparation.
Scarcity and the resulting microeconomic problems. Demand and supply analysis and applications. Production and cost functions (elements of location theory). Market structures, industry and firm conduct and performance. Factor demand analysis.
Definition of economics and its methodology. Scarcity and the resulting macroeconomic problems. Measures and fluctuation in the level of economic activity (size and components of GNP, full employment, growth), stabilization policies, (inflation, unemployment). Money, financial markets, and monetary policy in an open economy.
