How to Prepare for Fundamental of Economics and Management- CMA Foundation

In this video, we'll go over the CMA Foundation Fundamentals of Economics and Management Paper 1 exam overview and exam preparation tips, as well as everything you need to know about the new Notifications - both old and new structures.

Introduction of Economics and Management

Economics is the study of how humans work together to turn scarce resources into commodities and services in order to satisfy our natural desires. Although numerous scholars have defined economics in various ways, the most frequently recognized definition is that it is the study of wealth. The study of how to get things done through and with the people involved in an activity is what management is all about.

About Economics and Management

There are two parts to this study. Part 1 will teach you about the fundamentals of economics, and Part B will teach you about the fundamentals of management. Because the economic activity is one of the most fundamental activities of a business, understanding basic microeconomic concepts such as demand, supply, different types of markets and their circumstances, and so on is essential. Management isn't just for businesses; it also pertains to the lives of individuals and groups of people. Because management principles are universally relevant, it is critical to comprehend them.

Fundamentals of Economics and Management at the CMA Foundation Level cover the following areas.

You will obtain expertise in Micro-Economics such as how to analyze demand and supply, as well as various theories such as the Law of Diminishing Returns because you will be learning the fundamental or elementary ideas at the foundation level. Laws of Returns to Scale, Laws of Marginal Utility, Theory of Production such as Law of Variable Proportion
You will learn about the structure of banking, numerous financial institutions, their structure, and functions in Macro Economics.
You will discover many definitions of management, as well as its procedures and functions, such as planning, organizing, staffing, directing, and controlling, in Fundamentals of Management.

The best approach to study Fundamentals of Economics and Management is

This article is totally theoretical, yet it is interesting because you will be implementing these principles in your personal life as well as in a commercial entity.

Understanding the topics first and then solving multiple-choice problems is the best way to study this subject. This way, you'll remember the principles for a longer period of time and know where you stand on the matter.

Study Time: According to ICMAI rules and regulations, there should be at least a 9-month gap between the time of registration and the exam. The reason for this is that a student should learn all of the ideas thoroughly. As a result, it is usually advisable to begin as soon as possible after registering for the course.
Study materials: There are a variety of publications available on the market, as well as literature recommended by ICMAI. However, in terms of exam preparation and conceptual understanding of the full syllabus, ICMAI's study resources are highly recommended.

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