The relevance of economic analysis for management decision making.

1.1 The economic context in which organisations operate?

1.2 The problem of scarcity?

1.3 Neoclassical economics and the marginal principle ?

1.4 The production possibility frontier ?

1.5 Accounting costs, economic costs, accounting profit and economic profit?

1.6 Factors of production ?

1.7 The capitalist economy ?

1.8 The circular flow of income in the economy ?

1.9 The two main measures of national economic output ?

1.10 The objectives of macroeconomic policy