Economics is the study of how individuals, businesses, governments, and other organizations make choices about allocating scarce resources to meet their needs and wants. It explores how resources are produced, distributed, and consumed, and how economic agents interact in various markets. Economics is typically divided into two major branches: Microeconomics and Macroeconomics.

This unit specifies the competencies required to apply fundamentals of accounting. It involves concept, classifying capital and liabilities, correcting accounting errors and suspense account, demonstrating understanding of accounting principles and policies, applying double entry preparing sole trader statement, preparing partnership statements and prepare company statements.