FUNDAMENTAL COURSE:

Contents
INTRODUCTION ........................................................................................................................ 1
OBJECTIVES ............................................................................................................................. 1
INTRODUCTION TO BASIC ECONOMICS ..................................................................................
I. Basic economic concepts ................................................................................................ 2
II. Demand, Supply and Markets ......................................................................................... 5
Figure 1 – Demand Curve .................................................................................... 6
Figure 2 – Supply Curve ...................................................................................... 7
Table 1 – Changes in Equilibrium ........................................................................ 8
Figure 3 – Changes in Supply .............................................................................. 9
III. Accounting profits, economic profits and economic decision-making ............................. 10
Accounting Profit Formula .................................................................................. 11
Economic Profit Formula .................................................................................... 12
Figure 4: decisions made by internal and external decision makers ................... 13
IV. Macroeconomic concepts ............................................................................................... 14
Gross Domestic Product .................................................................................... 14
Economic Growth............................................................................................... 16
Business Cycle .................................................................................................. 17
Figure 5 - The Phases of a Business Cycle....................................................... 18
V. Macroeconomic challenges ............................................................................................. 19
Unemployment................................................................................................... 19
Inflation .............................................................................................................. 19
Macroeconomic Performance ............................................................................ 20
VI. Money and exchange rates .............................................................................................. 20
VII. Market structures ........................................................................................................... 21

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 2

Perfect Competition ........................................................................................... 22

Monopolistic Competition ................................................................................... 22
Oligopoly ............................................................................................................ 23
Monopoly ........................................................................................................... 23
VIII. Externalities and the role of public policy ....................................................................... 25
MARKETING FUNDAMENTALS .............................................................................................. 26
I. What is Marketing? .................................................................................................... 26
II. What can we Market? ............................................................................................................. 27
III. Marketing Mix ............................................................................................................ 27
4 P’s................................................................................................................... 27
4 C’s .................................................................................................................. 27
IV. Segmentation/ Target Markets .............................................................................................. 28
V. Product Life Cycle ................................................................................................................... 29
Figure 2.1 – Product (Industry) Life Cycle stages ............................................... 29
VI. Product Life Cycle Challenges .............................................................................................. 30
VII. Brand Building.......................................................................................................................... 30
VIII. Brand Equity Challenges........................................................................................................ 31
IX. Brand Strategy ........................................................................................................................ 31
PRACTICE DRILL .................................................................................................................... 32
REFERENCES ......................................................................................................................... 36
KEY TO CERRECTIONS .......................................................................................................... 37

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 1

Introduction

People who study economics are better able to comprehend their surroundings. It makes
it possible for people to comprehend other people, organizations, markets, and governments,
enabling them to better react to the challenges and possibilities that arise when circumstances
change. More generally for students, an economics degree aids in preparing you for jobs requiring
numerical, analytical, and problem-solving abilities, such as those in management, marketing,
research, and business planning. You may think strategically and make judgments to maximize
the result with the aid of economics.
Students get a basic understanding of economic concepts, enabling and encouraging
informed discussion of subjects covered by the media. Topics include contrasting
macroeconomics and microeconomics; gross domestic product; economic growth and business
cycles; unemployment and inflation; aggregate supply and demand; scarcity, opportunity costs,
and trade; law of supply and demand; accounting versus economic profits; money and exchange
rates; government choices, markets, efficiency, and equity; monopoly and competition;
externalities
Objectives:

• Students will use economic models in domestic and global contexts to analyze individual
decision making, how prices and quantities are determined in product and factor markets,
and macroeconomic outcomes
• Students will analyze the performance and functioning of government, markets and
institutions in the context of social and economic problems.
• Students will think critically about economic models, evaluating their assumptions and
implications.
• Students will use data to describe the relationships among variables in order to analyze
economic issues.
• Students will communicate economic thought and analysis in both written and oral
contexts to varied audiences.
• Introduce the nature of the Marketing, its cycle and the relation between it and the Sales
• Align Sales with Marketing and clear any misconceptions.
• Understand marketing strategy and applied it any necessary situation.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 2

INTRODUCTION TO BASIC ECONOMICS

I. Basic economic concepts

➢ Economics
Economics is a social science that focuses on the production, distribution, and
consumption of goods and services, and analyzes the choices that individuals, businesses,
governments, and nations make to allocate resources.
➢ Two branches of economics

Microeconomics - Microeconomics studies how individual consumers and firms make

decisions to allocate resources. Whether a single person, a household, or a business,
economists may analyze how these entities respond to changes in price and why they
demand what they do at particular price levels

Macroeconomics - Macroeconomics is the branch of economics that studies the behavior

and performance of an economy as a whole. Its primary focus is the recurrent economic
cycles and broad economic growth and development.

➢ Scarcity
Sometimes considered the basic problem of economics. Resources are scarce because
we live in a world in which humans’ wants are infinite but the land, labor, and capital
required to satisfy those wants are limited. This conflict between society’s unlimited wants
and our limited resources means choices must be made when deciding how to allocate
scarce resources.

Any economic system must provide society with a means of making choices that answer
three basic questions:
• What will be produced with society’s limited resources?
• How will we produce the things we need and want?
• How will society’s output be distributed?

➢ Models and graphs

Economics is a social science. This means that economists, in their
study of human interactions, use models to simplify, analyze, and predict human behavior.
Models include graphs and mathematical models.
The purpose of these graphs and mathematical models is to simplify the
many interactions that occur in an economy. In their use of models, economists usually
make the assumption, when analyzing the effect of a particular change on a market or on
a nation’s economy, that all else is held constant. The term we use for “all else equal” is
the Latin expressions, ceteris paribus.
Another assumption economists make is that economic agents are
rational and have an incentive to make decisions that are always in their own self-interest.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 3

While in reality human beings often act irrationally, by assuming people, businesses,
governments, and other agents are rational decision-makers, and by assuming ceteris
paribus, economists attempt to establish laws and make predictions about how human
interactions will affect society.
When thinking about economic problems, we can use either positive
analysis or normative analysis. Positive analysis is objective, fact-based, and cause-
and-effect thinking about problems. When economists disagree, it is typically due to
different normative analysis. When using normative analysis, the focus is on what should
happen or how desirable one action is compared to a different action.

➢ Economic Indicators
Detail a country's economic performance. Published periodically by governmental
agencies or private organizations, economic indicators often have a considerable effect
on stocks, employment, and international markets, and often predict future economic
conditions that will move markets and guide investment decisions.

• Gross domestic product (GDP) - The gross domestic product (GDP) is

considered the broadest measure of a country's economic performance. It
calculates the total market value of all finished goods and services produced in a
country in a given year.

• Stock Market - The stock market is a leading indicator. It’s also the indicator that
most people look to first, even though it’s not the most important indicator. Stock
prices are partially based on what companies are expected to earn. If companies’
earnings estimates are accurate, the stock market can indicate the economy’s
direction.
For example, a down market could indicate that overall company earnings are
expected to decrease and the economy could be headed toward a recession. On the
other hand, an upmarket could suggest that earnings estimates are up and therefore
the economy as a whole may be thriving.

• Unemployment - The unemployment rate only reflects people who are

unemployed and looking for work.

The economics can also be assessed as per the unemployment rate in the country.
It is normally determined as the ratio of the count of the unemployed labor force to
the count in the employed labor force

• Consumer Price Index (CPI) - The Consumer Price Index (CPI), also issued by
the BLS, measures the level of retail price changes, and the costs that consumers
pay, and is the benchmark for measuring inflation. Using a basket that is
representative of the goods and services in the economy, the CPI compares the
price changes month after month and year after year. This report is an important
economic indicator and its release can increase volatility in equity, fixed income,
and forex markets. Greater-than-expected price increases are considered a sign
of inflation, which will likely cause the underlying currency to depreciate.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 4

The consumer price index is determined as the ratio of the cost of products and
services for a given year to the cost of products and services for a determined base
year. This metric helps in comparing prices for products and services and the
changes in the inflation levels. The basket for products and services is to be
updated daily, followed by the determination of the cost of the basket and the
determination of the Index.

• Producer Price Index (PPI) - PPI is a coincident indicator that tracks price
changes in almost all goods-producing sectors, including mining, manufacturing,
agriculture, forestry and fishing. PPI also tracks price changes for an increasing
portion of the non-goods-producing sectors of the economy. The report measures
prices for finished goods, intermediate goods and crude goods.

• Balance of trade - It’s the net difference between a country’s value of imports and
exports and shows whether there is a trade surplus or a trade deficit. A trade
surplus is generally desirable and shows that there is more money coming into the
country than leaving.

• Housing starts - are an estimate of the number of housing units on which some
construction was performed that month. Data is provided for multiple-unit buildings
as well as single-family homes. The data also indicates how many homes were
issued building permits and how many housing construction projects were initiated
and completed.

• Interest Rates - Interest rates are a lagging indicator of economic growth. They
are based on the federal funds rate, which is determined by the Federal Open
Market Committee (FOMC). When the federal funds rate increases, interest rates
increase. The federal funds rate increases or decreases as a result of economic
and market events.

• Currency strength - When a country has a strong currency, its purchasing and
selling power with other nations is increased. A country with a strong currency can
import products at a cheaper rate and sell its products overseas at higher foreign
prices. However, when a country has a weaker currency, it can draw in more
tourists and encourage other countries to buy its goods since they are cheaper.

• Manufacturing Activity - Manufacturing is a leading economic indicator. Durable

goods orders are an indicator of manufacturing activity. The term “durable goods”
refers to consumer products that usually aren’t replaced for at least a few years,
such as refrigerators and cars.

• Income and Wages - When the economy is operating properly, earnings should
increase to keep up with the average cost of living. However, when incomes
decline relative to the average cost of living, it is a sign that employers are either
laying off workers, cutting pay rates or reducing employee hours. Declining
incomes can also indicate an environment where investments are not performing
as well.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 5

II. Demand, Supply and Markets

In a competitive market, demand for and supply of a good or service determine the equilibrium
price.
➢ Demand - all of the quantities of a good or service that buyers would be willing and able
to buy at all possible prices; demand is represented graphically as the entire demand
curve.

➢ The law of demand

Markets have two agents: buyers and sellers.

Demand represents the buyers in a market. Demand is a description of all quantities of a good or
service that a buyer would be willing to purchase at all prices.
According to the law of demand, this relationship is always negative: the response to an increase
in price is a decrease in the quantity demanded.
For example, if the price of scented erasers decreases, buyers will respond to the price decrease
by increasing the quantity of scented erasers demanded. A market for a good requires demand
and supply.

• The determinants of demand

What influences demand besides price? Factors like changes in consumer income also cause
the market demand to increase or decrease.
For example, if the number of buyers in a market decreases, there will be less quantity demanded
at every price, which means demand has decreased.

• For instance, if scented erasers are normal goods, then when buyers have more
income, they will buy more scented erasers at every possible price; this would also
shift the demand curve to the right.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 6

Figure 1: A model showing an increase in demand

The demand curve shows all of the quantities that a buyer is willing to purchase at all
possible prices. In Figure 1, the curve D1 represents a buyer that would be willing to
nothing when the price is $9, 2 units when the price is $7, 6 units with the price is $3, and
9 units if the price was $0.

A movement along a curve, such as moving from point A to point B occurs when price
changes, is a response to an increase in price. In this case, this movement is caused by
an increase in price from $3 to $7.

The curve D2 represents a higher demand for this good, which would happen if a
determinant of demand changed.
For example, an increase in the number of buyers of this good would cause the increase in
demand shown in this graph. A movement from point B to point X would only occur if demand
increased.

➢ Supply - a schedule or a curve describing all the possible quantities that sellers are willing
and able to produce, at all possible prices they might encounter in a particular period of
time; supply is represented in a graphical model as the entire supply curve.

➢ The law of supply - The law of supply states that there is a positive relationship between
price and quantity supplied, leading to an upward-sloping supply curve. Sellers like to
make money, and higher prices mean more money!

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 7

For example, let’s say that fishermen notice the price of tuna rising. Because higher prices will
make them more money, fishermen spend more time and effort catching tuna. As a result, as the
price rises, the quantity of tuna supplied increases.

• The determinants of supply

Factors that influence producer supply cause the market supply curve to shift.
For example, one of the determinants of supply in the market for tuna is the availability and the
price of fishing permits. If more fishing permits are made available and the permit fee is lowered,
we can expect more fisherman to enter the market; as a result, the supply of tuna will likely
increase. Now, at every price, a greater quantity of tuna will be supplied to the market.

• The supply curve demonstrates the relationship between a good’s price and the
quantity producers are willing and able to supply. The upward sloping line
demonstrates this direct relationship: as the price rises, the quantity supplied
increases; as price decreases, quantity supplied decreases.

Figure 2: An upward sloping supply curve

➢ Market - an interaction of buyers and sellers where goods, services, or resources are
exchanged
In a competitive market, demand for and supply of a good or service determine the equilibrium
price.

• Equilibrium - MARKETS: Equilibrium is achieved at the price at which quantities

demanded and supplied are equal. We can represent a market in equilibrium in a
graph by showing the combined price and quantity at which the supply and
demand curves intersect.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 8

For example, imagine that sellers of squirrel repellant are willing to sell 500 units of squirrel
repellant at a price of $5 per can. If buyers are willing to buy 500 units of squirrel repellent at that
price, this market would be in equilibrium at the price of $5 and at the quantity of 500 cans.

• Disequilibrium - Whenever markets experience imbalances—creating

disequilibrium prices, surpluses, and shortages—market forces drive prices
toward equilibrium.
A surplus exists when the price is above equilibrium, which encourages sellers to lower their
prices to eliminate the surplus.
A shortage will exist at any price below equilibrium, which leads to the price of the good
increasing.
For example, imagine the price of dragon repellent is currently $6 per can. People only want to
buy 400 cans of dragon repellent, but the sellers are willing to sell 600 cans at that price. This
creates a surplus because there are unsold units. Sellers will lower their prices to attract buyers
for their unsold cans of dragon repellant.

• Changes in equilibrium - Changes in the determinants of supply and/or

demand result in a new equilibrium price and quantity. When there is a change in
supply or demand, the old price will no longer be an equilibrium. Instead, there
will be a shortage or surplus, and price will subsequently adjust until there is a
new equilibrium.
For example, suppose there is a sudden invasion of aggressive unicorns. There will be more
people who want to buy unicorn repellent at all possible prices, causing demand to increase. At
the original price, there will be a shortage of unicorn repellant, signaling sellers to increase the
price until the quantity supplied and quantity demanded are once again equal.
We can summarize the changes in equilibrium with the following table:

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 9

Table 1

• The market models

Consider the market for giant shiny salamander stickers, given in Figure 3.
Currently, the equilibrium price of these stickers is $5, and the equilibrium
quantity is 3

Figure 3: The market for Salamander stickers Figure 3.1: The market for Salamander Stickers

Changes in Supply Suppose the price of glitter, which is used to make giant shiny salamander
stickers, increases so that it now costs the seller $2 more per sticker to produce them. This will
cause the supply of this good to decrease.
What change did you notice? If you adjusted the graph correctly, you should see the equilibrium
price increases to $6, and the equilibrium quantity in this market decreases to 2 stickers.
Changes in demand

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 10

Suppose a famous, trendsetting actress starts wearing giant shiny salamander stickers, which
makes them instantly the must-have accessory. This would cause the demand for this good to
increase

Figure 3.2: The market for Salamander stickers

III. Accounting profits, economic

profits and economic decision-
making

Profit is arguably one of the most important metrics a business can track. It serves as a
fundamental measure of a business’s ability to function efficiently. Profit is calculated in two ways:

• Accounting profit
• Economic profit

➢ What is accounting profit?

Accounting profit, which is the standard term for your net income or bottom line, is the
difference between your total revenue and total costs within a specific period.
In other words, your net income is the money that’s left after subtracting your explicit costs
from your total revenue.
Accounting profit reflects how well your business is performing financially. You can also
use this number to compare your business to other companies in your industry.
How to calculate accounting profit

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 11

Calculate your business’s accounting profit by subtracting explicit costs incurred from total
revenue earned in a given period. Explicit costs here include any and all operational and material
expenses incurred during the relevant period.

Elements of the formula

Total revenue is the sum of all the money you earn by selling goods and services. You can
calculate it by multiplying the number of products sold by the price of each product.
So, for example, if your business sells 100 pens for $5 each, your total revenue would be
100 x $5 = $500.
Explicit costs are the operational costs you pay for running a business. These appear on the
business ledger and directly affect your profit. Common examples include equipment, rent, cost
of goods sold, and insurance.
An accounting profit example:
Let’s assume you own a T-shirt business. Your explicit costs include:
$70,000 for raw material costs
$10,000 in payroll
$8,000 for factory rent per year
Your total explicit costs equal $88,000 ($70,000 + $10,000 + $8,000).
Assuming, for the year, you sold 5,000 units of T-shirts for $30 each. Your total revenue would be
$150,000 (5,000 x $30).
To calculate your accounting profit for the year, just plug your numbers into the following equation:

Accounting profit = $150,000 - $88,000 = $62,000

So, your business has a net income of $62,000.
➢ What is economic profit?

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 12

Economic profit is similar to accounting profit. It subtracts explicit costs from total revenue;
however, it also factors in implicit costs, which are the costs of your business’s resources.
Economic profit subtracts the economic costs for choosing one decision over another—
measuring how efficiently your company allocates its assets to maximize revenue.
How to calculate economic profit
Follow a few steps to calculate economic profit for alternative projects or scenarios.
1. Determine your business’s expected total revenue or income on sales of goods and
services, which is essentially the quantity sold multiplied by the price per product.
2. Define your total explicit costs, including raw materials, payroll, rent, etc.
3. Identify your implicit costs (or total opportunity cost).
4. Subtract the sum of explicit and implicit costs from the total revenue; the resulting amount
is your economic profit for each alternative.

The economic profit formula:

Elements of the formula

The calculations for revenue and explicit costs are the same for accounting and economic profit,
but economic profit also considers implicit costs.
Your implicit or opportunity cost is the revenue lost from other alternatives when you choose one
option over another. Your implicit cost won’t appear on any financial statements since it is a
theoretical estimate used to compare alternatives. So, for example, an implicit cost could be the
amount of money you could earn if your business invested in stocks instead of putting that money
toward equipment for business operations.
An economic profit example:
Let’s say a company XYZ has the option of making products A and B with its raw materials. For
some reason, though, it can’t do both. Upon choosing to make product A, the business makes an
accounting profit of $50,000 for the financial year. If it had chosen B, it would make an accounting
profit of $62,000 instead.
The economic profit for manufacturing and selling product A or B is:
Economic profit (A) = $50,000 - $62,000 = -$12,000
Economic profit (B) = $62,000 - $50,000 = $12,000
This means that choosing to make product B—in other words, capitalizing on opportunity B
instead of A—would have helped the business make $12,000 more.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 13

In this example, we calculated the actual cost of choosing to adopt business operation A over
other available options, as opposed to just the cost of running operation A. This helps you get a
more comprehensive perspective on your business operations and how they end up utilizing your
resources.
➢ Economic decision making - All economic decisions of any consequence require the
use of some sort of accounting information, often in the form of financial reports. Anyone
using accounting information to make economic decisions must understand the business
and economic environment in which accounting information is generated, and they must
also be willing to devote the necessary time and energy to make sense of the accounting
reports.
Economic decision makers are either internal or external.

• Internal decision makers are individuals within a company who make decisions on behalf
of the company.
• External decision makers are individuals or organizations outside a company who make
decisions that affect the company.

Figure 4: decisions made by internal and

external decision makers

Internal Decision Makers

Internal decision makers decide whether the company should sell a particular product,
whether it should enter a certain market, and whether it should hire or fire employees. Note that

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 14

in all these matters, the responsible internal decision maker makes the decision not for himself or
herself, but rather for the company.
Depending on their position within the company, internal decision makers may have
access to much, or even all, of the company’s financial information. They do not have complete
information, however, because all decisions relate to the future and always involve unknowns.
External Decision Makers
External decision makers make decisions about a company. External decision makers
decide whether to invest in the company, whether to sell to or buy from the company, and whether
to lend money to the company.
Unlike internal decision makers, external decision makers have limited financial
information on which to base their decisions about the company. In fact, they have only the
information the company gives them—which in most cases is not all the information the company
possesses.

IV. Macroeconomic concepts: gross

domestic product, economic growth
and business cycles

➢ Gross domestic product is the monetary value of all finished goods and services made
within a country during a specific period.

The calculation of a country’s GDP encompasses all private and public consumption,
government outlays, investments, additions to private inventories, paid-in construction
costs, and the foreign balance of trade. (Exports are added to the value and imports are
subtracted).

Of all the components that make up a country’s GDP, the foreign balance of trade is
especially important. The GDP of a country tends to increase when the total value of goods
and services that domestic producers sell to foreign countries exceeds the total value of
foreign goods and services that domestic consumers buy. When this situation occurs, a
country is said to have a trade surplus.

If the opposite situation occurs—if the amount that domestic consumers spend on foreign
products is greater than the total sum of what domestic producers are able to sell to foreign
consumers—it is called a trade deficit. In this situation, the GDP of a country tends to
decrease.

➢ Types of Gross Domestic Product

GDP can be reported in several ways, each of which provides slightly different information.
• Nominal GDP

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 15

Nominal GDP is an assessment of economic production in an economy

that includes current prices in its calculation. In other words, it doesn’t strip
out inflation or the pace of rising prices, which can inflate the growth figure

All goods and services counted in nominal GDP are valued at the prices
that those goods and services are actually sold for in that year.

Nominal GDP is used when comparing different quarters of output within

the same year.

• Real GDP
Real GDP is an inflation-adjusted measure that reflects the number of
goods and services produced by an economy in a given year, with prices
held constant from year to year to separate out the impact of inflation or
deflation from the trend in output over time. Since GDP is based on the
monetary value of goods and services, it is subject to inflation.

Rising prices tend to increase a country’s GDP, but this does not
necessarily reflect any change in the quantity or quality of goods and
services produced.

• GDP Per Capita

GDP per capita is a measurement of the GDP per person in a country’s
population. It indicates that the amount of output or income per person in
an economy can indicate average productivity or average living standards.
GDP per capita can be stated in nominal, real (inflation-adjusted), or PPP
(purchasing power parity) terms.

• GDP Growth Rate

The GDP growth rate compares the year-over-year (or quarterly) change
in a country’s economic output to measure how fast an economy is
growing. Usually expressed as a percentage rate, this measure is popular
for economic policymakers because GDP growth is thought to be closely
connected to key policy targets such as inflation and unemployment rates.

• GDP Purchasing Power Parity (PPP)

While not directly a measure of GDP, economists look at purchasing power
parity (PPP) to see how one country’s GDP measures up in international
dollars using a method that adjusts for differences in local prices and costs
of living to make cross-country comparisons of real output, real income,
and living standards.

The gross domestic product can be expressed per the expenditure approach and net income
approach. As per the expenditure approach, the gross domestic product is expressed as the sum
of private consumption investments followed by government expenditures and the net exports

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 16

happening in the nation. On the other hand, the income approach is determined as the sum of
labor, interest, rent, and the remaining profits.
Expenditure approach:

GDP = C + G + I + NX

Where:
C - Consumption
G - government expenditures.
I - Investment.
NX - net exports

Net income approach

GDP = W + I + R + P

Where:
W - Labor
I - Interest.
R - Rent
P - Remaining profits

➢ Economic Growth
One of the best measures of an economy is its growth rate. An economy growing
2% annually will quadruple in about 70 years, which is a little less than life
expectancy, while an economy growing at 3% annually will almost octuple during
that same lifetime, ending up twice the size of the 2% economy due solely to a 1%
difference in annual growth rate.

Economic growth is either an increase in real GDP or an increase in real GDP per
capita occurring over a specific time period. High GDP indicates high output by the
economy, but a high GDP per capita indicates a high standard of living.

There are 2 main sources of growth:

• increases in the factors of production,
• and increases in the productivity of converting those factors of production
into finished products and services.
Adam Smith cited 4 principal causes of economic growth in his book The Wealth of Nations as
being increases in:

1. the labor force,

2. the degree of labor specialization,
3. the amount of capital stock, and

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 17

4. the level of technology.

Labor and capital stock are inputs used to produce economic output, while the specialization
of labor and technology makes more productive use of the inputs, thus expanding economic
output even more. Increases in entrepreneurship also increases productivity as entrepreneurs
discover more efficient ways of providing products and services, or even producing new products
and services.
The main sources of growth today occur from the advancement of technology, especially
in computers, automation, and networking. With better technology, the quantity of production can
be increased while also lowering costs. Thus, technology expands the production possibility
frontier.
The rate of economic growth also depends on the size of the economy. Smaller economies
tend to grow faster than larger economies because they are growing from a smaller base. Just as
for businesses, the larger the economy, the lower the growth rate tends to be.
Increases in productivity also allow an economy to invest more in research and
development and take more risks in new enterprises. With economic growth, products and
services increase in quality, and people generally enjoy greater amounts of leisure.
Real economic growth is measured by subtracting the real GDP of the previous year from
the real GDP of the measured year, then dividing that difference by the real GDP of the previous
year.

Real GDP = GDP / (1 + inflation since base year)

The base year is a designated year, updated periodically by the government and used
as a comparison point for economic data such as the GDP. The calculation for the real GDP
growth rate is based on real GDP, as follows:
(Real GDP for Year - Real GDP for Previous Year)
Real Economic Growth Rate = 𝒙 𝟏𝟎𝟎
Real GDP for Previous Year
➢ Business Cycle
• A business cycle is the periodic growth and decline of a nation's economy,
measured mainly by its GDP.
• Governments try to manage business cycles by spending, raising or lowering
taxes, and adjusting interest rates.
• Business cycles can affect individuals in a number of ways, from job-hunting
to investing.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 18

A business cycle, sometimes called a "trade cycle" or "economic cycle," refers to a series
of stages in the economy as it expands and contracts. Constantly repeating, it is primarily
measured by the rise and fall of gross domestic product (GDP) in a country.

Figure 5

• Stages of a business cycle

Think of business cycles like the tides: a natural, never-ending ebb and flow from high tide
to low tide and back again. And the same way the waves can suddenly seem to surge
even when the tide's going out or seem low when the tide's coming in, there can be interim,
contrarian bumps — either up or down — in the midst of a particular phase.
Expansion: Expansion, considered the "normal" — or at least, the most desirable — state of the
economy, is an up period. During an expansion, businesses and companies steadily grow their
production and profits, unemployment remains low, and the stock market performs well.
Consumers are buying and investing, and with this increasing ›demand for goods and services,
prices begin to rise too.
Peak: The economy starts growing out of control once these numbers start to increase out of their
healthy ranges. Any number of factors can throw the economy off balance. Companies may be
expanding recklessly. Investors might become overconfident, buying up assets and significantly
increasing their prices, which are not supported by their underlying value, creating an asset
bubble. Everything starts to cost too much.
Contraction: A contraction spans the length of time from the peak to the trough. It's the period
when economic activity is on the way down. During a contraction, unemployment numbers
typically spike, stocks enter a bear market, and GDP growth is below 2%, indicating that
businesses have cut back their activities.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 19

Trough: IF the peak is the cycle's high point, the trough is its low point. It occurs when the
recession, or contraction phase, bottoms out and starts to rebound into an expansion phase —
and the business cycle starts all over again. The rebound is not always quick, nor is it a straight
line, along the way toward full economic recovery.

• What Causes an Economic Cycle?

The causes of an economic cycle are widely debated among different economic
schools of thought. Monetarists, for example, link the economic cycle to the credit cycle.
Here, interest rates, which intimately affect the price of debt, influences consumer
spending and economic activity. On the other hand, a Keynesian approach suggests that
the economic cycle is caused by changes in volatility or investment demand, which in turn
affects spending and employment.

V. Macroeconomic challenges:
unemployment, inflation and
macroeconomic performance

➢ Macroeconomic Challenges

• Unemployment
While economists and academics make convincing arguments that a certain
natural level of unemployment cannot be erased, elevated unemployment imposes high
costs on the individual, society, and the country.
Worse yet, most of the costs are of the dead loss variety, where there are no
offsetting gains to the costs that everyone must bear. Depending on how it’s measured,
the unemployment rate is open to interpretation. In addition, underemployment can be
extremely detrimental to the economy of society as well. Unemployment numbers include
people who are working at low-paying or low-skill jobs that do not provide enough full-time
hours for benefits or enough to earn a living wage.

Global and national emergencies can trigger both unemployment and underemployment.
For example, when the COVID-19 pandemic hit, it left more than 10 million Americans jobless in
its first two weeks.
➢ Inflation
It refers to a situation of constant-ly rising prices of commodities and factors of produc-tion.
The opposite situation is known as deflation. During inflation some people gain and most people
lose. So, there is a change in the pattern of income distribution. Therefore, one of the objectives
of government policy is to ensure price level stability which implies the absence of inflation and
deflation.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 20

➢ Macroeconomic Performance
Macroeconomic performance is how well a country is doing in reaching important
objectives or key targets of government policy. The term ‘real’ means that we have taken into
account the effects of rising prices so that we get an accurate picture of how much we can
afford to buy and consume.
The main aims are macroeconomic policies are to improve outcomes in these indicators:

• Jobs – how high is unemployment? Is the economy creating enough new jobs for people
entering the market each year? Are there sufficient opportunities for people looking for
work?
• Prices –are price rises under control? Can the economy avoid a period of price deflation?
Price stability refers to a period of low, stable, positive inflation of between 1-3% per year.
• Trade – is the economy performing well in trading goods and services with other
countries? How competitive are British businesses in the global economy?
• Growth – how successful has the country been in achieving growth and in laying
foundations for future expansion and development
• Development - the expansion of people’s freedom to live long, healthy and creative lives
• Efficiency - is the economy improving productivity so that more goods and services can
be supplied at lower cost? Are we cutting the amount of energy we use per unit of output?
• Public services – have the benefits of growth flowed through into better provision of state
services such as education, law and order, the National Health Service and transport?
• The environment – whether economic growth is sustainable in terms of environmental
impact.
• Inequality of income and wealth - leaving aside changes in average living standards,
has the economy made progress in achieving an acceptable distribution of income and
wealth? Or has the gap between lower and higher-income families become wider leading
to higher relative poverty?

VI. Money and exchange rates

Money is anything that serves as a medium of exchange. A medium of exchange is anything

that is widely accepted as a means of payment. In Romania under Communist Party rule in the
1980s, for example, Kent cigarettes served as a medium of exchange; the fact that they could be
exchanged for other goods and services made them money.
➢ The Functions of Money
Money serves three basic functions. By definition, it is a medium of exchange. It
also serves as a unit of account and as a store of value.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 21

• A Medium of Exchange - The exchange of goods and services in markets

is among the most universal activities of human life. To facilitate these
exchanges, people settle on something that will serve as a medium of
exchange—they select something to be money.

• Unit of account - Money serves as a unit of account, which is a consistent

means of measuring the value of things. We use money in this fashion
because it is also a medium of exchange. When we report the value of a
good or service in units of money, we are reporting what another person is
likely to have to pay to obtain that good or service.

• A Store of Value - The third function of money is to serve as a store of

value, that is, an item that holds value over time. Consider a 100-peso bill
that you accidentally left in a coat pocket a year ago. When you find it, you
will be pleased. That is because you know the bill still has value. Value has,
in effect, been “stored” in that little piece of paper.

An EXCHANGE RATE is the rate at which one country's currency can be traded for another
country's currency.
➢ Fixed Exchange Rate – Prevented from rising and falling with changes in supply
and demand.
➢ Flexible Exchange Rate – free to float with changes in the supply and demand.

➢ Factors the affect exchange rates

• Changes in preference for foreign goods

• Relative Income
• Inflation
• Interest rates
• Speculations on future values of foreign exchange
When a currency appreciates, it means it increased in value relative to another currency;
depreciates means it weakened or fell in value relative to another currency.
For example, If the rate increases to 110, then one U.S. dollar now buys 110 units of Japanese
yen and if the currency depreciate that means one U.S. dollar can only buy Japanese yen in the
value of less than 100.

VII. Market structures: compare

and contrast

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 22

Market structure refers to the way that various industries are classified and differentiated in
accordance with their degree and nature of competition for products and services. It consists of
four types: perfect competition, oligopolistic markets, monopolistic markets, and monopolistic
competition.
➢ Types of Market Structures
According to economic theory, market structure describes how firms are differentiated and
categorized by the types of products they sell and how those items influence their
operations. A market structure helps us to understand what differentiates markets from
one another.
1. Perfect Competition
Perfect competition occurs when there is a large number of small companies competing against
each other. They sell similar products (homogeneous), lack price influence over the commodities,
and are free to enter or exit the market.
Consumers in this type of market have full knowledge of the goods being sold. They are aware of
the prices charged on them and the product branding. In the real world, the pure form of this type
of market structure rarely exists. However, it is useful when comparing companies with similar
features. This market is unrealistic as it faces some significant criticisms described below.

• No incentive for innovation: In the real world, if competition exists and a company holds
a dominant market share, there is a tendency to increase innovation to beat the
competitors and maintain the status quo. However, in a perfectly competitive market, the
profit margin is fixed, and sellers cannot increase prices, or they will lose their customers.

• There are very few barriers to entry: Any company can enter the market and start selling
the product. Therefore, incumbents must stay proactive to maintain market share.

2. Monopolistic Competition
Sellers compete among themselves and can differentiate their goods in terms of quality and
branding to look different. In this type of competition, sellers consider the price charged by their
competitors and ignore the impact of their own prices on their competition.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 23

When comparing monopolistic competition in the short term and long term, there are two distinct
aspects that are observed. In the short term, the monopolistic company maximizes its profits
and enjoys all the benefits as a monopoly.

3. Oligopoly
An oligopoly market consists of a small number of large companies that sell differentiated or
identical products. Since there are few players in the market, their competitive strategies are
dependent on each other.
For example, if one of the actors decides to reduce the price of its products, the action will trigger
other actors to lower their prices, too. On the other hand, a price increase may influence others
not to take any action in the anticipation consumers will opt for their products. Therefore, strategic
planning by these types of players is a must.

4. Monopoly
In a monopoly market, a single company represents the whole industry. It has no competitor, and
it is the sole seller of products in the entire market. This type of market is characterized by factors
such as the sole claim to ownership of resources, patent and copyright, licenses issued by the
government, or high initial setup costs.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 24

All the above characteristics associated with monopoly restrict other companies from entering the
market. The company, therefore, remains a single seller because it has the power to control the
market and set prices for its goods.

MARKET STRUCTURE

Perfect
Monopolistic
Competi-tion Oligopoly Monopoly
Competi-tion

Large number of Many sellers Few sellers Single producer

buyers and sellers and seller

Homogenous Differentiated product Homogenous or No close substitute

Product Differentiated product available

Perfect substitute Close substitute Substitute may or

available available may not be available

Free entry and exit Relatively free entry Very difficult entry Impossible entry, or
and exit and exit may trace threat of
potential entrants
No advertising or Non-price Strategic pricing,
product innovation competition in the output decisions and Usually regulated
form of advertising marketing efforts public utilities (natural
and product monopolies that
innovation produce essential
goods)
Table 2

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 25

VIII. Externalities and the role of

public policy

Externalities arise when one economic actor's production or consumption actions make another
economic actor bear indirect costs or receive indirect benefits of that action
➢ Government policies to deal with externalities and examples of externalities
There are a few different types of policies that the government can implement to correct
externalities. In the case of pollution, which is a classic externality problem, governments
traditionally impose environmental standards to regulate what pollutants and how much of those
pollutants can be emitted. More recently, governments have started to implement more market-
friendly solutions such as emission tax and tradeable emission permits to address this
externality problem.
1. Environmental Standards
are rules that regulate what firms and consumers have to do with regard to pollution.
Examples include regulations on car exhaust, wastewater treatment, and emission
standards for factories.

Example
Activists suggest that environmental policy should move away from standards and instead
focus on economics, cost and benefit, and incentive structures that drive innovation and
technology breakthroughs. Such policies will attract the best and brightest with business
models like carbon sequestration (capturing and storing atmospheric carbon dioxide),
deploying tools that absorb pollutants in the atmosphere and convert it into other products.

2. Emissions tax
puts a price on pollution that depends on the amount of pollution that a firm emits.

Example
Consider two manufacturers: company A emits 100,000 metric tons a year, and company
B emits 10,000 tons a year.

If an environmental standard required them to install technological gadgets that cut their
pollution by 20%, then company A would have to reduce emissions to 80,000 metric tons
and company B would reduce emissions to 8,000 metric tons.

But if the government charges an emissions tax per ton of pollutant, the firms would face
the same marginal cost of pollution. This will lead to a more efficient outcome where both
firms will reduce the pollution to the point where the marginal benefit of emitting pollution
equals this tax amount.

3. Tradable emissions

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 26

permits are licenses issued to emitters allowing them to pollute to a certain quantity that
can be bought and sold on the emissions trading market.

Example
Suppose the market rate for a permit to emit one ton of carbon monoxide is $10. In that
case, every plant has the incentive to limit its emissions to the level where its marginal
benefit of emitting another ton of carbon monoxide is $10. If a plant must pay $10 for the
right to emit an additional ton of carbon monoxide, it faces the same incentive as a plant
facing an emission tax of $10. So, by not emitting a ton of carbon monoxide, a plant frees
up a permit it can sell for $10; therefore, the opportunity cost of a ton of emissions to the
plant's owner is $10.

➢ Public policy dealing with positive and negative externalities

Public policy dealing with positive and negative externalities would depend on the type of
externality. Economists categorize externalities into positive and negative externalities. The
meaning is straightforward: positive externalities are external benefits, and negative
externalities are external costs.

• Positive externalities
are external costs that an activity has on others that the economic actor doesn't take
into account.

Example
Take condoms for example. The potential users would consider the benefits of not
contracting STDs themselves, but there are additional benefits to society as well, such
as reducing the likelihood of an epidemic of STDs. The private economic actors only
consider their private benefits, resulting in the underutilization of condoms. Therefore,
the government may choose to subsidize the production of condoms to correct for the
positive externalities so that more people would use condoms.

• Negative externalities
are external costs that an activity has on others that the economic actor doesn't take
into account.

MARKETING FUNDAMENTALS

I. What is Marketing

➢ Marketing is typically seen as the task of creating, promoting and delivering

differentiated goods and services to consumers and business at a profit.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 27

II. What can we

market?

• Places
• Properties
• Organizations
• Goods
• Services
• Experience
• Information
• Ideas
• Events
• Persons

III. Marketing Mix

➢ 4 P’s (Including the decisions to be

made)
• Product This represents an item or
service designed to satisfy
customer needs and wants.
- Brand name
- Functionality
- Personality
- Positioning
- Range
- Looks
- Packing
- Quality
- Safety
- Repairs
- Warranty
- Services & Accessories
• Price The sale price of the product reflects what consumers are willing to pay for
it.
- Pricing strategy
- Suggested retail price
- Volume discounts and wholesale pricing

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 28

- Cash and early payment discount

- Price per SKU
• Place The type of product sold is important to consider when determining areas of
distribution.
- Distributed Channels
- Type of Trade
- Location at Trade
- Order processing
- Warehousing
- Inventory management
- Transportation
• Promotion Joint marketing campaigns also are called a promotional mix. Activities
might include advertising, sales promotion, personal selling, and public relations.
- Personal selling and selling force
- Communication/Advertising
- Public relations
- Promotional Strategy (push or pull)
- Marketing communication budget
➢ 4 C’s
• Consumer wants and needs
• Cost to satisfy
• Convenience to buy
• Communication

IV. Segmentation/
Target Markets

➢ Demographics, Target Group

• SEC
• Age
• Gender
• location
➢ Psychographics, Target Group
• Lifestyle
• Preference
• Activities

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 29

V. Product life cycle

Figure 2.1

➢ Stages
Any product normally goes through 4 different stages
1. Introduction
The need for immediate profit is not a pressure. The product is promoted to create
awareness.

2. Growth
- Competitors are attracted into the market with very similar offerings.
- Advertising focuses upon building brand
- Market share tends to stabilize
3. Maturity

- Sales grow at a decreasing rate and then stabilize

- Price wars and intense competition occur
- At this point the market reaches saturation and producers begin to leave the
market due to poor margins.
4. Decline
- More innovative products are introduced or consumer tastes have changed.
- There is intense price-cutting.

➢ Challenges

• The decisions of marketers can change the stage. (From maturity to decline by price-
cutting)
• Not all products go through each stage. Some go from introduction to decline.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 30

VI. Product life cycle

challenges

Above-the-line (ATL) Below-the-line (BTL)

• TV • Poster
• Radio • Dangler
• Press • Leaflet
• Outdoor • Bunting Flag
• Internet

VII. Brand Building

Figure 2.2

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 31

VIII. Brand Equity

The major brand assets are:

• Brand name awareness

• Brand loyalty
• Perceived
• Brand associations

Marketing strategy is a pattern or plan that integrates the organization’s:

• Goals
• Policies

IX. Brand Strategy

To achieve costumer success 360

Figure 2.3

Marketing strategies are generally concerned with four Ps:

• Product strategies
• Pricing strategies
• Promotional strategies
• Placement strategies

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 32

Fundamental Subject: Basic Economics and Marketing

Name: ______________________ Year/Sec.:_____________________ Date:_____________

I. Base on the definition below

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 33

II. Analyzation
1. Which of the graphs below correctly illustrates a market in Equilibrium and Why?

A B.

C D.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 34

2. Which of the following represents the storage that would result in this market at a
place of p5

3. The demand and supply schedules for lawn moving are given below, which of the
following would cause a surplus in this market
Surplus is an amount of something left over when requirements have been met; an
excess of production or supply over demand.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 35

4. Solve for the Economic Profit

Problem: Let’s say that a firm’s total revenue is Php 800,000 and its explicit costs and
implicit costs are Php 500,000 and Php 250,000, respectively. What are the firm’s economic
and accounting profits?
5. Solve for Real Economic Growth Rate
Real Gross Domestic Product this year is Php 11 million. Last year, real GDP was Php
10 million.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 36

References:

Thompson Rivers University, www.tru.ca. (n.d.). ECON 1221: Introduction to Basic

Economics. Retrieved October 11, 2022, from

https://www.tru.ca/distance/courses/econ1221.html

Basic economics concepts | Macroeconomics. (n.d.). Khan Academy. Retrieved

October 11, 2022, from https://www.khanacademy.org/economics-finance-

domain/macroeconomics/macro-basic-economics-concepts

Economics Defined with Types, Indicators, and Systems. (2022, June 30). Investopedia.

Retrieved October 11, 2022, from

https://www.investopedia.com/terms/e/economics.asp

Jobeex. (n.d.). Marketing fundamentals. Retrieved October 11, 2022, from

https://www.slideshare.net/Jobeex/marketing-fundamentals

Author Removed At Request Of Original Publisher. (2016, June 17). 24.1 What Is

Money? – Principles of Economics. Pressbooks. Retrieved October 11, 2022,

from https://open.lib.umn.edu/principleseconomics/chapter/24-1-what-is-money

Verma, E. (2022, August 3). Market Structure: Definition, Types, Features and

Fluctuations. Simplilearn.com. Retrieved October 11, 2022, from

https://www.simplilearn.com/market-structures-rar188-article

Externalities and Public Policy. (n.d.). StudySmarter UK. Retrieved October 11, 2022,

from https://www.studysmarter.co.uk/explanations/microeconomics/market-

efficiency/externalities-and-public-policy/

Marketing Mix: The 4 Ps of Marketing and How to Use Them. (2020, December 27).

Investopedia. Retrieved October 11, 2022, from

https://www.investopedia.com/terms/m/marketing-mix.asp

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 37

Key to Corrections

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 38

II. Analyzation
1. Which of the graphs below correctly illustrates a market in Equilibrium and Why?
(2pts.)
A B.

C D.

A. INCORRECT: The graph shows the price at which supply and demand intersect, but it is
not the tabled with the corresponding quantity.
B. INCORRECT: The graph indicates the point of intersection of supply and demand, but it
is not labelled the equilibrium price.
C. CORRECT: The graph has correctly labelled the price and quantity combination at which
the supply and demand curves intersect. At P* both quantity demand and quantity
supplied are equal at Q*.
D. INCORRECT: The graph correctly identifies the equilibrium quantity, but it does not
identify nor label the equilibrium price.

2. Which of the following represents the storage that would result in this market at a
place of p5. (2pts)

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 39

Answer: QC – QA
QA units will be demanded at P3 but only QA units will be supplied. The result is an
excess demand or shortage, of QA – QC units.

3. The demand and supply schedules for lawn moving are given below, which of the
following would cause a surplus in this market? (2 pts)
Surplus is an amount of something left over when requirements have been met; an
excess of production or supply over demand.

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 40

ANSWER: Any price above $12

At any price above $12, the quantity supplied would be grater than the quantity demand which
would be a surplus.
III. PROBLEM SOLVING (4pts)
1. Problem: Let’s say that a firm’s total revenue is Php 800,000 and its explicit costs and
implicit costs are Php 500,000 and Php 250,000, respectively. What are the firm’s
economic and accounting profits?

Given:

Total Revenue = Php 800,000

Explicit Costs = Php 500,000

Implicit Costs = Php 250,000

Required: Economic and Accounting Profit

Solution:

Economic Profit = Php 800,000 – (Php 500,000 + Php 250,000)

= Php 800,000 – Php 750,000

Economic Profit = Php 50,000

Accounting Profits = Php 800,000 – Php 500,000

Accounting Profits = Php 300,000

2. Real Gross Domestic Product this year is Php 11 million. Last year, real GDP was
Php 10 million. Calculate the Real Economic Growth Rate.

Given: GDP this year = Php 11 million

GDP from previous year = Php 10 million

Required:

Real Economic Growth Rate

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING

 41

(Real GDP for Current Year - Real GDP for Previous Year)
Real Economic Growth Rate = 𝑥 100
Real GDP for Previous Year

(Php 11 million - Php 10 million)

Real Economic Growth Rate = 𝑥 100
Php 10 million

Real Economic Growth Rate = 𝟏𝟎 %

CBEP 1 – Fundamental Courses BASIC ENCONOMIC AND MARKETING