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It is important to be aware of certain aspects of economics and since economics and accountancy are connected with each other it is good to be thorough in both. Some of the important topics in these papers are determinants of consumer demand, concept of demand and supply, concept of national income, factors to be considered in terms of national income, cross elasticity of demand and the factors on which it depends, law of diminishing utility, price elasticity of demand and the relationship between Average Revenue, Marginal Revenue and Price Elasticity, indifference curve and its different characteristics, normal commodity and Giffen commodity, cost accounting and its objectives, ways in which cost accounting records help in the planning and controlling operations of a business enterprise, different elements of cost, Unit costing and Job Costing and conditions where they would be applicable, Economic Order Quantity, population and the factors which determine the growth and change in population of a country over the years.

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