
- Teacher: FK Kawembe
WELCOME TO SOMO EDUCATION CENTRE
-the epitome of Knowlede-
This unit specifies the competencies required to apply economics skills. It involves; making
optimal use of resources in business set up, applying concept of demand in market analysis,
applying concept of supply in market analysis, setting prices of the products, applying law of
diminishing returns, differentiating market structures, understanding economic cycles and
trends, understanding financial markets, providing solutions to prevailing inflation and
unemployment in the economy and understanding international trade .
This unit specifies the competencies required to apply fundamentals of accounting. It involves
demonstrating understanding of accounting principles and policies, applying double entry
concept, classifying capital and liabilities, correcting accounting errors and suspense account,
preparing sole trader statement, preparing partnership statements and prepare company
statements.