Is it important for Management Accountants to have a good foundation in economics? Are you joking? If you do not understand the basic concepts of supply and demand how would you be able to understand production and pricing. James F. Lincoln gave us the phenomenal book ‘Industrial Economics’ now available for a nominal fee from the James F. Lincoln Arc Welding Foundation, you can also checkout the prerequisites section in our bookstore for many other great economics books.
As the profession of Management Accounting broadens to encompass such attributes as competitive analysis, it is imperative that you have these skills in your portfolio. We urge you to brush-up on your knowledge of Micro and MacroEconomics, Industrial Economics, and Managerial Economics. Quite a lot to take in, but critical to your future.