Objective:To ensure basic understanding of economic systems, economic behaviour of individuals and organizations.
I). Micro Economics
1. Itroduction to Micro Economics
a.) Definition, scope and nature of Economics
b). Methods of economics study
c). Central problem of an economy and Production possibilities curve.
2. Theory of Demand and Supply
a). Meaning and determinants of demand, Law of demand and Elasticity of demand- Price, income and cross elasticity
b). Theory of Consumer’s behaviour- Marshallian approach and Indifference curve approach
c). Meaning and determinants of supply, Law of supply and Elasticity of supply.
3. Theory of Production and Cost
a). Meaning and Factors of production
b). Laws of Production- The Law of variable proportions and Laws of returns to scale
c). Concepts of Costs- Short run and longrun costs, Average and marginal costs, Total, fixed and variable costs.
4. Price Determination in Different Markets
a). Price determination in these markets.
b). Various forms of markets- Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
II) Indian Economic Development
5. Indian Economy A Profile
a). Nature of the Indian Economy
b). Role of different sectors- Agriculture, Industry and Services in the development of the Indian economy, their problems and growth
c). National Income of India- Concepts of national income, Different methods of measuring national income, Growth of national income and per capital income in various plans
d). Basic understanding of tax system of India- Direct and Indirect Taxation.
6. Select Aspects of Indian Economy
a). Population- Its size, rate of growth and its implication for growth
b). Poverty- Absolute and relative poverty and main programs for poverty alleviation
c). Unemployment- Types, causes and incidence of unemployment
d). - Energy, Transportation, Communication, Health and Education
f). Budget and Fiscal deficits
g). Balance of payments
h). External debts.
7. Economics Reforms in India
a). Features of economics reforma since 1991
b). Liberalisation, Privatisation and Disinvestment
8. Money and Banking
a). Money- Meaning and functions
b). Commercial Banks- Role and functions
c). Reserve Bank of India- Role and functions, Monetary policy.