Nature and Scope of EconomicsDefinition of Economics, The divisions, and nature of economics, and their relationship with other subjects, static and dynamic concepts, Scope of micro and macro Economics, Nature of Economic Laws, Basic concepts in economics.
Basic Economic ProblemsBasic economic problems of all societies, Production possibility curve.
Consumer’s BehaviorCharacteristics of human wants, Concept of utility Marshallian approach, Consumers’ surplus and indifference curves theory, Indifference curve theory.
Law of Demand and Law of SupplyThe concept of demand and the causes for the demand curve sloping downwards, Factors determining demand, Elasticity of demand, Factors determining Elasticity of demand, The concept supply, Factors or determinants of the supply curve, shifts in the supply curve.
Equilibrium PriceConcept of equilibrium, Concepts of static equilibrium and dynamic equilibrium, Diagram of equilibrium price, Time periods and price fixation.
ProductionThe concept of production, The factors of production, Production function, Laws of returns and laws of returns to scale, Difference between Laws of Returns and Laws of Returns to Scale.
Cost and RevenueThe concepts of cost and revenue, The different kinds of costs and revenues, To develop skills to draw diagrams and to prepare tables,
Market Structure and PricingStructure and different kinds of markets, The characteristic features of perfect and imperfect competition, Product differentiation, Wastes of monopolistic competition, Monophony.
Marginal Productivity Theory of DistributionThe general theory of income distribution, The marginal productivity theory of factor pricing and its criticism, Theories of distribution, and more.
Simple Theory of Income DeterminationThe theory of income determination, Aggregate demand, and aggregate supply, consumption function, investment function, Govt.’s Spending, Shifts in aggregate demand, and more.
Monetary PolicyMoney, Functions of money, money supply, Inflation, and Deflation.
Fiscal PolicyThe concept of public finance and its importance, taxes, Budget, Limitations of fiscal policy.