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Nature and Scope of Economics
Basic Economics problems
Theory of Consumer Behaviour
Demand and supply
Equilibrium Price
Production
Cost and Revenue
Market Structure and Pricing
Marginal Productivity Theory of Distribution
Simple Theory of lncome Determination
Monetary Policy
Fiscal Policy
Definition of Economics - The divisions and nature of economics, and their relationship with other subjects. Static and dynamic concepts - Scope of micro and macro Economics - Methods of economic Analysis - Nature of Economic Laws Applicability and Uses of Economics - Basic concepts in economics
Basic economic problems of all societies - Different economic systems - Production possibility curve
Characteristics of human wants - Concept of utility Marshallian approach - Consumers' surplus and indifference curves theory - Indifference curve theory
The concept of demand and the causes for the demand curve sloping downwards; Exceptions to demand curve' Income demand and cross demand; Demonstration effect of Doosenbery, Changes in demand - Factors determining demand - Elasticity of demand, Factors determining Elasticity of demand - Practical applications of elasticity of demand.
Concept of equilibrium - Concepts of static equilibrium and dynamic equilibrium - Diagram of equilibrium price - Time periods and price fixation
The concept of production - The factors of production - Production function- Stigler's definition- Cobb – Douglas production Function - Laws of returns and laws of returns to scale - Large scale production internal and external economics and diseconomies - Difference between Laws of Returns and Laws of Returns to Scale.
The concepts of cost and revenue - The different kinds of costs and revenues - To develop skills to draw diagrams and to prepare tables - Derivation of profit Least cost combination of factors.
Structure and different kinds of markets - The characteristic features of perfect and imperfect competition - Monopoly price discrimination and monopolistic competition - Price discrimination - Product differentiation selling costs Wastes of monopolistic competition - Monophony meaning and definition Duopoly and oligopoly
General theory of income distribution - Marginal physical productivity Marginal revenue productivity Value of marginal productivity - The marginal productivity theory of factor pricing and its criticism - Theories of distribution
The theory of income determination - Aggregate demand and aggregate supply, consumption function, investment function, Govt.'s Spending - Shifts in aggregate demand - Multiplier and accelerator Interaction of multiplier and accelerator
Money - Functions of money, money supply - Monetary policy - Inflation and Deflation.
The concept of public finance and its' importance, taxes - Budget - Fiscal policy - Limitations of fiscal policy.
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