Economics – Definition and Nature & Scope of Economics – Divisions of Economics
Economic systems – Definitions and characteristics – capital economy – socialist economy Mixed economy
Theory of Consumer behavior – Utility- definition and measurement – cardinal and ordinal approaches – Law of diminishing marginal utility – Graphical derivation of demand curve.
Ordinal approach – Indifference curve – characteristics – budget line – equilibrium of consumer.
Demand –individual demand – market demand – demand schedule – demand curve – Law of demand and factors affecting it.
Elasticity of demand – price, income and cross elasticities – estimation – point and arc elasticity- Giffen Good – normal and inferior goods – substitutes and complementary goods
Engel’s Law of family expenditure and significance. -Consumer’s surplus– estimation and applications.
Production – factors of production – land & characteristics; Labour – quantity and quality of labour – division of labour – efficiency of labour – Malthusian
Capital – characteristics – capital formation; Organization of business firms – types and characteristics – Concept of shares & debenture.
Supply-Law of diminishing marginal return – its application to agriculture – Cost concepts short run & long run cost curves – optimum level of production.
Graphical derivation of supply from cost curve – – supply schedule – supply curve – Law of supply – elasticity of supply.
Market and its structure – perfectly competitive market and derivation of equilibrium price Definition and characteristics of Imperfectly competitive markets.
Factor pricing ; rent – Ricardian rent-economic rent – Quasi – rent; Wage– marginal productivity theory of wage; Interest – Liquidity preference theory; Profit –Risk-bearing theory of profit.
Macro economics – Concepts of – Gross National Product (GNP) – Gross Domestic Product (GDP) – Net National Product (NNP) – Percapita income.
Public finance – public revenue – public expenditure; taxation – principles of taxation.
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