Introduction to Economics
Definitions, Nature, Scope, Difference between Microeconomics & Macroeconomics Theory of Demand & Supply; meaning, determinants, law of demand, law of supply, equilibrium between demand & supply Elasticity; elasticity of demand, price elasticity, income elasticity, cross elasticity
Theory of production
production function, meaning, factors of production (meaning & characteristics of Land, Labour, capital & entrepreneur), Law of variable proportions & law of returns to scale Cost; meaning, short run & long run cost, fixed cost, variable cost, total cost, average cost, marginal cost, opportunity cost. Break even analysis; meaning, explanation, numerical
meaning, types of markets & their characteristics (Perfect Competition, Monopoly, Monopolistic Completion, Oligopoly) National Income; meaning, stock and flow concept, NI at current price, NI at constant price, GNP, GDP, NNP,NDP, Personal income, disposal income.
Poverty-meaning, absolute & relative poverty, causes, measures to reduce Unemployment: meaning, types, causes, remedies Inflation; meaning, types, causes, measures to control
meaning, functions, types, Monetary policy- meaning, objectives, tools, fiscal policy-meaning, objectives, tools Banking; meaning, types, functions, Central Bank- RBI; its functions, concepts; CRR, bank rate, repo rate, reverse repo rate, SLR.
Interest and Annuity
Interest: The Cost of Money, Effective Interest rate, Equivalence Calculation with effective interest rates.
(1) Demand and Supply Elasticity examples
(2) Various Cost related examples
(3) Identification of various business markets and Presentation by students on GDP, GNP
(4) Various problems related discussion on Poverty, Unemployment and steps taken by Got of India
(5) Research on impact of repo rate on economics
(6) Various Interest related examples and application in home loan, vehicle loan etc.