The subject focus on Micro Economic Concepts
1. INTRODUCTION :
- Definition Scope and Importance of Economics , Basic Units of Economic Analysis .
- Relationship of Economics with other subjects .
- Micro and Macro Economics Theories and Relationship .
- Economy and Economic Problem .
- Production Possibility Curve (PPC) and Marginal Oportunity Cost .
2. DEMAND THEORY :
- Concept , Definition of Demand .
- Factors affecting demand and Demand functions .
- Extension and Increase , Contraction and Decrease in demand .
- Elasticity of Demand .
- Demand Forecasts .
3. PRODUCTION AND COSTS :
- Concepts of Product in Economics .
- Production Function .
- Returns to Factor and Returns to Scale .
- Meaning of Cost and Cost function .
- Concept of Revenue .
4. MARKET
- Forms of market .
- Theories of Firm : Profit Maximization , Sales Maximization.
5. PRICE ANALYSIS :
- Law of Supply .
- Trade Cycle .
- Pricing Under Different Markets .
6. RECENT DEVELOPMENTS :
- Scale , Scope and core competencies of firm .
- Centralization and decentralization .
- Technological and organisational change in economic activity .
- Innovations in Ownership .
NUMERICALS : COST AND REVENUE , Elasticity of Demand .
CONTENT TO BE ADDED SOON ...
