Principals of Economics

Definition, Nature and Scope of Economics, Limitation of Economics, Fundamental Problems of Economic System, Micro and Macro Economics, Role and relevance of Economics in Decision Making, Utility theories and analysis: Marginal Theory of utilities and Equi-Marginal theory of utility.

Meaning, Types of Demand, Determinants of Demand, Demand Functions, Law of Demand, Demand Curve and Nature of Curves, Elasticity of Demand Indifference curves analysis, Consumer Equilibrium & Consumer Surplus, Price, Income and substitution effect, Law of Supply, Supply Curve, Elasticity of Supply

Meaning, Types, Analysis, Factors, Fixed and Variable Factors, Law of Variable Proportion, Law of Returns to a Scale, Concept of Cost, Cost Function, Short Run Cost, Long Run Cost, Explicit cost and Implicit Cost, Laws of production, Laws of increasing returns & Laws of constant returns. Equal product curves and Producer equilibrium.

Meaning and Classification of markets, Structures and their making features, Pricing under various markets, Profit Planning & Management, Types of Profit, and factors determining short & long term profit.

Balance of Payments, Concepts, Disequilibrium in BOP, Trade Barriers and Trade Strategy, Free Trade vs. Protection, Trade agreements, Measurement of Economic Development and Growth.