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Level of Knowledge:
Objective . . .
To provide basic and conceptual understanding of economic concepts, principles of economics and business environment.
Detailed Contents . . .
PART A: BASIC ECONOMICS [70 Marks]
1. Nature and Scope of Economics
Definition, nature and scope of economics; micro and macro economics; positive and normative economics; working of economic systems with special reference to the capitalistic, socialistic and the mixed economies.
2. Demand Analysis
Utility analysis - total utility and marginal utility; law of diminishing marginal utility; law of equal-marginal utility; indifference curves - meaning, properties, marginal rate of substitution; consumers' equilibrium; law of demand; elasticity of demand.
3. Production, Costs and Revenue Analysis
Laws of returns; returns to scale; costs and revenue concepts and their relationship with output; economies and diseconomies of scale.
4. Equilibrium of the Firm and Industry
Price and output determination under perfect competition, monopoly and monopolistic competition.
5. National Income
Concept, significance and measurement of national income.
6. Money and Credit
Concept of money and credit; the Quantity theory of money; the supply of money; credit creation by bank; functions of central banking and its instruments of credit control.
7. Theory of Employment and Income Determination
Framework of Keynesian theory of income and employment, consumption function, investment function and their determinants, investment multiplier; determination of level of income and employment; Keynesian theory with reference to developing economies.
8. Inflation and Deflation
Concept and features of inflation, demand pull and cost push inflation; measures to control inflation; deflation and measures to control it; stagflation.
9. International Trade and Balance of Payments.
Theory of comparative cost advantage, terms of trade and their determinants, concept of rate of exchange; balance of trade and balance of payments and their relationship, measures against balance of payments disequilibrium.
PART B: BUSINESS ENVIRONMENT [30 Marks]
1. Business Environment - An Overview
The concept and relevance of business environment; government failure and market failure; market guidance v. State regulation.
2. Indian Economy
The concept and relevance of business environment; government failure and market failure; market guidance v. State regulation.
3. Business Environment - An Overview
Salient features of Indian economy - a mixture of market forces and government regulation; roles assigned to public and private sectors.
Role of government in the areas of (i) infrastructure; (ii) industrial policy; (iii) labor and industrial relations; (iv) foreign trade, balance of payments and foreign investment and (v) taxation and subsidies.
4. Indian Financial System and Recent Developments.
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