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Economics (Major & Minor)
FIRST SEMESTER
Paper-1: Principles of Economics
Total no. of lectures:60
Part: 1 Course outline
Introduction of the course:
The aim is to provide understanding of different types of economic systems, behavior of consumer
and firms, determination of output and prices of product and factors in different market
conditions, working of the economies, national income, economic growth, economic welfare,
employment, monetary policies and monetary problems. The knowledge of principle of
Economics helps in solving the problem of unemployment, inflation, economic instability and
economic growth.
INTRODUCTION TO ECONOMICS
Module 1
Definition of Economics
Definition of Economics, Nature & Scope of Economics,
Branches of Economics,
Importance and uses of Economics in Law
Module 2
Theory of Demand & Supply
Demand and Supply Theory, Law of Demand & Supply,
Determinants of demand & supply
Utility Analysis: Cardinal Utility (Marshall),
Ordinal Utility Approach (Indifference Curve)
Elasticity of Demand and Supply
Module 3
Theory of Production, Cost and Revenue
Production Function, Factors of Production, total, average and
Marginal product. Law of Variable Proportions and Returns to Scale
Internal and External Diseconomies
Concept of Costs, Short and Long run costs and its curves
Concept of Revenue: Total, average and marginal revenue.
Module 4
Price determination in different markets
Perfect Competition
Monopoly
Monopolistic Competition
Module 5
Theory of Distribution: Factor Pricing
Labour and Wage
Land and Rent
Capital and Interest
Module 6
National Income Accounting
National Income Accounting
Banks: Central Bank and Commercial Banks
Credit Control
Module 7
Macro- Economic Theories
Theory of Employment (Classical &Keynesian Theories)
Inflation
Reference Books:
1. Dwivedi D.N. :Microeconomic Theory,Vikas Publishing House, Delhi
2. Jhingan M.L. :Microeconomics Theory, Vrinda Publications, Delhi
3. Ray N.C. : An Introduction to Microeconomics, Macmillan, Delhi
4. Samuelson P.A and W.D Nordhaus:Economics,Tata MC Grow Hill, New Delhi
5. StonierA.W. and D.C.Hague
A textbook of Economic Theory
6. Satya, R.Chakraborty: Microeconomics, Allied Publishers,NewDelhi
7. Ackley G:Macroeconomic Theory
8. Branson W.H.: Macroeconomic Theory and Policy
9. Brooman: Macroeconomic Analysis
10. Hanson,A.H:Aguide to Keynes .McGraw Hill, New York
11. Heijdra, B.J.and F.V.Ploeg: Foundation of Modern Macroeconomics. Oxford University
Press
12. Jhingan M.L.: Macroeconomic Theory, Vrinda Publications ,Delhi
13. Lewis M.K. and P.D.Mizan: Monetary Economics, Oxford University Press
14. Sharpio Edward :,Maacro Economic Analysis