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Hidayatullah National Law University, Raipur B.A.LL.B (Honors) Curriculum Major: Economics 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 Revenue: Total, average and marginal revenue. Concept of Costs, Short and Long run costs and its curves 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, Inflation Reference Books: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Dwivedi D.N. :Microeconomic Theory,Vikas Publishing House, Delhi Jhingan M.L. :Microeconomics Theory, Vrinda Publications, Delhi Ray N.C. : An Introduction to Microeconomics, Macmillan, Delhi Samuelson P.A and W.D Nordhaus:Economics,Tata MC Grow Hill, New Delhi StonierA.W. and D.C.Hague A textbook of Economic Theory Satya, R.Chakraborty: Microeconomics, Allied Publishers,NewDelhi Ackley G:Macroeconomic Theory Branson W.H.: Macroeconomic Theory and Policy Brooman: Macroeconomic Analysis Hanson,A.H:Aguide to Keynes .McGraw Hill, New York Heijdra, B.J.and F.V.Ploeg: Foundation of Modern Macroeconomics. Oxford University Press Jhingan M.L.: Macroeconomic Theory, Vrinda Publications ,Delhi Lewis M.K. and P.D.Mizan: Monetary Economics, Oxford University Press Sharpio Edward :,Macro Economic Analysis