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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