Sharda University School of Law PRINCIPLES OF ECONOMICS Unit-I: INTRODUCTION TO ECONOMICS (a) (b) (c) (d) (e) Meaning

and Definition of Economics. Scarcity Definitions and Modern Definitions. Concept of Opportunity cost. The Economic Problem: what to produce, How to produce and For Whom to produce. Microeconomics and Macroeconomics. 7 lectures

Unit II: BASIC ELEMENTS OF DEMAND AND SUPPLY (a) Demand: Definition & Meaning. (1) Law of Demand. (2) Determinants of demand. (3) Changes in Demand curve. Expansion & Contraction of Demand. (b) Supply: Law of supply. (1) Determinants of supply. (2) Shifts in the supply curve. 7 lectures Unit III: CONSUMER BEHAVIOUR (a) Utility Theory, (b) Marginal Utility (c) Law of Diminishing Marginal Utility.

3 lectures

Unit IV: PRODUCTION; REVENUE AND COST (a) Basic concepts: Firm, Industry, Plant. (1) The Production Function, Total, Average, and Marginal product. (2) Fixed & Variable factors of production. (3) Long run & short run concepts. (b) Cost concepts, the relationship between production and costs, Short & long run costs. (c) Revenue concept TR, AR, MR relations. 6 lectures Unit V: MARKET STRUCTURE (a) Features of Different Markets. (b) Perfect Competition Market. (c) Monopoly. (d) Monopolistic Competition. (e) Oligopoly.

8 lectures

Unit VI: MACROECONOMIC VARIABLES (a) What is macroeconomics? Macroeconomics goals. (b) Circular flow of income and product-with different sectorsinjections and withdrawals4 lectures Unit VII: INFLATION (a) Meaning & types of inflation. (b) Demand pull inflation &cost push inflation. (c) Measures to control inflation. 3 lectures Unit VIII : MONETARY POLICY Central banks & Role of RBI 2 lectures

EVALUATION SYSTEM
Mid Term

-----TOTAL 100 MARKS.

----20 marks

Continuous Assessment (CA) --- 30 marks. End-term Examination -----50 marks

Recommended book: 1. 2. 3. 4. 5. 6. P.A.Samuelson & W.Nardhans: Economics, Tata McGraw-Hill (Latest Edition) D. Salvator: Micro Economics, Oxford (Latest Edition). A.Koutsoyiannis:Modern Micro Economics, MacMillan ( Latest edition) H.L. Ahuja: Advanced Economic Theory, S.Chand & Co., New Delhi.
Principles of Economics---D.N Dwivedi. Macroeconomics Principles and policyWilliam J.Baumol and Alan S.Blinder.