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Unit 1: Introduction

  • Meaning of microeconomics and macroeconomics
  • What is an economy? Central problems of an economy : what, how and for whom to produce; concepts of production possibility frontier and opportunity cost
Unit 2: Consumer Equilibrium and Demand

  • Consumer's equilibrium – meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis
  • Indifference curve analysis of consumer's equilibrium
  • Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand
Unit 3: Producer Behavior and Supply

  • Production function - Short-Run and Long-Run
  • Total Product, Average Product and Marginal Product.
  • Returns to a Factor
  • Cost and Revenue: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationship
  • Revenue - total, average and marginal revenue - meaning and their relationship
  • Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost
  • Supply, market supply, determinants of supply, supply schedule
Unit 4: Forms of Market and Price Determination

  • Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply
  • Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features
  • Simple Applications of Demand and Supply: Price ceiling, price floor
Unit 5: National Income and related aggregates

  • Some basic concepts: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation
  • Circular flow of income; Methods of calculating National Income – Value Added or Product method, Expenditure method, Income method
  • Aggregates related to National Income: Gross National Product (GNP), Net National Product (NNP), Gross and Net Domestic Product (GDP and NDP) - at market price, at factor cost; National Disposable Income (gross and net), Private Income, Personal Income and Personal Disposable Income; Real and Nominal GDP
  • GDP and Welfare
Unit 6: Money and Banking

  • Money - its meaning and functions
  • Supply of money - Currency held by the public and net demand deposits held by commercial banks
  • Money creation by the commercial banking system
  • Central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker's Bank, Controller of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement
Unit 7: Determination of Income and Employment

  • Aggregate demand and its components. Propensity to consume and propensity to save (average and marginal).
  • Short–run equilibrium output; investment multiplier and its mechanism
  • Meaning of full employment and involuntary unemployment
  • Problems of excess demand and deficient demand; measures to correct them - change in government spending, taxes and money supply
Unit 8: Government Budget and the Economy

  • Government budget - meaning, objectives and components
  • Classification of receipts - revenue receipts and capital receipts; classification of expenditure - revenue expenditure and capital expenditure
  • Measures of government deficit - revenue deficit, fiscal deficit, primary deficit their meaning
Unit 9: Balance of Payments

  • Meaning
  • Foreign exchange rate - meaning of fixed and flexible rates and managed floating
  • Determination of exchange rate in a free market
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