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Introduction to Economics
Paper Code:
ECO 101
Credits:
3
Contact Hours:
45.00
Max. Marks:
100.00
Objective:
To introduce the basic concepts of economics to the students.
9.00
Unit I:
Fundamentals of Economics
- Scarcity and Efficiency
- Basic Economic Problems;
- Microeconomics and Macroeconomics; Positive and Normative Economics;
- Production Possibility frontier-Opportunity Costs and Efficiency
- Reading Graphs-Slope of a straight line and a curve, Shifts of and Movement Along Curves
9.00
Unit II:
Markets and Government in a Modern Economy
- What is a Market?
- How Markets Solve the Basic Economic Problems;
- The Economic Role of Government-Efficiency,Equity, Growth and Stability and the Welfare State
9.00
Unit III:
Basic Elements of Demand and Supply
- The Demand Schedule-Demand curve, Market Demand, Factors determining demand curve, shifts in demand
- The Supply Schedule-Supply Curve, Market Supply, Factors determining supply curve, shifts in supply
9.00
Unit IV:
Market Equilibrium
- Equilibrium with Supply and Demand Curves
- Effects of a shift in supply or Demand
- Rationing by Prices
- Impact of a Tax on Price and Quantity
9.00
Unit V:
Overview of Macroeconomics
- Origin of Macroeconomics
- Objectives and Instruments of Macroeconomics
- Tools of Macroeconomic Policy-Fiscal and Monetary policy (basic Concepts)
- Concept of an open economy
- Aggregate Demand and Supply
Essential Readings:
- Samuelson, Paul A. and William D. Nordhaus , Economics, Tata McGraw-Hill.
- N. Gregory Mankiw, Principles of Economics, 6 E, South-Western Cengage Learning, USA.
References:
- Salvatore, Dominick and Eugene A. Dulia, Schaum’s Outline of Theory and Problems of Principles of Economics, Tata McGraw-Hill.
- Dewett, K.K., Modern Economic Theory, S. Chand and Company Ltd.
- Fleisher, B.M., Edward J. Ray and Thomas J. Kniesher, Principles of Economics, Wm. C. Brown Publishers, Dubuque, Iowa.
Academic Session:
