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Introduction to Economics [1]

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: 
  1. Samuelson, Paul A. and William D. Nordhaus , Economics, Tata McGraw-Hill.
  1. N. Gregory Mankiw, Principles of Economics, 6 E, South-Western Cengage Learning, USA.
References: 
  1. Salvatore, Dominick and Eugene A. Dulia, Schaum’s Outline of Theory and Problems of Principles of Economics, Tata McGraw-Hill.
  1. Dewett, K.K., Modern Economic Theory, S. Chand and Company Ltd.
  1. Fleisher, B.M., Edward J. Ray and Thomas J. Kniesher, Principles of Economics, Wm. C. Brown Publishers, Dubuque, Iowa.
Academic Session: 
2015-16 [2]

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Source URL: https://economics.iisuniv.ac.in/courses/subjects/introduction-economics-3

Links:
[1] https://economics.iisuniv.ac.in/courses/subjects/introduction-economics-3
[2] https://economics.iisuniv.ac.in/academic-session/2015-16