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Economics Cook Book Bundle
3 Pack Bundle
What’s Covered?
Learning Objectives Assessment of Prior Knowledge Scope of Macroeconomics Importance of Macroeconomics Types of Macroeconomics Variables of Macroeconomics Difference between Macroeconomics and Microeconomics Interdependence of Macroeconomics and Microeconomics Limitations of the Macroeconomics Evolution of Macroeconomics Summary Learning Objectives Assessment of prior Knowledge Concepts or Aggregates of National Income Circular Flow of Income Two Sector Model of Circular Flow of Income Three Sector Model of Circular Flow of Income Four Sector Model of Circular Flow of Income Importance of National Income Analysis Measurement of National Income Difficulties in measurement of National Income Some practical questions on National Income Summary Learning Objectives Assessment of prior Knowledge Properties of consumption function Psychological law of consumption Importance of Consumption Function Theories of Consumption Function Determinants of Consumption Function Measures to raise the Propensity to Consume Criticism of Propensity to consume Summary Learning Objectives Assessment of prior knowledge Classification of Investment Expenditure Types of Investment Determinants of Induced Investment Source of Autonomous Investment Measures to Stimulate Private Investment Factors affecting Investment Importance of Investment Summary Learning Objectives Assessment of prior Knowledge Dynamic Concept of Multiplier Movements of the Multiplier Forward action of the multiplier Backward action of the multiplier Leakages of Multiplier Importance of Multiplier Limitations of Multiplier Concept of Accelerator Working of Accelerator Criticisms of Acceleration Principle Summary Learning Objectives Assessment of prior Knowledge Determination of Equilibrium level of Income and Employment under Classical Theory Determination of Income and Employment when there is no saving and Investment Determination of Income and Employment in an Economy with Saving and Investment Determination of Income and Employment. Role of Money and Prices Criticism of Classical Theory Keynesian Theory of Income and Employment Equilibrium GDP Determination Significance of Keynesian Theory of Income and Employment Criticism of Keynesian Theory of Income and Employment Income determination in a Closed Economy Summary Learning Objectives Assessment of prior Knowledge Types of Inflation Causes of Inflation Effects of Inflation Theories of Inflation Measurement of Inflation Remedial Measures of Inflation Summary Learning Objectives Assessment of prior Knowledge Features of Business Cycles Phases of a Business Cycle Causes of Business Cycles Effects of Business Cycles Theories of Business Cycle Measures to Control Business Cycles Summary
Concepts of Revenue: TR, AR and MR Relationship between AR (Demand Curve) and MR curve under Perfect competition Relationship between AR(Demand curve) and MR curve under imperfect competition Significance of the Concept of Revenue Demand-Concept Determinants of Demand Law of Demand Market Demand Shift in Demand Elasticity of Demand – concept Price Elasticity of Demand Income Elasticity of Demand Cross Elasticity of Demand Promotional Elasticity of Demand Summary Consumer Behaviour- Introduction Concept of Indifference Curve and Marginal Rate of Substitution Properties of Indifference Curve The Budget Line or Price Line Consumer’s Equilibrium under IC Analysis Price consumption curve and Price elasticity Income Consumption Curve and Engle Curve Price Change and Income and Substitution Effects Derivation of Individual Demand Curves from IC Summary Production Function Production Function with one Variable Input (SRPF) Production Iso-quants & Marginal Rate of Technical Substitution Iso-cost Line The Optimal Combination of Resources (Producers Equilibrium –LRPF) The Expansion Path Economic Region of Production Returns to Scale –Concept Returns to scale using Iso-quant Summary Cost of Production: Social and private costs of production Short run Cost and Cost Curve Long run Average Cost Curve and its implications. Summary Perfect competition: Concept and Assumptions Demand Curve of a Firm Supply Curve of Firm and Industry-Short run and Long-run Equilibrium of the firm in Short-run Equilibrium of the Industry in Short-run Equilibrium of the firm in Long-run Equilibrium of the Industry in Long-run Measuring producer surplus under perfect competition Summary Monopoly: Concept Short-Run Equilibrium under Monopoly Long-Run Equilibrium under Monopoly Absence of the Supply Curve in Monopoly Effect of Shifts in the demand curve in Monopoly Effect of the change in cost Measurement of monopoly power and the rule of thumb for pricing, Horizontal and vertical integration of firms Differences between Monopoly and Perfect Competition Summary Imperfect Competition Monopolistic competition Equilibrium of a firm (Short-run) Equilibrium of a Group (long-run) and economic efficiency Summary Oligopoly: Concept Oligopoly and Interdependence (Kinked Demand Curve) Basic concept of Game Theory Summary
Economics as a science and its relevance to Law. Economics as a basis of social welfare and social justice. Free enterprise, planned economy and mixed economy. Demand and Supply. Saving, consumption, investment. Theories of Economic growth and problems of development. Banking and fiscal policy – Changing profile of Indian Banking, RBI and its challenging policy. Introduction to Indian Economics. Trends in population growth. Estimates of national income in India. Post independence economic policies in India. Planning process. Priorities between agriculture and Industry. Choice of technology. Large, medium and small industries Role of capital formation, credit and banking system
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