Coming soon
Business economics
This course will enable the students to develop an understanding of the concepts and theories of Economics and to acquire the ability for addressing application-oriented issues.
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Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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24BCP112 |
Business Economics (Theory)
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CO 1Relate households (demand) and businesses (supply) in various market structures to determine price and quantity of a good produced and learn consumer behaviour. CO 2Examine the links between productioncosts and the economic models of supply and also determine price in differentmarkets. CO 3Determine national income and examine the business cycles. CO 4Analyze the business environment, the government policies supporting business environment,Monetary policy, Fiscal policy, public debt, and theories of money and public finance. CO 5Develop an understanding of Internationaltrade and Indian economy. CO 6Contribute effectively in course specific interaction. |
Approach in teaching: Interactive Lectures, Discussions, Tutorials, Problem solving sessions, Presentations
Learning activities for the students:
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Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Class Presentations, Individual and group projects. |
- Introduction to Business Economics: Meaning and scope of Business Economics, Basic Problems of an Economy and Role of Price Mechanism.
- Theory of Demand and Supply: Meaning and Determinants of Demand, Law of Demand and Elasticity of Demand – Price, Income and Cross Elasticity, Theory of Consumer’s Behaviour –Indifference Curve approach, Meaning and Determinants of Supply, Law of Supply and Elasticity of Supply, Market Equilibrium and Social Efficiency.
- Theory of Production and Cost: Meaning and Factors of Production, Short Run and Long Run.
- Law of Production – The Law of Variable Proportions and Laws of Returns to Scale, Producer’s Equilibrium, Concepts of Costs – Short-run and long-run costs, Average and Marginal Costs, Total, Fixed and Variable Costs.
- Price Determination in Different Markets: Market Structures: Perfect Competition, Monopoly and Monopolistic Competition. Using Game Theory to study Oligopoly, Price Determination in these Markets, Price- Output Determination under different Market Forms
- Determination of National Income: Macro Economic Aggregates and Measurement of National Income, Determination of National Income: Keynes’ Two Sector Basic Model, Three Sectors and Four Sectors Models.
- Business Cycles: Meaning, Phases, Features, Causes behind these Cycles
- Public Finance: Fiscal functions: An Overview, Centre and State Finance, Market Failure/ Government intervention to correct market failure, Process of budget making: Sources of Revenue, Expenditure Management, and Management of Public Debt, Fiscal Policy
- Money Market: Concept of Money Demand, Important theories of Demand for Money, Concept of Money Supply, Cryptocurrency and other new terminology, Monetary Policy.
- International Trade: Theories of International Trade including theories of intra-industry trade by Krugman, Trade Policy – The Instruments of Trade Policy, Trade Negotiations, Exchange Rates and its economic effects, International Capital Movements: Foreign Direct Investment.
- Indian Economy (Before 1950- Chanakya and Nand Vansh, OECD Paper (1950-1991), Basic knowledge 1991 Onwards
Study Material Published by Institute of Chartered Accountants of India
SUGGESTED READINGS:
• Jain, Khanna and Tiwari. Modern business Economics, V.K. Enterprises, New Delhi
• Dwivedi D.N. Managerial Economics, Vikas Publications, Delhi
E-RESOURCES:
• https://www.icai.org/post/foundation-nset
• https://www.scopus.com/home.uri
• http://www.e-book.com.au/freebooks.htm
JOURNALS:
• The Chartered Accountant Journal /ICAI Student Journal
