Business Economics

Paper Code: 
BCS- 116
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To make students adequate with Economic environment.

9.00

The Fundamentals of Economics

The Economic Problem-Scarcity and Choice; Nature and Scope- Positive and Normative Economics, Micro and Macro Economics; Central Problems of an Economy; Production Possibility Curve; Opportunity Cost; Working of Economic Systems; Economic Cycles

9.00

Basic Elements of Demand and Supply

Demand- Meaning, Demand Schedule, Individual and Market Demand Curve, Determinants of Demand, Law of Demand, Changes in Demand; Supply- Meaning, Supply Schedule, Individual and Market Supply Curve, Determinants of Supply, Law of Supply, Changes in Supply; Equilibrium of Demand and Supply- Determination of Equilibrium Price and Quantity, Effect of a shift in Demand or Supply; Elasticity of Demand and Supply

Theory of Consumer Behaviour

Cardinal Utility Approach-Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility; Indifference Curve Approach- Indifference Curves, Properties of Indifference Curves, Budget Line, Consumer’s Equilibrium 

9.00

Theory of Production and Costs

Theory of Production- Factors of Production, Basic Concepts, Production Function, Law of Variable Proportions, Returns to Scale; Producer’s Equilibrium- Least-Cost Factor Combination and Output Maximization for a given Level of Outlay; Theory of Costs- Basic Concepts, Short-run Total Cost Curves- Fixed and Variable, Short-run Average and Marginal Cost Curves, Relationship between Average and Marginal Cost Curve, Average and Marginal Cost Curves in the Long-run 

9.00

Analysis of Markets

Basic Concepts of Revenue, Revenue Curves, Relationship between Average and Marginal Revenue Curve; Concept of Market and Main Forms of Market; Equilibrium of the Firm- Meaning, Objectives of the Firm, Total Revenue-Total Cost Approach, Marginal Revenue-Marginal Cost Approach; Price and Output under Determination Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly. 

9.00

Indian Economy- An Overview

Basic Characteristics of the Indian Economy; Major Issues of Development; Development Experience and Recent Trends in Indian Economy; Indian Economy in Comparison to Major Economies of the World

Basic Elements of Money and Banking

Concept of Money-Its Functions, Quantity Theory of Money, Credit Creation; Central Bank (Reserve Bank of India)-Role and Functions; Commercial Banks-Role and Functions; Basic Elements of E-Banking; Monetary Policy in India

References: 
  1. Study Material Issued by ICSI
  2. Scanner-Arun Kumar(Suchitra Prakashans)
  3. Jain, Khanna and Tiwari, Modern business Economics, V.K.Enterprises, New Delhi
  4. Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
  5. Koutsoyiannis, Modern Economics, New York, Macmillan,1991
  6. Keat Paul G &K.Y.Young, Managerial Economics, Prentice Hall, New Jersey
  7. Dipsey R.G and Cheystal, Principles of economy, Oxford university Press

 

Academic Year: 
2018-2019
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