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BUSINESS ECONOMICS
Course Outcomes (COs):
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Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
|---|---|---|
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On successful completion of this subject, students should be able to: CO 7:Relate households (demand) and businesses (supply) in various market structures to determine price and quantity of a good produced. CO 8:Learn Consumer behavior CO 9:Examine the links between production costs and the economic models of supply and Determination of price in different markets CO 10:Examine the business cycles and forms of business organization CO 11:Analyze the business environment and the government policies supporting business environment CO 12:Analyze Organizations Facilitating Business and the common business terminologies |
Interactive Lectures, Discussion, Tutorials, reading assignments, Interactive White Board, Incorporating technology in teaching. Self-learning assignments, Effective questions |
Class test, Semester end examinations, Quiz, Assignments, Class interaction, Presentation, Case study analysis, Open ended questions, think-pair-share, Socratic seminar |
- 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 a. Macro Economic Aggregates and Measurement of National Income. b. 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 a. Fiscal functions: An Overview, Centre and State Finance. b. Market Failure/ Government intervention to correct market failure. c. Process of budget making: Sources of Revenue, Expenditure Management, and Management of Public Debt. d. Fiscal Policy.
- Money Market a. Concept of Money Demand. b. Important theories of Demand for Money. c. Concept of Money Supply, Crypto currency and other new terminology. d. Monetary Policy.
- International Trade a. Theories of International Trade including theories of intra-industry trade by Krugman. b. Trade Policy – The Instruments of Trade Policy. c. Trade Negotiations. d. Exchange Rates and its economic effects. e. International Capital Movements: Foreign Direct Investment.
- Indian Economy (Before 1950- Chanakya and Nand Vansh, OECD Paper (1950- 1991), Basic knowledge1991 Onwards.
Study Material Published by Institute of Chartered Accountants of India
• Jain, Khanna and Tiwari. Modern business Economics, V.K. Enterprises, New Delhi
• Dwivedi D.N. Managerial Economics, Vikas Publications, Delhi
• Koutsoyiannis. Modern Economics, New York, Macmillan,1991
• Keat Paul G, K.Y. Young. Managerial Economics, Prentice Hall, New Jersey
• Dipsey R.G and Cheystal. Principles of economy, Oxford university Press
E-RESOURCES:
https://www.icai.org/post.html?post_id=17789, https://www.icai.org/post.html?post_id=17842
JOURNALS:
The Chartered Accountant Journal /ICAI Student Journal
