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BUSINESS ECONOMICS AND BUSINESS AND COMMERCIAL KNOWLEDGE
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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 – Marshalling approach and Indifference curve approach
• Meaning and determinants of supply, Law of supply and Elasticity of supply. (iv) Demand Forecasting
• Theory of Production and Cost: Meaning and Factors of production, Laws 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: Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly, Price determination in these markets.
• Business Cycles: Meaning, Phases, Features, Causes behind these Cycles.
• Business and Commercial Knowledge – Nature of Business, Profession and Employment. Objectives of Business. Economic and Non-Economic Activities, Forms of Business Organizations.
• Business Organizations Overview of Selected Indian and Global Companies.
• Business Environment Micro and Macro Environment, Elements of Micro Environment – Consumers/Customers, Competitors, Organization, Market, suppliers, Intermediaries, Elements of Macro Environment – Demographic, Economic, Political-legal, Socio-cultural, Technological, Global Environment.
• Government Policies for Business Growth Policies creating conducive business environment such as Liberalization, Privatization, Foreign Direct Investment.
• Organizations Facilitating Business: Indian Regulatory Bodies – RBI, SEBI, CCI, IRDAI, Indian Development Banks – IFCI, SIDBI, EXIM Bank, NABARD
• Common Business Terminology: Finance and Stock & Commodity Markets Terminology., Marketing Terminology, Banking Terminology, Other Business Terminology
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
