Business Economics and Business and Commercial Knowledge

Paper Code: 
BCP-112
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

  • To develop an understanding of the concepts and theories in Business Economics and apply such concepts and theories in simple problem solving.
  • To develop an understanding of common business and commercial concepts and to keep abreast with developments in the business and commercial world.

 

Course Outcomes (COs):

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

BCP-112

Business Economics and Commercial Knowledge
  • CO 9 Understand how households (demand) and businesses (supply) interact in various market structures to determine price and quantity of a good produced.
  • CO 10 Represent demand, in graphical form, including the downward slope of the demand curve and what shifts the demand curve.
  • CO 11 Understand the links between production costs and the economic models of supply.
  • CO 12 Apply the concept of opportunity cost.
  • CO 13 Analyze operations of markets under varying competitive conditions.
  • CO 14 Understand the meaning of marginal revenue and marginal cost and their relevance for firm profitability.
  • CO 15 To impart the knowledge about Liberalization, Privatization and Globalization.
  • CO 16 Justify Foreign trade, Multinational Corporation, World Trade Organization.

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Interactive White Board, Incorporating technology in teaching

Learning activities for the students:

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

 

18.00
Unit I: 
-
  • 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 – Marshallian approach and Indifference curve approach
  • Meaning and determinants of supply, Law of supply and Elasticity of supply. (iv) Demand Forecasting

            

18.00
Unit II: 
-
  • 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.

 

18.00
Unit III: 
-

• 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.

18.00
Unit IV: 
-

• 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.

18.00
Unit V: 
-

• 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

References: 

• Study Material Published by Institute of Chartered Accountants of India
• Economic law-Tejpal Sheth
• 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

Note: Students are expected to read at least one financial newspaper and one business magazine on a regular basis. They may also watch a business channel to remain updated about the developments related to commercial world.

Academic Year: 
2020-2021
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