Business Economics and Commercial Knowledge

Paper Code: 
BCP-112
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
18.00
Unit I: 

Introduction to Business Economics: Nature 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 behavior – Marshallian approach and Indifference curve approach, Demand Forecasting, Meaning and determinants of supply, Law of supply and Elasticity of supply.

 

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: Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly, Price determination in these markets.

 

16.00
Unit III: 

Business Cycles: Meaning, Phases, Features, Causes behind these Cycles

Business and Commercial Knowledge – An Introduction 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.

 

20.00
Unit V: 

Organizations Facilitating Business (i) Indian Regulatory Bodies - RBI, SEBI, CCI, IRDAI (ii) Indian Development Banks – IFCI, SIDBI, EXIM Bank, NABARD

Common Business Terminology (i) Finance, Stock & Commodity Markets Terminology. (ii) Marketing Terminology. (iii) Banking Terminology. (iv) Other Business Terminology.

 

References: 

Reference Books

  1. Study Material Published by Institute of Chartered Accountants of India
  2. Economic law-Tejpal Sheth
  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

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: