Business Economics and Commercial Knowledge

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.

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.

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.

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.