Economics - 2
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Economics
1 Nature and Scope of Economics
Nature and Scope of Economics Definitions of Economics Adam Smith's Definition (Wealth Definition) Alfred Marshall's Definition (Welfare Definition) Lionel Robbins' definition (Scarcity Definition) Samuelson's Definition (Modern Definition of Economics)2 Basic Economic Problems
Main Divisions of Economics Economics : positive or normative science ? Economics in relation to other social sciences Economics and Politics , Economics and History Economics and Ethics , Economics and psychology Economics, mathematics and statistics Economics as a science Methods of Economic Analysis Economic Laws and Importance of Economic Laws Characteristics and Classification of Wealth Goods Income and Types of Income Economics : Value and Price Markets and Classification of Markets Importance of Economics Basic Economic Problems and Economic Systems Capitalist Economy : salient features, Merits and Disadvantages Socialist Economy : salient features, Merits and Disadvantages Mixed Economy : salient features, Merits and Demerits Production Possibility Curve3 Theory of Consumer Behaviour
Theory of Consumer Behaviour Economics : Consumer Behaviour : Characteristics of wants Economics : Consumer Behavior : Classification of Wants Concept of Utility : Total, Marginal Utility Law of Diminishing Marginal Utility(DMU) - Definition, Explanation, Importance, Criticism Law Of Equi-Marginal Utility - Definition, Explanation, Importance, Criticism Limitations of the Equi-Marginal Utility Law Importance of Equi-Marginal Utility Law Consumer's surplus : Definition, Explanation, Importance, Criticism Indifference Curve Approach : Definition, Schedule, curve, map4 Demand and Supply
Law of Demand with Schedule and curve Exceptions to the Law of Demand Factors determining demand Elasticity of Demand and Types of Elasticity of Demand Importance of Elasticity of demand Factors determining supply Elasticity of supply : concept, Types, Factors determining5 Equilibrium Price
Equilibrium Price Shift in Demand and Supply Economics : Time Periods and Price Fixation6 Production
Production Factors of production : Land, Labour, Capital and Organisation Forms of Capital and Characteristics of capital Labour : Characteristics and Division of Labour Identifying the optimum combination of factors of production Short-run and Long-run production function Short-run production function - The law of variable proportions Long-run production function - Increasing, Constant, Decreasing Returns to Scale Characteristics of an isoquant Producer's Equilibrium and The Cobb Douglas Production Function Economies of Scale - Internal - Internal, External economies7 Cost and Revenue
Cost function, concepts and classifications Short run average cost curves - Average Fixed, Average variable and Average Total Cost Marginal Cost Long run Average Cost Curve (LAC) Accounting Cost and Economic cost Concepts Of Revenue : Average, Marginal Revenue(AR,MR) Measurement of Profit8 Market Structure and Pricing
Meaning, Definition and Characteristics of Market Classification of Markets according to Area, time, Competition Features and Conditions of perfect competition Nature of Revenue curves Monopoly : Characteristics and Causes Monopoly : Price and Output Determination : Advantages, Disadvantages Methods of Controlling Monopoly Definition and Conditions of Price Discrimination Characteristics of Monopolistic Competition Determination of Equilibrium price and output under monopolistic competition Wastages of Monopolistic competition Characteristics of Oligopoly9 Marginal Productivity Theory of Distribution
Marginal Productivity Theory of Distribution The Ricardian theory of Rent Modern Theory of Rent and Quasi-Rent Theories of wages Early theories of wages Recent Theories of wages Theories of Interest Loanable funds theory (Neo - classical theory) of Interest Liquidity preference theory (Keynesian theory) of interest Rent theory of profits10 Simple Theory of Income Determination
Simple Theory of Income Determination Say's Law of Market Keynesian Theory of Income Determination Keynesian Theory Aggregate Demand : Consumption Function Keynesian Theory Aggregate Demand : Inducement to invest (Investment function) Rate of interest: Liquidity Preference Theory Functions of Money Economics : Importance of Money Money supply and Reserve Money of India11 Monetary Policy
Monetary Policy of India Monetary Transmission Economics : Inflation and Deflation, Types of Inflation Effects of changes in prices Definition of Fiscal Policy or public finance Subject matter of public finance(Fiscal Policy) Meaning and definition of a tax Canons of Taxation Kinds or Types of tax Meaning, Definition and Kinds(Types) of Budget12 Fiscal Policy
Fiscal policy : Meaning, Objectives, Limitations of Fiscal policy
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