Economics - 2

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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
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 Curve

3 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, map

4 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 determining

5 Equilibrium Price

Equilibrium Price
Shift in Demand and Supply
Economics : Time Periods and Price Fixation

6 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 economies

7 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 Profit

8 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 Oligopoly

9 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 profits

10 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 India

11 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 Budget

12 Fiscal Policy

Fiscal policy : Meaning, Objectives, Limitations of Fiscal policy

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