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 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


=> 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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