To develop an understanding of the concepts and theories of economics and to acquire the ability to address application-oriented issues.


1. Introduction to Business Economics

a. Meaning and scope of business economics.
b. Basic Problems of an Economy and the Role of Price Mechanisms.

2. Theory of Demand and Supply

a. Meaning and Determinants of Demand, Law of Demand and Elasticity of Demand & Price, Income, and Cross Elasticity.
b. Theory of Consumer's Behavior - Indifference Curve Approach.
c. Meaning and Determinants of Supply, Law of Supply and Elasticity of Supply, Market Equilibrium and Social Efficiency.

3. Theory of Production and Cost

a. Meaning and Factors of Production, Short Run and Long Run.
b. Law of Production - The Law of Variable Proportions and Laws of Returns to Scale, Producer's Equilibrium
c. Concepts of Costs: short-run and long-run costs, average and marginal costs, total, fixed and variable costs.

4. Price Determination in Different Markets

a. Market Structures: perfect competition, monopoly, and monopolistic competition.
b. Using game theory to study oligopoly.
c. Price determination in these markets.
d. Price-Output Determination under Different Market Forms.

5. Determination of National Income

a. Macroeconomic Aggregates and Measurement of National Income.
b. Determination of National Income: Keynes' Two Sector Basic Model, Three Sectors, and Four Sectors Models.

6. Business Cycles

*Causes behind these Cycles

7. Public Finance 

a. Fiscal Functions: An Overview, center, and state finance.
b. Market failure or government intervention to correct market failure.
c. Process of budget making: sources of revenue, expenditure management, and management of public debt.
d. Fiscal Policy.

8. Money Market

a. Concept of money demand. 
b. Important theories of demand for money.
c. Concept of money supply, cryptocurrency, and other new terminology.
d. Monetary Policy.

9. International Trade

a. Theories of International Trade, including theories of intra-industry trade by Krugman.
b. Trade Policy: The Instruments of Trade Policy.
c. Trade negotiations.
d. exchange rates and their economic effects.
e. International Capital Movements: Foreign Direct Investment.

10. Indian Economy

(Before 1950: Chanakya and Nand Vansh, OECD Paper (1950–1991), Basic Knowledge 1991–Onwards.