Pre-Requisite(s): None
Meaning of Microeconomics and Macro Economics, Basic concepts: Human wants, Utility, Laws of Consumption - Marginal and Total utility, Law of Diminishing Marginal Utility, Indifference curve and Consumer’s equilibrium. Meaning of Demand and Supply
Production: Meaning and production function, Basic concept: Total Product, Average Product and Marginal Product, Concept of Short run and long run in economics, Law of Variable Proportions and Law of Returns to Scale, Cost and its types: Money and Real cost; Implicit and Explicit cost; Opportunity Cost; Fixed and Variable costs, Total cost, Average cost and marginal cost, Isoquant and Isocost line, Producer’s equilibrium
Macroeconomics: Consumption goods, capital goods, intermediate goods, final goods, National income concepts: Meaning and Aggregates related to National Income, GNP, GDP, NNP and NDP (Factor Cost and Market Price), National Disposable Income (Gross and Net), Personal Income, Personal Disposable Income, Circular Flow of Income
Money: Meaning and function, Barter system, Basic concepts of Demand for and supply of money, Banking: Types of Bank, meaning and function of commercial bank, Central bank and its role, Central bank instruments: CRR, SLR, Repo, Reverse Repo,
Online/E-Banking: Meaning, History, Advantages and Disadvantages; Government Budget: meaning, objectives and components, Public revenue: Tax and Non-tax, Taxes: direct and indirect, Concept of Inflation and Deflation.
Balance of Payment: Basic concepts, Balance of payment and Balance of Trade, Exchange rate: Fixed and Flexible exchange rate, Exchange rate determination, Why trade takes place: Theory of Absolute advantage, Theory of comparative advantage. An overview of the Indian Economy.
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