PART I: MICROECONOMICS

Module 1: Introduction to Microeconomics

Meaning and scope of microeconomics

Central problems of an economy

Positive vs normative economics

Production Possibility Curve (PPC)

Module 2: Theory of Consumer Behaviour

Utility: total and marginal utility

Law of diminishing marginal utility

Consumer equilibrium: One commodity ; Two commodities (indifference curve approach – introductory)

Module 3: Demand Analysis

Meaning and types of demand

Law of demand and exceptions

Price elasticity of demand

Measurement of elasticity

Numerical problems

Module 4: Theory of Production

Production function

Short run and long run

Law of variable proportions

Returns to scale

Module 5: Cost and Revenue

Short-run cost concepts

Long-run cost concepts

Revenue: TR, AR, MR

Relationship between cost and output

Module 6: Market Structures

Perfect competition

Monopoly

Monopolistic competition

Price determination under different markets (introductory)

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PART II: MACROECONOMICS

Module 7: Introduction to Macroeconomics

Meaning and scope of macroeconomics

Micro vs macroeconomics

Circular flow of income

Stock and flow concepts

Module 8: National Income Accounting

Meaning of national income

GDP, GNP, NDP, NNP

Methods of measuring national income

Real vs nominal GDP

National income aggregates and numericals

Module 9: Money and Banking

Meaning and functions of money

Demand and supply of money (basic)

Commercial banks and credit creation

Central bank and RBI functions

Module 10: Determination of Income and Employment

Aggregate demand and aggregate supply

Consumption function

Investment multiplier

Keynesian theory of income determination

Module 11: Government Budget and the Economy

Meaning and objectives of government budget

Revenue and capital budget

Types of deficits

Module 12: Balance of Payments

Meaning of balance of payments

Current account and capital account

Balance of trade

Foreign exchange rate

Disequilibrium in BOP