Course Number: ECH101, Course Title: ESSENTIALS OF ECONOMICS Class: BA/BA(SS), Status of Course: HALF COURSE, Approved since session: 2015-16 Total Credits: 3, Periods(55 mts. each)/week: 3(L-3+T-0+P/S-0), Min.pds./sem.:39 UNIT 1: NATURE AND SCOPE OF ECONOMICS Meaning and Definitions of Economics; Scarcity and Choice; Economic Problem; Opportunity sets; Economic System; Role of Price Mechanism; Positive and Normative Economics; Microeconomics and Macroeconomics UNIT 2: THEORY OF CONSUMER BEHAVIOUR Demand; Law of Demand; Elasticity of demand-degrees, types and methods of measurement; Law of supply; Utility Analysis UNIT 3: THEORY OF PRODUCT PRICING Market forms; Cost and Revenue Analysis; Price and output determination under Perfect competition, Imperfect competition and Monopoly.
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- Fall '19