Module 1: Conceptualizing the Economy and Economics 
(a)    The Economy – basic economic process – production, consumption, distribution and growth. (b) Types of economy – capitalism, socialism and mixed economy. (c) Definition of Economics, central problems of an economy, markets, partial and general equilibrium, (d) factors of production, short run and long run, positive and normative economics, (e)Microeconomics and Macroeconomics

Module 2: Elementary Microeconomics and Macroeconomics
(a)    Microeconomics - consumer behaviour – utility (Cardinal and Ordinal), law of demand, indifference curve,     Types of goods – Normal and Inferior Goods, Substitutes and Complements, Elasticity of     Demand; Production and cost – Product curves and function, Cost concepts and curves, Revenue concepts and curves; Market and Competition – Concepts of perfect competition, Monopolistic competition, Oligopoly and duopoly 

(b)    Macroeconomics - Circular flow of income, Nominal and Real GDP – methods of calculating national income, Concept of full employment and Say’s Law, Determinants of aggregate demand – Consumption, Investment, the multiplier mechanism. Functions of money, credit creation by the banking system, Cost push and demand-pull inflation, foreign exchange market and Balance of Payments

Module 3: Overview of Indian Economy, Economic Growth and Development 
(a) Characteristics of Indian economy since independence, (b) growth and salient features of main sectors (agriculture, industry and services/tertiary), (c) Public finance -  Government Budget – public revenues, public debts and public expenditures, Taxation (direct and indirect/GST), fiscal and monetary policy. (d) Demographic profiles of India, exports and imports. (e) Concepts of economic growth and economic development; measurement of economic development, (f) concept of inequality, sustainable development goals (SDGs).
---x---
 

Course learning outcomes
After the successful completion of the course, the student will be able to: 
1.    Explain the fundamental economic concepts and problems,
2.    Recognize the abstract and concrete economic structures,
3.    Analyze the economic behavior of agents in consumption, production and distribution,
4.    Compare different kinds of markets and economic systems,
5.    Discuss basic approaches of economic theory to economic behavior: microeconomics vs macroeconomics and economic growth vs economic development.

By Invitation Only

As per Unviresity Norms