BASICS OF ECONOMICS

Economics: Definition, Nature and Scope of Economics;
 Micro and Macro Economics; Positive and Normative Economics;
 Central Problems of an Economy, Production Possibility Curve and Opportunity Cost;
 Working of Economic Systems (Capitalistic Economy, Socialistic Economy, Mixed Economy); Economic Cycles, Inflation and Recession.

Total Utility and Marginal Utility;Law of Diminishing Marginal Utility; Law of Equi-Marginal Utility;
 Consumers’ Equilibrium; Law of Demand and Elasticity of Demand; Law of Supply, Elasticity of Supply; Demand and Supply Equilibrium;
 Theory of Consumer Behaviour – Marshallian Approach and Indifference Curve Approach.

Forms of Market- meaning and characteristics;
 Price and Output Determination- Equilibrium for Firm and Industry under Perfect Competition, Monopoly , Monopolistic Competition and Oligopoly.

Definition of Money, Types, Features and Functions, Principles of Banking, Measures of credit control and Money Market.
 Basic Elements of E-Banking; Monetary Policy in India.

Inflation- Introduction, meaning of inflationary gap, effects and control of inflation.
 Taxation System in India: Types of Taxes (direct tax and indirect tax),Introduction and importance of GST,
 Legal Framework of CGST, Procedure for registration under CGST.