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Basics of Economics [1]

Paper Code: 
CBFS 301
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

To familiarize students with types of markets, concept of inflation and its impact on economy as well as tax system in the economy.

12.00
Unit I: 
Nature and Scope 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.

12.00
Unit II: 
Theory of Demand and Supply Utility Analysis

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.

12.00
Unit III: 
Forms of Market and its Equilibrium

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

12.00
Unit IV: 
Money and Banking

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.

12.00
Unit V: 
Inflation and reforms in Indian Taxation System 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.

Essential Readings: 

• Dwivedi, D.N.,“Microeconomics: Theory and Applications”, Pearson Education, New Delhi.
• Gravelle H., and Rees, R., “Microeconomics”, Pearson Education, New Delhi.
• Ahuja, H.L., “Advanced Economic theory; Microeconomic Analysis”, S. Chand & CompanyLtd. New Delhi.
• Mithani, D.M., “Managerial Economics”, Himalaya Publishing House, New Delhi..
• Shapiro, E., “Macroeconomic Analysis”, Galgotia Publication, New Delhi.

Academic Year: 
2022-2023 [2]

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Source URL: https://finance.iisuniv.ac.in/courses/subjects/basics-economics

Links:
[1] https://finance.iisuniv.ac.in/courses/subjects/basics-economics
[2] https://finance.iisuniv.ac.in/academic-year/2022-2023