Economics
Course Title: Economics Full Marks: 80 (Theory) + 20 (Internal)Course Code: ECO155 Pass Marks: 32 (Theory) + 8 (Internal
Semester: II
Nature of Course: Theory
Credit Hours: 3
Course Description:
This course introduces students to the basic ideas of economics. It covers both microeconomics and macroeconomics. Students will learn about basic economic problems, demand and supply, market equilibrium, elasticity, consumer behavior, production, cost and revenue, different market structures, national income, and government policies such as fiscal and monetary policies.
Course Objective
The main objective of this course is to help students understand the fundamental concepts of economics and how they are applied in real-life economic situations.
Course Contents
The main objective of this course is to help students understand the fundamental concepts of economics and how they are applied in real-life economic situations.
Course Contents
Unit 1: Economic Issues and Basic Concepts (4 Hours)
This unit introduces economics using the definitions given by Alfred Marshall and Lionel Robbins. It explains microeconomics and its scope, different economic systems such as free market, centrally planned, and mixed economies. It also covers scarcity, choice, opportunity cost, and the production possibility curve.
This unit introduces economics using the definitions given by Alfred Marshall and Lionel Robbins. It explains microeconomics and its scope, different economic systems such as free market, centrally planned, and mixed economies. It also covers scarcity, choice, opportunity cost, and the production possibility curve.
Unit 2: Demand, Supply, and Price (10 Hours)
This unit explains the meaning of demand and supply and the laws related to them. It covers individual and market demand and supply with schedules and graphs. Students learn about movement along and shifts in demand and supply curves and how market equilibrium is determined.
The unit also includes elasticity of demand and supply, consumer surplus, producer surplus, and government intervention through price floors, price ceilings, and taxes, along with their effects.
This unit explains the meaning of demand and supply and the laws related to them. It covers individual and market demand and supply with schedules and graphs. Students learn about movement along and shifts in demand and supply curves and how market equilibrium is determined.
The unit also includes elasticity of demand and supply, consumer surplus, producer surplus, and government intervention through price floors, price ceilings, and taxes, along with their effects.
Unit 3: Consumer Choice and Indifference Curve Theory (6 Hours)
This unit explains consumer behavior using the concept of utility. Topics include total utility, marginal utility, and the law of diminishing marginal utility. It also covers indifference curve analysis, properties of indifference curves, budget lines, marginal rate of substitution, and consumer equilibrium. Income and price consumption curves for normal, inferior, and Giffen goods are also discussed.
This unit explains consumer behavior using the concept of utility. Topics include total utility, marginal utility, and the law of diminishing marginal utility. It also covers indifference curve analysis, properties of indifference curves, budget lines, marginal rate of substitution, and consumer equilibrium. Income and price consumption curves for normal, inferior, and Giffen goods are also discussed.
Unit 4: Production (6 Hours)
This unit focuses on production and production functions, including the Cobb-Douglas production function. It explains production with one variable input using the law of diminishing returns and production with two variable inputs using isoquants. Concepts such as isocost curves, producer’s equilibrium, optimal use of inputs, and returns to scale in the long run are also covered.
This unit focuses on production and production functions, including the Cobb-Douglas production function. It explains production with one variable input using the law of diminishing returns and production with two variable inputs using isoquants. Concepts such as isocost curves, producer’s equilibrium, optimal use of inputs, and returns to scale in the long run are also covered.
Unit 5: Cost and Revenue (5 Hours)
This unit introduces the concept of economic cost, including explicit and implicit costs. It explains short-run costs such as fixed cost, variable cost, average cost, and marginal cost, along with their curves and relationships. Long-run costs and their shapes are also discussed.
The unit also covers total, average, and marginal revenue in both perfect and imperfect competition markets.
This unit introduces the concept of economic cost, including explicit and implicit costs. It explains short-run costs such as fixed cost, variable cost, average cost, and marginal cost, along with their curves and relationships. Long-run costs and their shapes are also discussed.
The unit also covers total, average, and marginal revenue in both perfect and imperfect competition markets.
Unit 6: Market Structure (8 Hours)
This unit explains different types of market structures. Topics include perfect competition, monopoly, monopolistic competition, and oligopoly. Students learn about the characteristics of each market and how price and output are determined in the short run and long run using total and marginal approaches. The concept of cartel under oligopoly is also discussed.
This unit explains different types of market structures. Topics include perfect competition, monopoly, monopolistic competition, and oligopoly. Students learn about the characteristics of each market and how price and output are determined in the short run and long run using total and marginal approaches. The concept of cartel under oligopoly is also discussed.
Unit 7: National Product and Its Measurement (4 Hours)
This unit introduces macroeconomics and its scope. It explains national income concepts such as GDP, GNI, NNP, national income, personal income, and disposable personal income. It also covers methods of measuring national income using expenditure, income, and value-added approaches.
This unit introduces macroeconomics and its scope. It explains national income concepts such as GDP, GNI, NNP, national income, personal income, and disposable personal income. It also covers methods of measuring national income using expenditure, income, and value-added approaches.
Unit 8: Macroeconomic Policies (2 Hours)
This unit explains government policies used to control the economy. It covers expansionary and contractionary fiscal policies and monetary policies, along with the tools used in these policies.
This unit explains government policies used to control the economy. It covers expansionary and contractionary fiscal policies and monetary policies, along with the tools used in these policies.
Text / Reference Books
- Lipsey, R. G., & Chrystal, K. A. (2008). Economics, 11th Edition (Indian Edition). Oxford University Press.
- Samuelson, P. A., & Nordhaus, W. D. (2005). Economics, 18th Edition. Tata McGraw-Hill Publishing Company Ltd.
