Syllabus
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Course Code: B-COM 104 Course Name: Business Economics |
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| MODULE NO / UNIT | COURSE SYLLABUS CONTENTS OF MODULE | NOTES |
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| 1 | Meaning, nature and scope of economics; Business Economics: nature and scope, difference
between economics and business economics; Theories of demand: cardinal utility approach – law
of diminishing marginal utility, law of equi-marginal utility; Nature of demand function: law of
demand, shift in demand curve; Indifference curve approach: meaning, assumptions, properties,
consumer equilibrium, price, income and substitution effects, limitations and applications of
indifference curve; Elasticity of demand: price, income and cross; measurement methods of price
elasticity of demand; Law of supply and supply curve. Production function: meaning and concepts, law of variable proportions; economies and diseconomies of scale; law of returns to scale; Cost concepts; Theory of costs: traditional and modern. Equilibrium of firm and industry under perfect competition; price and output determination under monopoly, price discrimination; price determination under monopolistic competition: Chamberlin’s approach, monopolistic competition vs monopoly. Macro Economics: concept, nature and scope; circular flow of income (four core sectors); Key macroeconomic concepts (an overview) – GNP, GDP, NNP, Economic growth, business cycle, inflation, money supply (monetary aggregates), foreign exchange rate, balance of payments, fiscal policy, monetary policy. |
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