Economics First Semester Syllabus

Module 1: Introduction to Micro Economics 

• Meaning and Definitions of Economics 
• Reasons for Studying Economics
• Meaning and Definition of Micro Ecoconomics
• Types and Scope of Microeconomics
• Importance OF Micro Economics
• Limitations of Micro economics
• Scarcity and Efficiency
• Basic Problems of an Economy
• Production Possibility Curve
• The Problem of Choice

Module 2: Theories of Consumer’s Behaviour 

• Cardinal Approach: Utility and its Meaning
• Cardinal Approach: Utility and Satisfaction
• Cardinal Approach: Measurement of Utility
• Cardinal Approach: Total Utility and Marginal Utility
• Cardinal Approach: The law of Diminishing Marginal Utility
• Cardinal Approach: Assumptions of the Law of Diminishing Marginal Utility
• Cardinal Approach: Criticism of the Law of Diminishing Marginal Utility
• Cardinal Approach: Importance of the Law of Diminishing Marginal Utility
• Cardinal Approach: Exceptions to the Law of Diminishing Marginal Utility
• Cardinal Approach: The law of Equi-Marginal Utility
• Cardinal Approach: Relationship between the Law of Diminishing Marginal Utility and the Law of Equi-Marginal Utility
• Cardinal Approach: Assumption and Importance of the Law of Equi-Marginal Utility
• Cardinal Approach: Limitations of the Law of Equi-Marginal Utility
• Cardinal Approach: Consumer Surplus
• Cardinal Approach: Assumptions and Criticisms of Consumer Surplus
• Cardinal Approach: Importance of the Concept of Consumer Surplus
• Cardinal Approach: Limitations of Marshallian Approach 
• Ordinal Approach: Indifference Curves (Meaning, Schedule, Graph)
• Ordinal Approach: Properties of Indifference Curve
• Ordinal Approach: Marginal Rate of Substitution
• Ordinal Approach: Consumer’s Equilibrium
• Ordinal Approach: Substitution, Income and Price Effects
• Ordinal Approach: Criticisms of the Indifference Curve Approach 
• Ordinal Approach: Revealed Preference Theory

Module 3: Theory of Demand and Supply 

• Demand: Meaning, Law 
• Demand: Schedule, Curve 
• Exceptions to the Law of Demand 
• Factors Influencing Demand 
• Increase and Decrease in Demand 
• Extension and Contraction of Demand 
• Elasticity of Demand: Meaning and Types 
• Measurement of Elasticity of Demand (with simple calculations) 
• Supply: Meaning, Law 
• Supply: Schedule, Curve 
• Factors Influencing Supply 
• Extension and Contraction of Supply 
• Elasticity of Supply 
• Increase and Decrease in Supply

Module 4: Cost and Revenue Analysis 

• Production Function 
• The Law of Variable Proportions 
• The Law of Returns to Scale 
• Cost: Meaning, Types 
• Real Cost 
• Opportunity Cost (in relation to Module 4) 
• Fixed, Variable Cost and Total Cost 
• Marginal Cost and Average Cost 
• Costs Calculations (Simple Calculations) 
• Cost Curves 
• Revenue: Types, Marginal, Average, Total Revenue, Revenue Curves

Module 5: Production and Factor Pricing 

• Pure Competition and Perfect Competition (Features Price and Output Determination, Role of Time Element, Graphs) 
• Monopoly (Features, Types, Price and Output Determination, Discriminating Monopoly, Graphs) 
• Monopolistic Competition 
• Product Differentiation 
• Oligopoly (Features, Collusive and Non-Collusive Oligopoly, Graphs) 
• Cartels and Price Leadership 
• Marginal Productivity Theory of Distribution 
• Modern Theory of Distribution