Article,
Introductory Microeconomics and Macroeconomics
(2014)
Abstract
Part–A Introductory Microeconomics
Unit–I: Introduction
1. Introduction and Central Problems of an Economy
Objectives, Economics, Subject Matter of Economics, Nature of Economic Analysis (Non-evaluative Topic), Economy, Production Possibility Curve/Production Possibility Line/Production Possibility Frontier/Transformation Curve, Opportunity Cost, Marginal Opportunity Cost/Marginal Rate of Transformation (MOC or MRT), Central Problems of an Economy (Economic Problems), Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluative Topic).
Unit–II: Consumer Equilibrium and Demand
2. Consumer’s Equilibrium
Objectives, Consumer, Utility, Law of Diminishing Marginal Utility, Consumer’s Equilibrium-Utility Approach (Cardinal Approach), Consumer’s Equilibrium-Ordinal Approach (Indifference Curve Analysis), Indifference Curve, Budget Line, Consumer’s Equilibrium, Monotonic Preferences, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluative Topic),
3. Theory of Demand
Objectives, Demand and Market Demand, Demand Schedule, Demand Curve, Demand Function, The Law of Demand, Change in Quantity Demanded and Change in Demand (Movement along the Demand Curve and Shift in Demand Curve), Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
4. Elasticity of Demand
Objectives, Meaning, Degrees or forms of Elasticity of Demand, Methods of Measuring Elasticity of Demand, Elasticity of Demand for two Intersecting Demand Curves, Determinants or Factors Affecting Elasticity of Demand, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluate Topic).
Unit–III: Producer Behaviour and Supply
5. Theory of Supply and Elasticity of Supply
Objectives, Supply and Market Supply, Supply Schedule, Supply Curve, Supply Function, The Law of Supply, Change in Quantity Supplied and Change in Supply Or Movement Along the Supply Curve and Shift in Supply Curve, Elasticity of Supply, Meaning of Elasticity of Supply, Degrees or forms of Elasticity of Supply, Methods of Measuring Elasticity of Supply, Elasticity of Supply for Two Intersecting Supply Curves, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluative Topic).
6. Production Function-Returns to a Factor
Objectives, Production, Input and Output, Fixed Factors and Variable Factors, Short Run and Long Run, Production Function, Basic Concepts of Production–Total, Average and Marginal Physical Products, Relationship between TP, MP and AP, Returns to a Factor or Law of Variable Proportions, Reasons or Causes of Operation of the Law, Law of Diminishing Marginal Product or Law of Diminishing Returns, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Eco Mantra (Non-evaluative Topic).
7. Theory of Cost and Cost Curves
Objectives, Meaning of Cost, Cost Function, Types or Kinds of Cost, Short Run Cost Curves, Relationship between Various Short Run Cost Curves, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
8. Revenue Curves
Objectives, Meaning of Revenue, Types or Concepts of Revenue, Relationship between TR, MR and AR, Revenue Curves under Different Markets, Difference between Nature of Demand Curves, (AR Curves) Under Monopoly and Monopolistic Competition, Area Under MR = TR (In Situation of Monopoly and Monopolistic Competition), Demand Curve under Different Markets (Producer Revenue Curve), Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Eco Mantra (Non-evaluative Topic).
9. Producer’s Equilibrium
Objectives, Producer, Profit, Meaning of Producer’s Equilibrium, Approaches or Methods of Producer’s Equilibrium, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evalutive Topic).
Unit–IV: Forms of Market and Price Determination
10. Forms of Market
Objectives, Market-Meaning and Definition, Essentials or Factors Determining Market, Market Structure, Perfect Competition, Monopoly, Imperfect Competition or Monopolistic Competition, Oligopoly, Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Values Based Questions, Eco Mantra (Non-evaluative Topic).
11. Price Determination Under Perfect Competition
Objectives, Equilibrium, Market Equilibrium, Equilibrium Price, Equilibrium Quantity, Determination of Market Equilibrium, Problems of Excess Demand and Excess Supply, Effects of Change in Demand and Change in Supply on Market Equilibrium (Effects of Shift in Demand Curve and Supply Curve), Some Exceptional Situations, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
Part–B Introductory Macroeconomics
Unit–VI: National Income and Related Aggregates
12. Circular Flow of Income
Objectives, Introduction, Stock and Flow, Structure of an Economy, Meaning of Circular Flow of Income, Phases of Circular Flow of Income, Types of Circular Flow of Income, Models of Circular Flow of Income, Importance or Significance of Circular Flow of Income, Leakages and Injections in the Circular Flow of Income, Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
13. National Income and Related Aggregates
Objectives, Economic Territory/Domestic Territory, Normal Residents, Net Factor Income from Abroad (NFIA), Final Goods and Intermediate Goods, Consumer Goods and Producer Goods, Factor Income and Transfer Income (Factor Payment and Transfer Payment), Depreciation and Investment, Net Indirect Taxes (NIT), Market Price (MP) and Factor Cost (FC), Meaning of National Income (NI), Aggregates of National Income, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Eco Mantra (Non-evaluative Topic).
14. Methods of Measuring National Income
Objectives, Introduction, Value Added Method, Problem of Double Counting, Income Method, Expenditure Method, Real and Nominal GDP, GDP and Welfare, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco-Mantra (Non-evaluative Topic).
Unit–VII: Money and Banking
15. Money
Objectives, Barter Exchange, Evolution of Money (Non-evaluative topic), Meaning and Definition of Money, Functions of Money, Supply of Money, Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evalutive Topic).
16. Central Bank and Money Creation
Objectives, Meaning and Definition of Central Bank, Functions of Central Bank, Money Creation by the Commercial Bank (Credit Creation), Money Multiplier (m), Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Qeustions, Eco Mantra (Non-evaluative Topic).
Unit–V III: Determination of Income and Employment
17. Aggregate Demand and Aggregate Supply
Objectives, Aggregate Demand (AD), Aggregate Supply (AS), Consumption Function, Saving Function, Investment Function, Planned (Ex-ante) Saving and Planned (Ex-ante) Investment, Ex-post Saving and Ex-Post Investment, Involuntary Unemployment, Voluntary Unemployment and Full Employment, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Question, Eco Mantra (Non-evaluative Topic).
18. Income Determination and Multiplier
Objectives, Introduction, Aggregate Demand (AD) and Aggregate Supply (AS) Approach of Determination of Equilibrium or AD (C + I) and AS (C + S) Approach, Saving (S) and Investment (I) Approach, Full Employment Equilibrium and Under Employment Equilibrium, Investment Multiplier, Solved Numericals, Key Points, Question Bank, Unsolved Numericals, Higher Order Thinking Skills (Hots) Questions, Value Based Qeustions.
19. Problems of Excess Demand and Deficient Demand
Objectives, Excess Demand, Deficient Demand, Measures to Correct or Control Excess Demand and Deficient Demand, Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
Unit–IX: Government Budget and the Economy
20. Government Budget and The Economy
Objectives, Meaning of Budget, Objectives of Budget, Structure of the Budget (Components of Budget), Budget Receipts (BR), Budget Expenditure (BE), Types of Budgets, Budget Deficit (BD), Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluative Topic).
Unit–X: Balance of Payments
21. Foreign Exchange Rate
Objectives, Meaning of Foreign Exchange Rate, System or Types of Exchange Rates, Determination of Flexible Exchange Rate or Equilibrium Exchange Rate, Change in Exchange Rate (Depreciation and Appreciation of Currency), Devaluation and Revaluation of the Currency, Managed Floating, Foreign Exchange Market, Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions, Eco Mantra (Non-evaluative Topic).
22. Balance of Payments
Objectives, Meaning of Balance of Payments, Economic Transactions in Balance of Payments, Structure of Balance of Payments Account Or Components of Balance of Payments Account, Autonomous and Accommodating Items in BOP, Disequilibrium in BOP, Balance of Trade (BOT), Key Points, Question Bank, Higher Order Thinking Skills (Hots) Questions, Value Based Questions.
Part–C Papers
SP. Sample Papers
EP. Examination Papers-2010-12
MP. Model Test Papers
