|Unit I: Introduction to Microeconomics ||• What is microeconomics? |
• Central problems.
|Unit II: Consumer Behaviour and Demand ||• Consumer’s Equilibrium: meaning and attainment of equilibrium through Utility Approach: One and two commodity cases. • Demand: market demand, determinants of demand, demand schedule, demand curve, movement along and shifts in the demand curve, price elasticity of demand, measurement of price elasticity of demand – percentage, total expenditure, and geometric methods. |
|Introductory Macroeconomics |
|Unit III: National Income and Related Aggregates - Basic Concepts and Measurement || |
• Macroeconomics: meaning.
• Circular flow of income, concepts of GDP, GNP, NDP, NNP (at market price and factor cost).
• Measurement of National Income –Value Added method, Income method, and Expenditure method.
Unit IV: Determination of Income and Employment
• Aggregate demand, aggregate supply, and their components.
• Propensity to consume and propensity to save (average and marginal).
• Meaning of involuntary unemployment and full employment.
• Determination of income and employment: two-sector model.
• Concept of investment multiplier and its working.
• Problems of excess and deficient demand.
• Measures to correct excess and deficient demand – availability of credit, change in government spending.
|Unit V: Money and Banking || |
• Money: meaning, evolution, and functions
• Central bank: meaning and functions
• Commercial banks: meaning and functions.
Unit VI: Government Budget and the Economy
• Government budget – meaning and its components
• Objectives of government budget
• Classification of receipts – revenue and capital; classification of expenditure – revenue and capital, plan and non-plan, and developmental and non-developmental
• Balanced budget, surplus
budget, and deficit budget: meaning and implications
• Revenue deficit, fiscal deficit, and primary deficit: meaning and implications; measures to contain different deficits.
Unit VII: Balance of Payments
• Foreign exchange rate – meaning (fixed and flexible), merits and demerits; determination through demand and supply.
• Balance of payments accounts – meaning and components.
• A brief analysis of recent exchange rate issues.
Indian Economic Development
Unit VIII: Development Experience (1947-90) and Economic Reforms since 1991
• A brief introduction of the state of the Indian economy on the eve of independence. Indian economic system and common goals of Five-year plans.
• Main features, problems, and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance), and foreign trade.
Unit IX: Current challenges facing the Indian Economy
Poverty – absolute and relative; Main programs for poverty alleviation: A critical assessment; Human Capital Formation – How many people become resource; Role of human capital in economic development; Rural development: Key issues – credit and marketing – the role of cooperatives; agricultural diversification; Employment: Growth and changes in the workforce participation rate in formal and informal sectors; Infrastructure: Meaning and Types: Cases Studies: Health: Problems and Policies – A critical assessment; Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming.
Unit X: Development Experience of India
• A comparison with neighbors.
• India and Pakistan.
• India and China.
• Issues: economic growth, population, sectoral development, and other Human Development Indicators.