Introduction to Economics, Normative economics and positive economics, Factors of production, Economic systems, Circular flow of goods and income, Micro vs. Macro Economics, Cost and Benefit Analysis, Opportunity cost and production possibility frontier, Goods market and factors market, Demand and supply analysis, equilibrium, Shortage, surplus and price mechanism, Demand and law of demand factors shifting demand curve, price ceiling and price floor, Elasticities, Types of elasticity, Elastic and inelastic demand, Effects of advertising on demand curve, Incidence of taxation, Cardinal / Utility approach, Total and marginal utility, the law of diminishing marginal utility, consumer equilibrium under cardinal approach, diamond-water paradox, the problem of uncertainty and risk, Ordinal / Indifference curve approach, The income consumption curve (ICC) and price consumption curve (PCC), Consumer equilibrium under ordinal approach, Traditional theory of firm, The law of diminishing marginal returns, the scale of production, The concept of isoquant and isocost, optimum combination of factors, Costs, Types of costs, Revenues, Types of revenues, Profit maximization, approaches of profit maximization, Market Structures, Perfect competition, Monopoly, price discrimination and its types, Monopolistic competition, Oligopoly, collusive and non-collusive oligopoly, prisoner’s dilemma, Welfare economics, the concept of externality, information economics, Introduction to Macroeconomics, The concept of aggregate demand, aggregate supply, The concept of invisible hands and Classical economists, The Great Depression and Say’s law, The Classical and Keynesian views about great depression, labor market, market for loanable funds, Keynes demand management policies, different school of thoughts, Macro Economic data, National Income accounting and its various concepts, Macro Economic Variables, macroeconomic equilibrium, Determination of national income, consumption, investment, The Keynesian multiplier and accelerator, Keynesian paradox of thrift, Four big Macro ,Economic Issues and their Relationship, Unemployment and its types, classical, Keynesian and monetarist’s views about unemployment, Inflation and its measurement, costs of inflation, theories about inflation, Balance of payments, equilibrium in the market of foreign exchange, current account, capital account, Economic Growth, exogenous and endogenous growth theory, Relationship between the “Big Four”, Fiscal...

Markets and price, The basics of supply and demand, Consumer Behavior, Individual and Market Demand, Choice Under Uncertainty, Elasticity of supply and demand, Production, Theory of cost, Profit Maximization and Competitive Supply, The Analysis of Competitive Markets, Market structure and competitive strategy, Pricing with market power, Monopolistic competition, Oligopoly, Competitive versus collusion, Market for factor inputs..

Introduction, Principle of macroeconomics, Importance of macroeconomics, The supply and demand analysis , National Income Accounting, Closed Economy, Market clearing model, Components of Aggregate Demand, Money and inflation, Open economy, Issues in unemployment, Economic growth, Aggregate demand and aggregate supply analysis, Keynesian theory of Income and Employment, IS-LM Framework, The Mundell-Fleming Model, Three Models of Aggregate Supply, Inflation, Unemployment, and the Phillips curve, Government Debt, Consumption Theories, Investment Theories, Money & Banking.

ECO404