This course will provide an introduction to the subject matter of economics, which is highly relevant to understanding the functioning of the economy and the world around us. The course will consider basic economic principles that govern consumers and producers behaviour. It will examine how markets work and how supply and demand interact to determine prices, characteristics and types of market, market failure and role of government in the economy, macroeconomic issues and measurement, inflation and unemployment.
Chapter-wise syllabus
Chapter 1 Ten Principles of Economics | Chapter 2 Thinking Like an Economist | Chapter 3 Interdependence and the Gains from Trade | Chapter 4 The Market Forces of Supply and Demand | Chapter 5 Elasticity and Its Application | Chapter 6 Supply, Demand, and Government Policies | Chapter 7 Consumers, Producers, and the Efficiency of Markets | Chapter 8 Application: The Costs of Taxation | Chapter 9 Application: International Trade | Chapter 13 The Costs of Production | Chapter 14 Firms in Competitive Markets | Chapter 15 Monopoly | Chapter 16 Oligopoly | Chapter 17 Monopolistic Competition | Chapter 23 Measuring a Nation’s Income | Chapter 24 Measuring the Cost of Living | Chapter 25 Production and Growth | Chapter 29 The Monetary System | Chapter 30 Money, Growth and Inflation
Text Book: N Gregory Mankiw (2012); “Principles of Economics”, 6th Edition, South Western Cengage Learning, ISBN-13:978-0-538-45305-9 (hereafter, Mankiw, 2012, 6e). (or any recent edition)
Reference Book: Karl E. Case and Ray C. Fair (2007), Principles of Economics, 8th edition, Pearson Education Inc., ISBN 81-317-1587-6(hereafter Case & Fair, 2007, 8e). (or any recent edition)
Chapter-wise syllabus
Chapter 1 Ten Principles of Economics | Chapter 2 Thinking Like an Economist | Chapter 3 Interdependence and the Gains from Trade | Chapter 4 The Market Forces of Supply and Demand | Chapter 5 Elasticity and Its Application | Chapter 6 Supply, Demand, and Government Policies | Chapter 7 Consumers, Producers, and the Efficiency of Markets | Chapter 8 Application: The Costs of Taxation | Chapter 9 Application: International Trade | Chapter 13 The Costs of Production | Chapter 14 Firms in Competitive Markets | Chapter 15 Monopoly | Chapter 16 Oligopoly | Chapter 17 Monopolistic Competition | Chapter 23 Measuring a Nation’s Income | Chapter 24 Measuring the Cost of Living | Chapter 25 Production and Growth | Chapter 29 The Monetary System | Chapter 30 Money, Growth and Inflation
Text Book: N Gregory Mankiw (2012); “Principles of Economics”, 6th Edition, South Western Cengage Learning, ISBN-13:978-0-538-45305-9 (hereafter, Mankiw, 2012, 6e). (or any recent edition)
Reference Book: Karl E. Case and Ray C. Fair (2007), Principles of Economics, 8th edition, Pearson Education Inc., ISBN 81-317-1587-6(hereafter Case & Fair, 2007, 8e). (or any recent edition)
- Teacher: Santosh Kumar Sahu