UNIT 1:

Nature and Scope of Economics Nature and scope of economics: Importance – Subject matter, science vs. art, positive vs.normative science - deductive and inductive methods - Different economic systems: meritsand demerits - Definitions of Economics: Wealth, welfare, scarcity and growth definitions -Divisions of Economics – Micro and Macro economics - Agricultural Economics: definitionand scope - Basic concepts: Goods, Service, Value, Cost, Price, Wealth, Welfare - Wants:Characteristics and classification.

UNIT 2:

Theory of Consumption Utility: Definition, Measurement - Cardinal and ordinal utility - Marginal utility - Law ofDiminishing Marginal Utility & Law of Equi-marginal Utility: Definition – Assumptions -Limitations and Applications - Demand: Definition - Kinds of demand, Demand schedule,Demand curve, Law of demand, Determinants of demand - Extension and Contraction VsIncrease and decrease in demand - Elasticity of Demand: Types, Degrees of price elasticity ofdemand, Methods of measuring elasticity, Factors influencing elasticity of demand -Importance of Elasticity of demand - Engel’s law of family expenditure - Consumer’ssurplus: Definition – Importance

UNIT 3:

Theory of Production Concept of production Factors of production – Land and its characteristics - Labour – Division of labour -Malthusian theory and modern theory of population - Capital – characteristics of capital -capital formation – Entrepreneur, characteristics and functions of entrepreneur - Supplydefinition – law of supply – factors influencing supply - elasticity of supply.

UNIT 4:

Theory of Distribution Pricing of factors of production – rent and Ricardian theory of rent – quasi rent - wage – realwage and money wage – marginal productivity theory of wage - Interest – liquiditypreference theory – profit – Risk bearing theory of profit.

UNIT 5:

Macroeconomic Concepts National Income: Concepts – GNP, GDP, NNP, Disposable income and Per capita incomeMeasurement of National Income - Public Finance: Meaning, Principles. Public Revenue:Meaning, Classification of taxes - service tax - Cannons of taxation, public expenditure:principles - Inflation: Meaning, definition, kinds of inflation - Welfare Economics: Meaning,Pareto’s optimality – Millennium Development Goals (MDG). Practical Law of DiminishingMarginal Utility - Law of Equi Marginal Utility - Individual and market demand -Indifference curve analysis and consumer equilibrium - Measurement of arc elasticity andpoint elasticity of demand - own price elasticity, income and cross elasticity of demand -consumer surplus - law of diminishing marginal returns – relationship between TPP, APP andMPP - Cost concepts and graphical derivation of cost curves - Population growth and foodgrain production - Supply elasticity - Causes of inflation and control measures – Consumerprice 35 index and wholesale price index - Types and functions of money - Computation ofNational Income - Study of structural changes in the economy - welfare indicators.