Minor-II Paper-I (Economics): General Principles of Economics

Unit 1 — Introduction to Economic Concepts:

1.1 Definition, Nature and Scope of Economics; · 1.2 Importance of Economics in the Context of Legal Education; · 1.3 Types of Economic Studies-Micro Economics and Macro Economics. · 1.4 Difference Between Micro and Macro Economics; · 1.5 Welfare Economics –Meaning

• The Nature and Significance of economic science and its relevance to law, Difference between Micro and Macro Economics, Positive economics and Normative economics

Unit 2 — Consumer Behavior:

2.1 Meaning of Demand-Law of Demand; · 2.2 Meaning of Utility and Marginal Utility. · 2.3 Cardinal Utility Analysis-Law of Diminishing Marginal Utility-Consumer’s equilibrium: Principle of Equi-marginal Utility; · 2.4 Ordinal Utility Analysis- Indifference Curve Analysis-Assumptions-Properties- Consumer’s Equilibrium.

Unit 3 — Theory of Production:

3.1 Meaning of Production · 3.2 Production Function-Law of Variable Proportions-Laws of Returns to Scale; · 3.3 Isoquants: meaning and properties. · 3.4 Ridge Lines · 3.5 Technical Progress and Production Function

Unit 4 — Market and Price Determination:

4.1 Meaning of Market · 4.2 Forms of Market-Perfect Competition and Imperfect Competition. · 4.3 Price and Output Determination in Perfect Competition, Monopoly and Monopolistic Competition.

Unit 5 — Factors of Production:

5.1 Land, Labour, Capital and Organisation-Their Characteristics and Importance; · 5.2 Types of BusineSss Organization · 5.3 Trade Union- Positive Role of Trade Union in Raising Wages-Effects of Trade Union on Wage and Employment in a Perfectly Competitive Labour Market · 5.4 Capital formation-Role in Economic Development.