Economics-I (Microeconomics)

Unit 1 — Introduction to Economics

Meaning of Economics: Definition, subject matter, micro and macro · Nature of economics, economic laws, fundamental problems of economics · Tools of economic analysis, equilibrium, principles, and assumptions · Economic systems-capitalist, socialist & mixed economy

• 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 — Price and Consumer Behavior

Utility Analysis- Different approaches, cardinal, ordinal · Demand law and exceptions · Elasticity of Demand- types and measurement · Supply: Meaning & Concepts, price determination

Unit 4 — Production Behavior

Cost & Revenue concepts, Break Even Point · Production Function- Meaning & concepts · Law of variable proportions- theory & limitations · Returns to scale- theory & limitations

Unit 5 — Market Structure

Market concepts · Perfect competition: features and output determination · Monopoly market: features and price-output determination · Monopolistic Competition: features and price—output determination · Welfare economics-concept

Unit 5 (Entrepreneurship) — Entrepreneurship

Definition of entrepreneurship and entrepreneur · Traits of an entrepreneur · Industry Analysis · Role of entrepreneurship in economic development