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University of Lucknow, UP, General Semester 1, Principles of economics Syllabus

Principles of economics Lecture notes | Videos | Free pdf Download | Previous years solved question papers | MCQs | Question Banks| Syllabus

Unit - 1 MEANING AND DEFINITIONS OF ECONOMICS

1.1 The meaning and definitions of Economics Adam Smith Marshall Robbins and Samuelson.

1.2 Methods of Economics Inductive vs. Deductive methods Micro vs. Macro Economics Concept of Equilibrium – Stable unstable and Neutral Equilibrium.

1.3 Theory of consumption – Cardinal Vs Ordinal approach.

1.4 Utility analysis – Total Marginal and Average utility.

1.5 Law of diminishing marginal utility and Law of Equi – Marginal Utility.

Unit - 2 Consumer Behaviour

2.1 Consumer Behaviour Indifference curve analysis Budget line Consumer’s equilibrium.

2.2 Price Income and Substitution effects PCCs and ICCs.

2.3 Consumer’s Surplus.

2.4 Concept of Demand and Supply.

2.5 Demand curve – Individual and Market demand curve derivation of demand curve.

2.6 Law of demand

2.7 Movement vs. shift in the demand curve.

2.8 Elasticity of demand – Price Income and cross elasticity factors affecting elasticity of demand.

Unit - 3 Production

3.1 Production meaning and factors of production concept of shortrun and longrun for a firm Law of variable Proportions Returns to scale.

3.2 Cost of production Explicit and implicit cost actual and opportunity cost accounting and economic cost Social and private costs shortrun and longrun costs Cost Curves.

3.3 Concept of Revenue Total Marginal and Average Revenue.

3.4 Market Perfect competition Monopoly and Imperfect competition – Features and Equilibrium of firms in the short and long run period.

3.5 Monopoly features and equilibrium

Unit - 4 Theory of distribution

4.1 Theory of distribution Concept of Rent wages Interest and Profit Theory of rent.

4.2 Theory of wages Marginal productivity theory and Modern theory of wages backward bending supply curve.

4.3 Theory of Interest Classical theory Loanable Funds theory and Liquidity Preference theory of Interest.

4.4 Theory of Profit Innovation theory Risk Bearing theory and Uncertainty bearing theory of Profits.