Introduction to Microeconomics | - What is microeconomics?
- Central problems
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Consumer Behaviour and Demand | - Consumer’s Equilibrium: meaning and attainment of equilibrium through Utility Approach:
- One and two commodity cases.
- Demand: market demand, determinants of demand, demand schedule, demand curve, movement along and shifts in the demand curve, price elasticity of demand, measurement of price elasticity of demand – percentage, total expenditure, and geometric methods.
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National Income and Related Aggregates — Basic Concepts and Measurement | - Macroeconomics: meaning.
- Circular flow of income, concepts of GDP, GNP, NDP, NNP (at market price and factor cost).
- Measurement of National Income –Value Added method, Income method, and Expenditure method.
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Determination of Income and Employment | - Aggregate demand, aggregate supply, and their components
- Propensity to consume and propensity to save (average and marginal)
- Meaning of involuntary unemployment and full employment
- Determination of income and employment: two-sector model
- Concept of investment multiplier and its working
- Problems of excess and deficient demand
- Measures to correct excess and deficient demand – availability of credit, change in government spending.
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Money and Banking | - Money: meaning, evolution, and functions
- Central bank: meaning and functions
- Commercial banks: meaning and functions
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Government Budget and the Economy | - Government budget – meaning and its components
- Objectives of government budget
- Classification of receipts – revenue and capital; classification of expenditure – revenue and
- capital, plan and non-plan, and developmental and non-developmental
- Balanced budget, surplus budget, and deficit budget: meaning and implications
- Revenue deficit, fiscal deficit, and primary deficit: meaning and implications; measures to contain different deficits.
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Balance of Payments | - Foreign exchange rate – meaning (fixed and flexible), merits and demerits; determination
- through demand and supply
- Balance of payments accounts – meaning and components
- A brief analysis of recent exchange rate issues
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Development Experience (1947-90) and Economic Reforms since 1991 | - A brief introduction of the state of the Indian economy on the eve of independence. Indian economic system and common goals of Five year Plans.
- Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.
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Current challenges facing the Indian Economy | - Poverty – absolute and relative; Main programmes for poverty alleviation: A critical
- assessment;
- Human Capital Formation – How many people become resource; Role of human capital
- in economic development;
- Rural development: Key issues – credit and marketing – role of cooperatives; agricultural
- diversification;
- Employment: Growth and changes in work force participation rate in formal and informal
- sectors; problems and policies
- Infrastructure: Meaning and Types: Cases Studies: Health: Problems and Policies – A critical assessment;
- Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming
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Development Experience of India | - A comparison with neighbours:
- India and Pakistan
- India and China
- Issues: economic growth, population, sectoral development and other Human Development Indicators
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