BUSINESS ECONOMICS

Unit

Title and Contents

Hours

1

Basic Concept of Economics

1.1 Business Economics – Meaning, Nature, Scope and Importance

1.2 Concept of Micro and Macro Economics

1.3 Theory of Demand – Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand – Price, Income and Cross Elasticity, Demand Forecasting

1.4 Theory of Supply – Meaning, Determinants, Law of Supply and Elasticity of Supply

1.5 Cost of Production – Concept, Short Run and Long Run Costs, Average and Marginal Costs, Total, Fixed and Variable Costs

15

2

Forms of Market and Distribution

2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Monopoly, Duopoly, Oligopoly, Monopolistic Competition

2.2 Difference between Perfect Competition and Imperfect Competition

2.3 Price Discrimination

2.4 Distribution – Introduction, Classical Theory of Distribution – Rent, Wages, Interest and Profit, Marginal Productivity Theory of Distribution

2.5 Emerging Dimensions of Economics – VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of Unknown and Unprecedented)

15