Syllabus (ECONOMICS)

Course Type: MAJ-1

Semester: 1

Course Code: BECOMAJ01T

Course Title: Foundation Course in Economics - I

(L-P-Tu): 5-0-1

Credit: 6

Practical/Theory: Theory

Course Objective:

Learning Outcome: Course Objective: To give basic ideas of general economics, the paper distributed among three parts. In micro-economics basic understanding with preliminary theories, in macro economics, ideas like functioning of an economy and a small introduction of int

1. Microeconomics: (30)

1. Exploring the Subject Matter of Economics: Scope and Method of Economics: Scarcity and Efficiency, Competing Ends and Choice - Defining Economics, Thinking like an Economist: Basic Economics Questions, Microeconomics and Macroeconomics, Normative Economics and Positive Economics (8)

2. Supply and Demand: Determinants of demand and supply; Demand and Supply schedules; Individual and Market Demand and Supply; Law of demand and supply, shifts in the demand and supply curves; Interaction of demand and supply; Equilibrium price and quantity (7)

3. Elasticity and its Measurement: Types of Elasticity of Demand, Price, Income and Cross Elasticity, Measurement of Elasticity of Demand, Determinants of Elasticity of Demand (7)

4. Production: Production Function, Total Production, Marginal Production, Average Production, Revenue Functions (3)

5. Economic Costs and Revenue: Cost in the Short run, Fixed Costs and Variable Costs, Marginal Costs, Long run AC and MC, TR, MR, AR (3)

6. Market Structures: Definition, Types and Features (2)

2. Macroeconomics: (30)

1. Introduction: Nature and Scope of Macro Economics (5)
2. National Income Accounting: Concepts of GNP, NNP, GDP, NDP, NI, DI; Methods of measurement- Product Census Method, Income Census Method and Expenditure Method; Using GDP as a Measure of economic welfare and problems involved (10)
3. Circular Flow of Income: Household, Firm, Injection and Leakage (5)
4. Open Economy : Concepts; Output, Financial and Labour Markets; Distinguish between Closed and Open Economy (10)

3. International Trade: (30)

1. Introduction: One Factor Economy; Relative Prices and Production; Production under Self Sufficiency (Autarky); Specialization and Trade; Concept of International Economics (10)
2. The Classical Theory: Smith’s Theory of Absolute Advantage; Ricardian Theory of Comparative Advantage (Assumption, Explanation, Algebraic Formulation); Comparative versus Absolute Advantage; Opportunity Cost Approach (Neo-Classical Theory) - Graphical Presentation (10)
3. Balance of Payments: BoP Account; Current Account; Capital Account, Terms of Trade (10)

Reading References:

(Microeconomics)

1. Hal R. Varian, 2010, Intermediate Microeconomics: A Modern Approach,W.W. Norton and Company/affiliated East West Press ( India), 8^th edition.
2. Anindya Sen, Microeconomics: Theory and Applications, Oxford University Press
3. Pindyck, Rubinfeld and Mehta, Microeconomics, Pearson
4. B. Douglas Bernheim and Michael D. Whilston, 2009, Microeconomics, Tata McGraw Hill (India)
5. C. Snyder and W. Nicholson, 2010, Fundamentals of Microeconomics, Cengage Learning (India).
6. Jogendranarayan Mitra, 2010, Undergraduate Microeconomics, New Central Book Agency, Kolkata.

(Macroeconomics)

1. Mankiw, N., 2016, Macroeconomics, 9^th edition, Worth Publishers
2. Branson, W., 2013, Macroeconomics, Theory and policy, 3^rd edition, East West Press
3. Jones, C., 2016, Macroeconomics, 4^th edition, W. W. Norton
4. Blanchard, O., 2018, Macroeconomics, 7^th edition, Pearson Education
5. Abel, A., Bernanke, B., 2016, Macroeconomics, 9^th edition, Pearson Education
6. Errol D’Souza, 2009, Macroeconomics, Pearson Education , New Delhi
7. Richard T. Froyen, 2016, Macroeconomics, Pearson education Asia, 10^th edition
8. Sikdar Soumen, Principles of Macroeconomics, Oxford University Press
9. Ackley, Macroeconomic Theory and Policy, 2^nd edition

(International Trade)

1. Soderston, B.O., International Economics, Macmillan
2. Rajat Acharya, International Economics, Oxford University Press
3. J. Sarkhel and S. Salim, International Economics, Book Syndicate (P) Limited
4. KN Verma, 2021, International Economics: Theory and Policy, Vishal Publishing Co., 1^st Edition.
5. Paul Krugman, Maurice Obsfeld and Marc Melitz, 2018, International Trade: Theory and Policy, Pearson, 11^th Edition.