PART I
1. Legal Economics
2. Definition of Economics
3. Nature of Economics
4. Micro and Macro Economics
5. Economic Systems : Capitalism, Socialism, Mixed Economy
Capitalism or Free Enterprise Economy
Socialism
Mixed Economy
Exercises
PART II
1. Diminishing Marginal Utility
2. Consumers’ Behaviour
3. Demand and Law of Demand
4. Elasticity of Demand
Price elasticity of demand.
Measurement of Price Elasticity of Demand.
Elasticity of Supply
Importance of Elasticity of Demand
5. Production, Factors of Production and Laws of Production
(a) Laws of Return
Laws of Diminising Returns
Law of Increasing Return
Law of Constant Return
(b) Return to Scale
Increasing Return to Scale
Constant Return to Scale
Decreasing Return to Scale
(c) Land
(d) Labour
Social securities
Child Labour
Bounded Labour
Labour Policy in India
Trade Union Movement
(e) Capital
Classification of Capital
(f) Business Organisation
Sole or Indivisual Partnership
Partnership
Joint Stock Company
Co-operative Societies
6.
(a) Definitions of Market
(b) Classification of Market
(c) Perfect Competitive Market
(d) Equilibrium of a Firm
(e) Monopoly
(f) Monopolistic Competition
Price determination under monopolistic Competition
(g) Oligopoly
Kinked Demand Curve
(h) Duopoly
Cournot’s Solution/Model
Edgeworth’s Solution/Model
Chamberlin’s Solution/Model
Competition Act, 2002
7. Cost and Revenue
Cost Analysis
Concept of Revenue
8. Rent, Profit, Interest, Wages
(a) RENT
Definition of Rent
Ricardian Theory of Rent
(b) PROFIT
Definition
Theories of Profit
Rent Theory of Profit
Risk Taking Theory of Profit
(c) INTEREST
Definition
Classical Theory ol Interest
Time Preference Theory
Keynes Liquidity Preference Theory of Interest
Loanable Funds Theory of Interest
(d) WAGES
Definitions
Minimum Wage
Theories of Wage Determination
Wage Determination under Perfect Competition
Wage Determination under Imperfect Competition
Theory of Collective Bargaining
EXERCISES
PART III
Definition
Functions of Money
Evils of Money
The Quantity Theory of Money
Fisher’s Equation
Cambridge equation
Functions of Commercial Bank
Reserve Bank of India
Functions
Definition
Types of Inflation
Inflationary Gap
Effects of Inflation
Deflation Stagflation
Definitions
Classification of Taxes
Direct Tax
Indirect Tax
Proportional, progressive and regressive taxation
Canons of Taxation
Rates of Income Tax
Exercises
PART IV
1. Indian Economy
Structure of Indian Economy
Main Features of Indian Economy
Under-developed countries
Indian economy as an under-developed Economy
Indian Economy : A Developing Economy
2. Land Reforms
The scope of land reforms
Abolition of Intermediaries
Tenancy Reform
Ceiling on Land Holding
3. Indian Agriculture
Importance of Agriculture
Characteristics of Indian Agriculture
Growth in Agriculture
Agricultural Credit
Rural Credit under Five-Year Plans
Co-operative Institutions
Planning in India at a glance
Economic Planning in India
Assessment of Plan
Public Sector
4. New Economic Reforms
Liberalization
Privatization
Globalization
5. Industrial Relations or Dispute in India
6. National Income
Definition
Elements of National Income
Imortance of National Income
Per Capita Income in India
7. Employment
Keynesian Theory of Employment
Exercises
PART V
1. International Economics
Importance
Classical Theory of International Trade
Modern Theory of International Trade or Heckscher—Ohlin Theory
Haberler’s Opportunity Cost Theory of International Trade
2. Commercial Policy
Free Trade
Protection
3. Tariffs
Classification of Tariffs
Effects of Tariff
4. Import Quotas
Definition
Types of Import Quotas
Effects of Quota
5. The World Bank (IBRD)
International Bank for Reconstruction and Development
World Bank and India
6. International Monetary Fund (IMF)
India and IMF
7. Foreign Exchange
Exchange Rate
Exchange Control
Methods of Exchange Control
Latest Provisions of Exchange Control in India
8. GATT and The Uruguay Round, WTO
The URUGUAY ROUND
Effects of Dunkel Proposal
World Trade Organisation (WTO)
Structure of W.T.O.
Impact of W.T.O. on Indian Economy
Exercises
PART VI
2. Principles of Labour Legislation
3. The Trade Unions Act, 1926
Trade Union
Definition
4. Some Legal Terms Related to Economics
Law
Exercises
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