To acquire the knowledge of terms, facts, concepts, trends, principles, assumptions, etc. in Economics. 2. To develop familiarity with the basic terminology and elementary ideas of Economics. 3. To acquire knowledge of contemporary economic problems and to appreciate the efforts being made to solve these problems. 4 To develop an understanding of the Nation’s physical and human resources and how to avoid their misuse. 5. To understand the various economic processes that help in improving our standard of living
The course begins with the fundamental concept of scarcity and choice, which forms the basis of all economic activity. Students explore opportunity cost, production possibilities, and the importance of efficient resource allocation. These foundational ideas help learners understand how societies prioritize needs and wants in the face of limited resources.
A major component of the course is microeconomics, which focuses on individual consumers and firms. Students study demand and supply, price determination, and market equilibrium. They learn how changes in factors such as income, preferences, and production costs affect market outcomes. Concepts like elasticity, consumer behavior, and production theory are explored to provide insight into how businesses make decisions and how consumers respond to price changes.
The course also examines different market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly. Students analyze how these structures influence pricing, output, and efficiency. This section helps learners understand the role of competition and regulation in promoting fair markets and protecting consumer interests.
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