BAL1103 - PRINCIPLES OF ECONOMICS Semester 1

No of Lecture
Total Teaching Hours for Semester:60
Hours/Week:4
Max Marks:100 Credits:4
The Fundamentals of Economics
This unit introduces the thought processes in the field of Economics,
underlying principles of Microeconomics, scope, and method of
economics. The unit introduces the fundamental concepts used in
microeconomic analytics, like scarcity, choice and means, the economic
approaches-positive and normative, and the difference between
Microeconomics and Macroeconomics. The unit familiarizes the student
to understand the duality of scarcity and choice in every decision-making
process
 

Theory of Demand and Supply

 
This unit explains how the market price is determined by the interaction
of demand and supply and how the market price is restored, or
equilibrium is restored if there is any disturbance in the market price.
Students are enlightened to the predominant analytical tools in Economics
and enable the student to get information on the system of Governmental
pricing, price control mechanisms and corresponding designing of public
policies

Theory of Consumer Behavior

The unit introduces various theories of consumer behaviour to understand
the choices that people make in order to maximize their level of
satisfaction. The unit develops on the concept of utility in economics and
makes aware the concept of consumer equilibrium, from theoretical
angles.
 

Theory of Production and Cost

The unit discusses the inter-relationship between production and cost and
cost and output that enables a firm to make cost-minimizing and profit-
maximizing production decisions. The unit exposes the students to
comprehend the theories involved and understand how firms can produce
efficiently and how their costs of production change with the changes in
costs of inputs and the level of output.
 
Structure of Markets
This unit juxtaposes the different kinds of markets and the market models
and explains how the pricing and output decisions of the firm depend
upon the different types of market structure. The students get familiarized
with diverse kinds of existing market trends, through this unit.
 

Public Finance and Taxation

  The unit encompasses the domain of Public Economics. The unit
enables the students to understand the elementary inputs in the areas of
fiscal policy, public expenditure, and taxation.
Macroeconomics Variables and Policies  
 National Income: real GDP, nominal GDP, per capita GDP;
Unemployment: types of unemployment; Inflation: types and causes of
inflation; Economic policies: monetary and fiscal policy;  Debates Over
Macroeconomic Policies.

Essential Readings:

1. N. Gregory Mankiw , Principles of Economics, 8th edition, 2016,

Cengage Learning Custom Publishing , ISBN- 978-1305971493
2. Paul A Samuelson , William D Nordhaus , Anindya Sen,
Microeconomics, McGrawHill,.Inc. 2021
3. H. L. Bhatia Micro Economic Theory; Modern Publisher, Gulab
Bhawan, 6, Bahadurshah Zafar,Marg, New Delhi.
4. M.L. Jhingan Micro Economic Theory; Konark Publishers Pvt.
Ltd., A-149, Vikas Marg, Shakarpur, New Delhi-110 092.
5. S. K. Agarwala Economic System and Micro Economic Theory;
Galgotia Publishing Company,6A/4, WEA, Karol Bagh, New
Delhi.
6. 4. D.D. Chaturvedi Macro Economic - Analysis and Policy;
Galgotia Publishing Company, 6A/4, WEA,Karol Bagh, New
Delhi.
7. Miller, R.L. – Economics Today -14th Edition (2005) – Addison
Wesley
8. Petersen, Craig H., W. Chris Lewis and Sudhir K. Jain: Managerial
Economics, Pearson Education, Delhi.
9. Keat, Paul G. and Philip K.Y. Young: Managerial Economics,
Economic tools for Today’s Decision Makers, Pearson Education,
Delhi.
 10.Dwivedi, D.N.: Microeconomics. Theory and Applications,
Pearson,Delhi.
11.William Boyes and Michael Melvin- Textbook of economics – 6th
edition (2009)-biztantra (Indian edition)
12.Dr. Robert E. Hall and Dr. Marc Lieberman : Microeconomics-
Principles and applications
13. Joseph E. Stiglitz and Carl E. Walsh: Principles of
Microeconomics
14.Robert Pindyck , Daniel Rubinfeld , Microeconomics,8 th
Edition,Pearson Education, 2017
15.Rakesh.V.Vohra, Prices and Quantities: Fundamentals of
Microeconomics ,2020

Recommended References:

1. Stonier, A.W. and D.C. Hague (1972), A Textbook of Economic

Theory, ELBS and Lognman Group, London.
2. Timothy Taylor, Saint Paul, Minnesota Steven A. Greenlaw,
Fredericksburg, Virginia Eric Dodge, Hanover, Indiana, Principles
of Microeconomics, 2014 ISBN 13: 9781938168246, Publisher:
OpenStax
3. Kreps, D.(2009). Microeconomics for Managers, 1st edition, Viva
Books Pvt. Ltd.
4. Peterson, L. and Jain (2006) Managerial Economics, 4th edition,
Pearson Education.
5. Colander, D, C (2008) Economics, McGraw Hill Education
6. Christopher Snyder , Walter Nicholson ,Microeconomic Theory-
Basic Principles and Extensions Paper; Cengage, 2014
7. Hubbard R. Glenn , O'Brien Anthony P. ,Microeconomics 5 th
Edition , Pearson Education, 2017
8. Perloff Jeffrey, Microeconomics, 7th Edition, Pearson Education,
2019
9. Arthur O‘ Sullivan and Steven M. Sheffrin: Micreconomics-
Principles, Applications and Tools ( for Application Purposes)
10.Varian, Hal R.: Intermediate Microeconomics (Sixth edition)
11.Browning, Edgar K. &Zupan,: Microeconomic Theory and
Application
12.Salvatore, Dominick. Microeconomics-Theory and Applications.
New Delhi: Oxford University Press, 4th Edition

Evaluation Pattern
CIA-I: 20 scaled down to 10

CIA-II: 50 scaled down to 25

CIA-III: 20 scaled down to 10

Class participation: 05

SEM END EXAMINATION: 100 scaled down to 50

Total Marks : 100