BUSINESS ECONOMICS PAPER 3

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Level of Knowledge: Basic Knowledge Objective: To familiarize the basic concepts and theories of economics, elementary statistics and mathematics. PART A: ECONOMICS (70 MARKS) 1. Nature and Scope ... of Economics – Economics : Definition, Nature and Scope; Micro and Macro Economics; Positive and Normative Economics; Central Problems of an Economy; Production Possibility Curve and Opportunity Cost; Working of Economic Systems (Capitalistic Economy, Socialistic Economy, Mixed Economy); Economic Cycles; Inflation and Recession 2. Theory of Demand and Supply – Utility Analysis - Total Utility and Marginal Utility; Law of Diminishing Marginal Utility; Law of Equi- Marginal Utility; Consumers’ Equilibrium; Law of Demand & Elasticity of Demand; Law of Supply & Elasticity of Supply; Demand and Supply Equilibrium; Theory of Consumer’s Behaviour – Marshallian Approach and Indifference Curve Approach 3. Theory of Production, Costs and Revenue – Meaning of Factors of Production; Returns to Factor and Returns to Scale; Cost Concepts and Cost Curves; Revenue Concepts and Revenue Curves; Producers’ Equilibrium 4. Forms of Markets and its Equilibrium – Forms of Markets - Meaning and Characteristics – Price and Output Determination - Equilibrium for Firm and Industry under – Perfect Competition – Monopoly – Monopolistic Competition 5. Money and Banking – Concept of Money - Its Functions; Quantity Theory of Money; Credit Creation – Central Bank (Reserve Bank of India) - Role and Functions – Commercial Banks - Role and Functions – Monetary Policy in India 6. Basic Characteristics of Indian Economy – Development Initiatives through Five Year Plans v – Agriculture – Causes of Low Productivity – Farm Size Productivity Debate – Land Reforms: Meaning, Importance and Evaluation – Green Revolution and Its Effects – Globalisation and Indian Agriculture – Industry – Development Policies and Experience – Industrial Policy Resolutions – New Industrial Policy 1991 7. Selected Areas of Indian Economy – Population - Its Size, Rate of Growth and Its Implication for Growth – Poverty - Absolute and Relative Poverty and Main Programs for Poverty Alleviation – Unemployment - Types, Causes and Incidence of Unemployment – Infrastructure - Energy, Transportation, Communication, Health and Education PART B: ELEMENTARY STATISTICS (30 MARKS) 8. Statistics: An Overview – Definition and Functions of Statistic; Statistical Techniques Commonly used in Business Activities; Law of Statistics; Limitations of Statistics 9. Collection and Presentation of Statistical Data – Primary and Secondary Data; Classification and Tabulation of Data; Frequency Distribution of Data; Diagrams and Graphs 10. Measures of Central Tendency – Mean – Median – Mode – Standard Deviation 11. Mathematics of Finance – Simple Interest – Compound Interest – Present Value & Future Value of an Annuity vi 12. Probability – Sample Spaces, Events and Probability – Set Theory: Union, Intersection, and Complement of Events – Conditional Probability, Intersection, and Expected Value – Random Variable, Probability Distribution, and Expectation 13. Index Numbers and Time Series Analysis – Familiarization with the Concepts Relating to Index Numbers and Time Series (Simple Numerical [Show More]

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