Fundamentals of Economics Syllabus — Government College of Engineerin…
Full syllabus, topics and curated resources for Fundamentals of Economics (Government College of Engineering and Technology, Jammu).
Microeconomic and macroeconomic concepts including demand, cost, market structures, national income and banking
- Subject code: HMT-7601
- University: Government College of Engineering and Technology, Jammu
- Course: BE (2022 onwards)
- Branch: CE
- Semester: 6
Fundamentals of Economics syllabus
Unit 1: Meaning and Importance of Economics
- Meaning and Scope of Economics
- Role and Responsibilities of an Economist
- Relationship of Economics with Other Disciplines
- Importance of Economics in Decision Making
- Basic Process (Steps) of Decision Making
Unit 2: Demand Analysis
- Meaning of Demand and Law of Demand
- Factors Affecting Demand
- Exceptions to the Law of Demand
- Price Elasticity of Demand
- Income Elasticity of Demand
- Cross Elasticity of Demand
Unit 3: Consumer Behaviour
- Cardinal Utility Analysis - Concept
- Law of Diminishing Marginal Utility
- Law of Equi-Marginal Utility
- Ordinal Utility Analysis - Meaning and Properties of Indifference Curves
- Utility Maximization (Consumer Equilibrium)
Unit 4: Production and Cost Analysis
- Meaning of Production Function
- Isoquants - Meaning and Properties
- Law of Variable Proportions
- Law of Returns to Scale
- Fixed, Variable and Total Costs
- Average and Marginal Costs and their Relationships in Short Run
Unit 5: Market Structure and Pricing Decisions
- Perfect Competition - Price-Output Determination
- Monopoly - Price-Output Determination
- Kinked Demand Curve Analysis of Price Stability in Oligopoly (Sweezy's Model)
Unit 6: Macroeconomics - National Income
- Meaning and Concept of National Income
- Methods of Calculating National Income
- Difficulties in Measuring National Income
Unit 7: Banking and Inflation
- Functions of Central Bank
- Methods of Credit Control (Central Bank)
- Functions of Commercial Bank
- Methods of Credit Creation (Commercial Bank)
- Types and Effects of Inflation
- Methods to Control Inflation