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Intermediate Part I

# Economics Syllabus for Intermediate Part-I

### Marks: 100                                                    PART-I                                                     Time: 3 Hours

#### CHAPTER – 1   NATURE AND SCOPE OF ECONOMICS                      Weightage: 15%

###### A.       Introduction:
• Wants and satisfaction
• Goods and services
• Utility and scarcity
• Economics problems and its nature
• Definition by:

a)   Adam Smith        b)    Alfred Marshall       c)   Lionel Robbins

###### B.       Meaning of:
• Micro Economics, Macroeconomics, Positive Economics, Normative Economics
• Economic laws and their nature

#### CHAPTER – 2 CONSUMER’S BEHAVIOUR AND ITS ANALYSIS         Weightage: 10%

• Definition
• Meaning
• Rationale
###### B)   Utility approach
• The Law of administrative marginal utility with table and graph
• The law of Equi-marginal utility or law of substitution with formula and diagram
###### C)   Indifference curve
• Definition and Characteristics (graphical presentation)

#### CHAPTER – 3 BASIC TOOLS OF STATISTICS AND MATHEMATICS IN ECONOMICS Weightage:    5%

###### A)   Variables:
• Continuous
• Discontinuous
• Independent
• Dependent
###### B)   Equation
• Linear equation with group
• Simultaneous Equations
###### C)   Statistical Data
• Collection and Tabulation

#### CHAPTER – 4   DEMAND                                      Weightage: 10%

###### A)   Law of demand and practical uses
• Definition
• Law of demand
• Demand function and functional equation of demand
• Movement along the demand curve and shift in demand curve
###### B)   Demand elasticity
• Price elasticity of demand (Arc & point) and methods of measurement
• Concepts of income elasticity and cross-elasticity of demand
• Factors influencing the elasticity of demand
• Practical uses of the concept of elasticity of demand

#### CHAPTER –5   SUPPLY                                      Weightage: 10%

###### A)   Law of supply and practical uses
• Definitions stock and supply Law of Supply
• Supply functions and functional equation of supply
• Movement along with supply curve and shift in supply curve
###### B)   Elasticity
• Elasticity of supply and its measurement.
• Factors influencing the elasticity of supply
• Practical uses of the concepts

#### CHAPTER – 6    EQUILIBRIUM                          Weightage: 10%

###### A)   Equilibrium in demand and supply etc.
• Concept of equilibrium
• Equilibrium of demand and supply
• Equilibrium in price and equilibrium in output
• The effects on equilibrium in price and output put due to change in demand and supply

#### CHAPTER –7    THEORY OF PRODUCTION             Weightage: 10%

###### A)   Theory of production
• Meaning of production
• Characteristics and importance of Factors of Production
• Land
• Labour
• Capital
• Organization

#### CHAPTER –8   SCALES OF PRODUCTION AND LAWS OF RETURNS Weightage:    5%

###### A)   Scales of production
• Meaning
• Scale of production Economies and diseconomies internal and external
• Merits and demerits of large scale (increasing, constant, diminishing) and their relation with the cost of production
###### B)   Laws of Returns
• Laws of production (increasing, constant, diminishing) and their relation with the cost of production

#### CHAPTER –9   COST OF PRODUCTION                            Weightage: 5%

###### A)   Cost of production
• Definition, classification, Fixed and variable.
• Total, average and marginal cost
###### B)   Relationships of different cost curve
• Relationship between total, average and marginal cost.

#### CHAPTER –10  REVENUE ANALYSIS                              Weightage: 5%

###### A)   Application of Revenue curves in price and output determination
• Definition
• Total, marginal and average revenue under perfect competition and monopoly
• Price and output determination and short and long run under perfect competition and monopoly

#### CHAPTER – 11  MARKET                                                      Weightage: 5%

###### A)   Market
• Meaning and significance of market
###### B)   Kinds of market
• Perfect competition and monopoly
• Short run and long run in perfect competition and monopoly

#### CHAPTER – 12   DISTRIBUTION: FACTORS PRICING              Weightage: 10%

###### A)    Factors pricing and Productivity
• Rent, meaning, Kinds and Ricardian theory of rent
• Wages definition, meaning, and Kinds. Marginal productivity theory
• Interest: Meaning and Kinds
• Profit: meaning and kinds
• Difference between profit and interest