Micro and Macro economics Course code: 109 cover

Micro and Macro economics Course code: 109

Pioneer in developing concepts.

layers 2 Courses

Language: English

Valid Till: 2020-03-31

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Features of Books:

a) Student-friendly language.

b) Concept linkage with practical examples.

c) Authorised publication by Hope International.

d) Successfully running in various schools and coaching centres of India.

Features of Course:

a) Concept clarity with full patience. 

b) Deep understanding of ideas to answer even most technical questions of economics.

c) Discussion on all basic concepts with detailed reasoning.

d) linkage of theory in practical life.

e) E-Book: Chapter-wise Mock test papers for self-assessment.

f) E-Book: Complete syllabus Mock test papers for self- assessment.

g) Doubt solving platform.

h) "Counselling over the phone" with a subject expert in case of complicated uncertainties and general doubts by prior appointment. Once you call the helpline number 8888880402, they will take your some details and fix the telephonic interview with an expert to clear your doubts.

i) Exclusive videos to revise all graphs of macroeconomics " Graphs at one glance".

j) Exclusive footage of twenty-five most essential questions in macroeconomics.

k) Unique videos on common mistakes made by students in every chapter of macroeconomics while writing the answers in exams.

Book and Course content

Macroeconomics

Unit 1: National Income and Related Aggregates
What is Macroeconomics?  Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation. Circular flow of income (two-sector model); Methods of calculating National Income - Value Added or Product method, Expenditure method, Income method. 

Aggregates related to National Income: 
Gross National Product (GNP), Net National Product (NNP), Gross and Net Domestic Product (GDP and NDP) - at market price, at factor cost; Real and Nominal GDP. GDP and Welfare. 
 

Unit 2: Money and Banking
Money - meaning and supply of money - Currency held by the public and net demand deposits held by commercial banks. Money creation by the commercial banking system. The central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement. 
 

Unit 3: Determination of Income and Employment
Aggregate demand and its components. 
The propensity to consume and propensity to save (average and marginal). Short-run equilibrium output; investment multiplier and its mechanism. Meaning of full employment and involuntary unemployment. Problems of excess demand and deficient demand; measures to correct them - changes in government spending, taxes and money supply. 
 

Unit 4: Government Budget and the Economy
 
Government budget - meaning, objectives and components. Classification of receipts - revenue receipts and capital receipts; classification of expenditure – revenue expenditure and capital expenditure. Measures of government deficit - revenue deficit, fiscal deficit, primary deficit their meaning. 
 

Unit 5: Balance of Payments
Balance of payments account - meaning and components; the balance of payments deficit meaning. Foreign exchange rate - meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market. 

 

Microeconomics

Unit 1: Introduction         
Meaning of microeconomics and macroeconomics; positive and normative economics. What is an economy? Central problems of an economy: what, how, and for whom to produce; concepts of production possibility frontier and opportunity cost. 
 

Unit 2: Consumer's Equilibrium and Demand     
Consumer's equilibrium - meaning of utility, marginal utility, the law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis. 
 Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium. Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method.  
 

Unit 3: Producer Behaviour and Supply    
Meaning of Production Function – Short-Run and Long-Run, Total Product, Average Product and Marginal Product. Returns to a Factor. Returns to scale
Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships. 
Revenue - total, average and marginal revenue - meaning and their relationship. 
Producer's equilibrium-meaning and its conditions in terms of marginal revenue, marginal cost.
Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in the supply curve, price elasticity of supply; measurement of price elasticity of supply - percentage-change method. 
 

Unit 4: Forms of Market and Price Determination under Perfect Competition with simple applications.
     
Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply.  Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features.  Simple Applications of Demand and Supply: Price ceiling, price floor.
 

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