Introduction to Economics Definitions, Nature, Scope, Difference between Microeconomics & Macroeconomics Theory of Demand & Supply; law of demand, law of supply, equilibrium between demand & supply. Elasticity; elasticity of demand, price elasticity, income elasticity, cross elasticity. (Chapter - 1) 2. Theory of production Production function, meaning, factors of production (meaning & characteristics of Land, Labour, capital & entrepreneur), Law of variable proportions & law of returns to scale Cost; meaning, short run & long run cost, fixed cost, variable cost, total cost, average cost, marginal cost, opportunity cost. Break even analysis; meaning, explanation, numerical (Chapter - 2) 3. Markets Meaning, types of markets & their characteristics (Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly) National Income; meaning, stock and flow concept, NI at current price, NI at constant price, GNP, GDP, NNP,NDP, Personal income, disposal income. (Chapter - 3) 4. Basic economic problems Poverty-meaning, absolute & relative poverty, causes, measures to reduce Unemployment: meaning, types, causes, remedies Inflation; meaning, types, causes, measures to control (Chapter - 4) 5. Money Meaning, functions, types, Monetary policy- meaning, objectives, tools, fiscal policy-meaning, objectives, tools Banking; meaning, types, functions, Central Bank- RBI; its functions, concepts; CRR, bank rate, repo rate, reverse repo rate, SLR. (Chapter - 5) 6. Introduction to Management Definitions, Nature, Management, Difference between Management & administration, skill, types and roles of managers Management Principles; Scientific principles, Administrative principles, Maslow's Hierarchy of needs theory. (Chapter - 6) 7. Functions of Management Planning, Organizing, Staffing, Directing, Controlling ( meaning, nature and importance) Organizational Structures; meaning, principles of organization, types-formal and informal, line, line & staff, matrix, hybrid (explanation with merits and demerits), span of control, departmentalization, chain of command, centralization and decentralisation. (Chapter - 7) 8. Organisational Culture Organisational Culture of Environment concept of culture and its importance, attributes culture, How does culture affect managers and employees (Chapter - 8) 9. Corporate Social Responsibility Corporate Social Responsibility meaning, importance Business Ethics; meaning, importance (Chapter - 9)
