Economics
Instructor
wavesadmin
- Description
- Curriculum
Economics
Study of resources, production, scarcity, decision making etc. Deals with topics like wealth, finance, recession, banking, productivity, and many more. A wide discipline of study that allows us to answer many questions like how will certain decisions affect the standard of living of the people?; and other questions around changes in the economy with automation, impact of weather on the economy and the stock market, and what not?
- Micro and Macro Economics
- Economic problem: Scarce Resources, Unlimited wants having alternative uses
- Problem of Choice
- Economic System: What, How and for whom to produce
- Opportunity Cost and Trade Offs
- Production Possibility Curve
- Absolute Advantage, Comparative Advantage, Specialization and Trade
- Property Rights and role of Incentives
- Marginal Analysis
(1) Demand and Supply: How Market works
- Demand and Supply
- Determinants of Demand and Supply
- Law of Demand and Supply
- Movement along the Curves and Shifts in the Curve
- Elasticity
- Price, Income and Cross Elasticity of Demand
- Price Elasticity of Supply
- Market equilibrium
- Role of Government: Price and Quality control, price ceiling and price floor
(2) Evaluating Wellness of Consumers and Producers
- Consumers Surplus
- Producers Surplus
- Allocation Efficiency
- Tax Incidence and Deadweight Loss
(3) Theory of Consumer Choice
- Concept of Utility, Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Individual and market Demand Curves
- Reasons of Law
(4) Production and Cost
- Factors of production
- Production Function: short and Long Run
- Theory of production-Law of Diminishing Marginal Returns
- Short and Long Run Cost
- Relationship between Productivity and Cost
- Economies and Diseconomies of Scale
- Cost Minimizing Input Combination and Productive Efficiency
(5) Firm Behavior and Market Structure
- Profits
- Accounting Vs Economic Profits
- Normal Profit
- Profit Maximization Rule: MR=MC
- Perfect Competition
- Features of Perfect Competition
- Nature of Demand and Marginal Revenue Curve
- Profit Maximization
- Short Run Supply and Shutdown Decision
- Efficiency and Perfect Competition
- Monopolistic Competition
- Features of Monopolistic Competition
- Nature of Demand Curve and Marginal Revenue Curve
- Profit Maximization
- Product Differentiation and Role of Advertising
- Excess Capacity and Inefficiency
- Monopoly
- Features Of Monopoly
- Nature of Demand Curve and Marginal Revenue Curve
- Profit Maximization
- Inefficiency of Monopoly
- Price Discrimination
- Concept Of Natural Monopoly
- Oligopoly
- Features of Oligopoly
- Interdependence, Collusion and Cartels
- Game Theory and Dominant Strategy
- Nash Equilibrium
(6) Factor market
- Demand and Supply of Factors
- Derived factor Demand
- Marginal Revenue Product
- Hiring Decisions in market for Labor and Capital
(7) Market Failure and Role of Government
- Externalities
- Marginal Social Benefit and Marginal Social Cost
- Positive Externalities
- Negative Externalities
- Remedies
- Public Goods
- Public Versus Private Goods
- Provision of Public Goods
- Public Policy to promote Competition
- Antitrust Policy
- Regulation
- Income Distribution
- Equity
- Sources and Measures of Income Inequality
- Lorenz Curve and Ginni Coefficient
(1)Â National Income Accounting
- Circular flow of Income(Four Sector Model)
- Gross Domestic Product/National Income
- Gross Domestic Product as a Measure of Economic Performance
- Nominal Versus Real Gross Domestic Product
- Estimation of GDP and its Components
(2)Â Business Cycle
- Phases of Business Cycle and Economic Fluctuations
(3)Â Inflation
- Price Indices: Consumer Price Index and GDP Deflator
- Nominal and Real values
- Inflation and its types: Demand Pull and Cost Push Inflation
- Concept of Disinflation, Hyperinflation, Deflation, Stagflation
- Costs of Inflation
(4)Â Foreign exchange rate
- Demand and Supply of Foreign Exchange
- Exchange Rate determination
- Currency Appreciation and Depreciations
- Effect of Currency Appreciation and Depreciation on Exports and Imports
(5) Balance of Payment Accounts
- Balance of trade
- Balance of Payments
- Current Account and Capital Account(also called Financial Account)
- Trade Barriers
(6)Â Unemployment
- Definition and Measurement of Unemployment
- Causes of Unemployment
- Types of Unemployment
- Natural Rate of Unemployment
(7) National Income and Price Determination
- Aggregate Demand
- Determinants of Aggregate Demand
- Multiplier and Crowding- Out Effects
- Aggregate Supply
- Determinants of Aggregate Supply
- Sticky Versus Flexible wages and Prices
- Macroeconomic Equilibrium
- Real Output and Price Level
- Short and Long Run
- Â Actual Versus Full Employment Output
Financial Sector
- Money, Banking and Financial Market
- Definition of Financial Assets: Money, Stock and Bonds
- Money Supply and its Measures
- Money Demand
- Banks and Creation of Money using T Accounts
- Money Multiplier
- Money market Equilibrium and Equilibrium Nominal Interest Rate
- Loanable Fund Market
- Demand and Supply of Loanable Funds
- Equilibrium Real Interest Rate
- Crowding Out
- Central Banking Policy
- Tools of Central Bank Policy and their impact on Money Supply
- Quantity Theory Of Money
- Nominal and Real Interest Rate
(9) Stabilization Policy
- Fiscal and Monetary Policies
- Demand- side effects
- Supply- Side Effects
- Government Deficits and
- Phillips Curve
- Short Run and Long Run Phillips Curve
- Trade off Between Inflation and Unemployment
(10) Economic Growth
- Meaning Of Economic growth
- Determinants of Economic Growth
- Investment in Human Capital
- Investment in Physical Capital
- Research and Development and Technological Progress
- Growth Policy
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