B. COM. (GENERAL SUBSIDIARY)

PART I

PAPER III—PRINCIPLES OF ECONOMICS

Nature and scope of Economics :— Marshall and Robbin’s Definitions of Economics — Positive and Normative Economics. Nature of Economic Laws. Micro and Macro Economics.
Economic systems and their Basic features, Differences between them. The function of an Economic System, Features, Merits and Demerits of Capitalism, Socialism and Mixed Economy.
Theory and Demand :— Law of Demand, Elasticity of Demand Consumers Surplus, Indifference Curve Analysis.
Production :— Law of Returns, Elementary idea of Production Function and Iso-Product Curve, Nature of Costs : Fixed and variable costs, Total, Average and Marginal Cost.
Theory of Product Pricing:—
(a)Pricing and output under perfect competition—Nature of Perfect competition, Pricing and output in the Market Period, Short period and Long Period. Equilibrium of the Firm under Perfect Competition.
(b)Pricing and output under Monopoly—Meaning of Monopoly, Cost and Revenue Analysis in Monopoly, Short-run and Long-run.
Equilibrium under Monopoly, Price Discrimination under Monopoly.
National Income—Meaning of GNP, NNP, GDP & NDP.
Theory of Distribution or theory of Factor Pricing.
Theories of Rent, Wages, Interest and Profit.

Books Recommended :
1. Dewett K. K.—Adhunik Arth Shastra Ke Sidhant (Modarn Econoinic Theory).
2. Marshall—Principles of Economics.
3. Roy, L. M.—Arthshastra.
4. Sundharam K. P. M. and Vaish M. C.—Principles of Economics.
5. Stonier and Hague -A Text Book of Economic Theory.
6. Jain K. P.—Arthshastra Ke Sidhanta.
7. Ahuja, H. L.—Advanced Economic Theory,
8. Ahuja, H. L.—Uchatar Arthic Sidhanta.