Lecture:  1

Details

Pedagogy

• Oral & Power Point Presentation 
• Some Videos on Economics

Topics to be covered

1. 1.        Overview of the Course and its structure

• Introduction
• What are the principles of economics?
• Why to study principles of economics?
• Mention few renowned economists

Learning Motivation

1. Understanding of relevance principles of economics.

Readings

PPTs uploaded by the course coordinator

Case Study /Practical

-

Assignment/Quiz/ Project

-

Lecture:  2

Details

Pedagogy

• Video on Economics in Daily life
• Power Point Presentation and Classroom Interaction
• Practical Examples

Topics to be covered

1. 1.        Basic Principles of Economics:

• Unlimited Wants
• Scarcity of Means/Resources
• Problem of Choice

Learning Motivation

1. Understand the importance of economics in day to day life- Spending their pocket money (income) and making choices.

1. Cite the important decisions that mangers must make concerning the allocation of company’s scarce resources- how many people to hire?

Readings

1. PPTs uploaded by the course coordinator

2. Principles of Economics by Deppasgree, Tata McGraw Hill,  1.11-1.13.

Case Study /Practical

-

Assignment/Quiz/ Project

-

Lecture:  3             

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• Practical Examples

Topics to be covered

1. Definitions of Economics

• Definition by Adam Smith
• Definition by Robbins
• Definition by Other Economists

Learning Outcomes

1. Explain the different aspects of economics

2. Describe the broader scope of economics

Readings

1. Microeconomics my T.R. Jain, VK Publication, 1-21.

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: Critically examine Robbins’s definition of economics.

TO BE SUBMITTED IN ONE WEEK

Lecture:  4

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• Practical Examples

Topics to be covered

Three Basic Economic Questions in Business

• What goods and services should be produced?- The Product Decision
• How should these goods and services be produced?- The hiring, staffing, procurement and capital budgeting decisions
• For whom should these goods and services be produced?- The market segmentation decision

Learning Outcomes

1. Cite the important decisions that mangers must make concerning the allocation of company’s scarce resources- how many people to hire?

2. Cite and compare the three basic economic questions from the standpoint of an entrepreneur/company.

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 1.14-1.16.

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  5

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board

Topics to be covered

1. Nature of Economics:

• Economics as an Art
• Economics as a Science

Learning Outcomes

1. Recognize the subject matter of economics as science and arts.

Readings

1.Micro Economics by T.R. Jain, VK Publications, Delhi, PP-22-41

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  6

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of demand.
• White Board and Marker for diagrams

Topics to be covered

1. Scope of Economics

• Micro Economics
• Macro Economics

Learning Outcomes

1. Identify the concepts of micro and macro economics

2. Analyse the use of micro and macroeconomic concepts

Readings

1.Micro Economics by T.R. Jain, VK Publications, Delhi, PP-24-41

Assignment/Quiz/ Practical

Lecture:  7

Date/Day:

Pedagogy

Discussion

Topics to be covered

Revision on nature and scope of economics

Learning Outcomes

1. Clarify the doubts to proceed further

Readings

PPTs and Readings Mentioned above.

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  8

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of demand.
• White Board and Marker for diagrams

Topics to be covered

1. Demand:

• Meaning of demand
• Demand schedule- individual and market demand schedules
• Demand curve- Individual Vs Market Demand Curve

Learning Outcomes

1. Describe market demand for a product as a summation of individual demand

2. Draw demand curve

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 3.1.1, 3.3.1-3.3.2.

Assignment/Quiz/ Practical

Lecture:  9

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board and Marker for diagrams

Topics to be covered

1. Law of Demand

• Statement, assumptions and explanation with demand schedule and demand curve Reasons

2. Demand Function

• Factors affecting demand

Learning Outcomes

1. Describe an increase in demand for a product when its price falls and vice-versa.

2. Explain determinants of demand

Readings

1. Principles of Economics by Deepashree , Tata McGraw Hill, 3.2.1-3.2.3, 3.1.2-3.1.5

Assignment/Quiz/ Practical

ASSIGNMENT: Justify the negative relationship between price and quantity demanded. Is this relationship always negative?

TO BE SUBMITTED IN ONE WEEK

Lecture:  10

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board and Marker for diagrams
• Practical Examples

Topics to be covered

1. Change in Demand:

• Movements along the demand curve
• Shift of demand curve

Learning Outcomes

1. Describe the shift in demand curve

2. Explain the reasons for shift in demand curve

Readings

1. Principles of Economics by , Tata McGraw Hill, 3.4.1-3.4.3.

Assignment/Quiz/ Practical

Lecture:  11

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of supply.
• White Board and Marker for diagrams
• Practical Examples

Topics to be covered

1. Supply:

• Meaning of supply
• Supply schedule- individual and marker supply schedules

3. Law of supply:

• Statement
• Assumptions and explanation with supply schedule and supply curve.

Learning Outcomes

1. List the non-price determinants of supply for different types of goods/products

2. Describe the positive relationship between price and quantity supplied.

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 3.5.1-3.6.3.

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  12

Date/Day:

Pedagogy

• Video: Supply, Demand, Price
• Power Point Presentation and Classroom Interaction: Introduction to the concept of market equilibrium.
• White Board and Marker for diagrams
• Examples

Topics to be covered

1. Market Equilibrium:

• Interaction of Demand and Supply
• Price Determination

Learning Outcomes

1. Analyse the effect of excess demand on price
2. Evaluate effect of excess of supply on price

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 3.9.1-3.10.2.

Case Study/The Situation

Assignment/Quiz/ Practical

Practice the shift in demand and supply and change in price.

Lecture:  13

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of elasticity of demand.
• White Board and Marker for diagrams

Topics to be covered

1. Elasticity of Demand:

• Meaning of elasticity of demand

2. Types of Elasticity of Demand

• Price elasticity of demand: Meaning and measurement
• Degrees of price elasticity of demand: perfectly elastic, perfectly inelastic, unitary elastic

Learning Outcomes

1. Enable students to measure price elasticity coefficient and its interpretation

2. Deciding price for a new product

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 4.1.1-4.1.3.

Case Study/The Situation

Assignment/Quiz/ Practical

Practice on calculation of coefficient of elasticity of demand

Lecture:  14

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction.
• White Board and Marker for diagrams

Topics to be covered

1. Cross Elasticity of Demand:

• Meaning of cross elasticity of demand
• Measurement of cross elasticity of demand
• Degrees of cross elasticity of demand: positive, negative, zero elasticity

Learning Outcomes

1. Enable students to measure cross elasticity of demand

2. Calculate the change in demand due to change in price of the substitute or compliment product

Readings

1. Principles of Economics by , Tata McGraw Hill, 4.4.1-4.4.2.

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  15

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction.
• White Board and Marker for diagrams

Topics to be covered

1. Income elasticity of demand:

• Meaning and measurement
• Degrees of income elasticity of demand: positive, negative and zero income elasticity

Learning Outcomes

1. Enable students to measure income elasticity of demand

2. Calculate the change in demand due to change in income of the consumers.

Readings

1. Principles of Economics by , Tata McGraw Hill, 4.3.1-4.3.2.

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: Why is it important to study the elasticity of demand?

Lecture:  16

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board and Marker for diagrams

Topics to be covered

Elasticity of supply: meaning

•  Degrees of Elasticity of Supply

Learning Outcomes

1. Enable students to measure elasticity of supply

2. Calculate the change in supply due to change in price of the product

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 4.5.1-4.6.2.

Assignment/Quiz/ Practical

Practice exercises on calculation of coefficient of elasticity of supply.

Lecture:  17

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• Board and Marker for diagrams

Topics to be covered

1. Consumer Theory

• Utility Analysis
• Law of Diminishing Marginal Utility

Learning Outcomes

1. Evaluate the basis of consumer choices

2. Describe how does consumer allocate its limited income among different goods

Readings

1. Principles of Economics by , Tata McGraw Hill, 6.1, 6.2.1-6.2.6, 6.3.

Assignment/Quiz/ Practical

Lecture:  18

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• Board and Marker for diagrams

Topics to be covered

1. Consumer Theory

• Demand and Law of Diminishing Utility

Learning Outcomes

1. Analyze basis of law of demand

Readings

1. Principles of Economics by , Tata McGraw Hill, 6.1, 6.2.1-6.2.6, 6.3.

Assignment/Quiz/ Practical

Lecture:  19

Date/Day:

Pedagogy

• Discussion
• White Board and Marker for diagrams

Topics to be covered

Revision and discussion on Demand and Supply analysis

Learning Outcomes

1. Clear the doubts and practice

Readings

PPTs provided by the Course Coordinator

Lecture:  20

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concepts of production.
• White Board and Marker for diagrams

Topics to be covered

1. Production Theory:

• Production function- meaning
• Concepts of production: total , average and marginal product

Learning Outcomes

1. Explain different concepts of production

2. Calculation of concepts of production

Readings

1. Managerial Economics- Economic Tools for Today’s Decision Makers by Paul G. Keat, Philip K.Y. Young & Sreejata Banerjee, Fifth Edition, Pearson Education, PP 180-194.

Case Study/The Situation

1. Principles of Economics by , Tata McGraw Hill, 8.1, 8.2.

Assignment/Quiz/ Practical

ASSIGNMENT: Calculation of AP, MP  from TP and study the relationship among three.

Lecture:  21

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concepts of production.
• White Board and Marker for diagrams

Topics to be covered

1. Short run analysis of production: law of diminishing returns

Learning Outcomes

1. How the decision regarding utilization of resources in short run.

Readings

1. Principles of Economics by, Tata McGraw Hill, 8.4.1-8.4.7.

Case Study/The Situation

Practice on Calculation of AP and MP from TP

Assignment/Quiz/ Practical

Lecture:  22

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board and Marker for diagrams

Topics to be covered

1. Short run analysis of production: law of diminishing returns

• Three stages of production in short-run

Learning Outcomes

1. Analyse the decision regarding utilization of resources in short run.

2. Evaluate which stage is the optimum one.

Readings

1. Principles of Economics by , Tata McGraw Hill, 8.5.1-8.5.4.

Case Study/The Situation

Practice on Calculation of AP and MP from TP and the relationship among these concepts.

Assignment/Quiz/ Practical

Lecture:  23

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concepts of production.
• White Board and Marker for diagrams

Topics to be covered

1.  Long-run analysis of production

• Increasing Returns to Scale
• Constant Returns to Scale
• Decreasing Returns to Scale

Learning Outcomes

1. Analyse the decision regarding utilization of resources in long run.

2. Evaluate which stage is the optimum one.

Readings

1. Principles of Economics by , Tata McGraw Hill, 8.7.1-8.7.3

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: Why is it always beneficial to be in second stage of production?

Lecture:  24

Date/Day:

Pedagogy

• Discussion and revision of production concepts and analysis.
• White Board and Marker for diagrams

Topics to be covered

• Production and analysis

Learning Outcomes

• Clear the doubts

Readings

• PPTs uploaded by the course coordinator

Case Study/The Situation

Assignment/Quiz/ Practical

Discussion

Lecture:  25

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of cost.
• White Board and Marker for diagrams

Topics to be covered

1. Cost of Production:

• Cost concepts- total, average and marginal costs, fixed and variable costs, opportunity cost etc.

Learning Outcomes

1. Explain and identify different types of costs involved in production

2. Explain the relationship among different costs

Readings

1. Principles of Economics by , Tata McGraw Hill, 9.1, 9.2.1- 9.1.2, 9.2, 9.3.1, 9.3.2-9.3.4

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  26

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of cost.
• White Board and Marker for diagrams

Topics to be covered

1. U-Shaped Average Cost Curve

• Reasons for U-Shape of Average Cost Curve

2. Relationship between production and cost concepts

Learning Outcomes

1. Evaluate why does per unit cost initially fall and start increasing after a certain point.

2. Explain the relationship among different cost and production concepts

Readings

1. Principles of Economics by , Tata McGraw Hill,9.4.1

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: Why per unit cost falls initially and starts increasing after a certain point?

Lecture:  27

Date/Day:

Pedagogy

• Review of production and cost concepts
• Discussion
• White Board and Marker for diagrams

Learning Outcomes

1. Clear the doubts

2. Practise concepts of cost and production

Readings

1. Principles of Economics by , Tata McGraw Hill,9.4.1

Case Study/The Situation

Assignment/Quiz/ Practical

Discussion on Economies of Scale

Lecture:  28

Date/Day:

Pedagogy

• Video on market structures
• Power Point Presentation and Classroom Interaction: Introduction to the concept of market structure.
• White Board and Marker for diagrams

Topics to be covered

1. Market Structures:

• Introduction to Market Structures
• Why to study market structures?

Learning Outcomes

1. List products sold in different market conditions
2. Compare and contrast the degree of competition among different market types

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 10.4

2. PPTs by the Course Coordinator

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  29

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to perfect competition
• Examples
• White Board and Marker for diagrams

Topics to be covered

1. Perfect Competition:

• Meaning and features/assumptions

Learning Outcomes

1. List the products sold under competitive market conditions

Readings

Case Study/The Situation

1. Principles of Economics by , Tata McGraw Hill, 10.1.1- 10.1.2

Assignment/Quiz/ Practical

Lecture:  30

Date/Day:

Pedagogy

• Video on market structures
• Power Point Presentation and Classroom Interaction: Introduction to the concept of monopoly and examples.
• White Board and Marker for diagrams

Topics to be covered

1. Monopoly:

•  Meaning and examples
• Demand, MR and MC under Monopoly
• Features/Assumptions of Monopoly

Learning Outcomes

1. List specific examples and reasons for monopoly markets

2. Compare perfect competition with monopoly market

Readings

1. Principles of Economics by , Tata McGraw Hill, 11.1-11.2.5

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  31

Date/Day:

Pedagogy

• Video on market structures
• Power Point Presentation and Classroom Interaction: Introduction to the concept of monopolistic markets and practical examples.
• White Board and Marker for diagrams

Topics to be covered

1. Monopolistic Competition:

• Meaning and examples
• Features/assumptions of monopolistic competition

Learning Outcomes

1. List specific actual examples of monopolistic markets

2. Explain the reasons for differentiation in products under monopolistic markets

Readings

1. Principles of Economics by , Tata McGraw Hill, 12.1-12.5

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer/Practice Sessions

Lecture:  32

Date/Day:

Pedagogy

• Discussion
• Power Point Presentation and Classroom Interaction
• White Board and Marker for diagrams

Topics to be covered

Compare perfect competition with monopoly and monopolistic competition

• Basis of main features
• Basis of demand curve

Learning Outcomes

1. Explain the competition in market

2. Describe the importance of selling cost

Readings

1. Reading mentioned above

2. PPTs by Course Coordiantor.

Case Study/The Situation

Assignment/Quiz/ Practical

            Lecture:  33

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to the concept of oligopoly and practical examples.
• White Board and Marker

Topics to be covered

1. Oligopoly:

• Meaning
• Basic assumptions/features- few sellers, market concentration, interdependence

Learning Outcomes

1. List specific actual examples of oligopoly markets

2. Interpret reasons behind assumptions of oligopoly

Readings

1. Principles of Economics by , Tata McGraw Hill, 13.1-13.3

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  34

Date/Day:

Pedagogy

• Revision and Discussion
• Examples of different market structures
• White Board and Marker

Topics to be covered

1. Perfect Competition

2. Imperfect Competition

Learning Outcomes

1. List specific actual examples of different products sold under different market conditions

2. Compare the market structures

Readings

1. PPTs uploaded

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Discussion of examples of different market structures

Lecture:  35

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to working of an economy.
• White Board and Marker

Topics to be covered

1. How does economy work?

2. Circular flow of goods

• Two sector economy
• Three sector economy

Learning Outcomes

1. Illustrate working of an economy

2. describe the independence of all sectors and flow of goods in the economy

Readings

1. Principles of Economics by Deepashree, Tata McGraw Hill, 1.22-1.24

2. 1. Principles of Macroeconomics by T.R. Jain, VK Publications, 94, 129

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  36

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to working of an economy.
• White Board and Marker
• Activity

Topics to be covered

1. How does economy work?

2. Circular flow of goods

• When exchange of goods with other countries takes place
• X-M

Learning Outcomes

1. Illustrate working of an economy

2. describe the flow of goods outside the economy

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 154.

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  37

Date/Day:

Pedagogy

• Video
• Power Point Presentation and Classroom Interaction: Introduction to macro aggregates.
• White Board and Marker

Topics to be covered

1. GDP:

• Meaning
• Real GDP
• Nominal GDP

2. Aggregates of GDP

Learning Outcomes

1. Differentiate between real and nominal GDP and other aggregates

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 13, 23.

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: Calculate different aggregates from the information.

Lecture:  38

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction
• White Board and Marker

Topics to be covered

1. Measurement and calculation of macro aggregates

2. Difference between various aggregates

Learning Outcomes

1. Calculate different aggregates

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 23.

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  39

Date/Day:

Pedagogy

• Problem Solving
• White Board and Marker

Topics to be covered

1. Problem solving on:

• GDP and its aggregates

Learning Outcomes

1. Calculate GDP and its aggregates

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 23-50

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  40

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to Consumption and Investment
• White Board and Marker

Topics to be covered

1. Consumption

• Meaning
• Constituents

Learning Outcomes

1. Understand the concept of consumption and its aggregates

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 70-94

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  41

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to Consumption and Investment
• White Board and Marker

Topics to be covered

1. Investment

• Meaning
• Constituents

2. Y = C+I

Learning Outcomes

1. Understand the concept of Investment and its aggregates

2. Relate consumption and investment with income

Readings

1. Principles of Macroeconomics by T.R. Jain, VK Publications, 70-94.

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer Session

Lecture:  42

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to Inflation
• White Board and Marker

Topics to be covered

1. Inflation

• Meaning
• Types

Learning Outcomes

1. Understand inflation

2. Assess price rise in the economy

Readings

1. PPTs uploaded

2. Macro Economics by Morris A. Davis, Cambridge University Press

Case Study/The Situation

Assignment/Quiz/ Practical

ASSIGNMENT: How is disequilibrium in market forces related to inflation?

Lecture:  43

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to Inflation
• White Board and Marker

Topics to be covered

1. Inflation

• Demand Pull inflation
• Cost Push inflation

Learning Outcomes

1. Understand inflation

2. Relate shift in demand curve with inflation

Readings

1. PPTs uploaded

2. Macro Economics by Morris A. Davis, Cambridge University Press

Case Study/The Situation

Assignment/Quiz/ Practical

Question Answer and Practice Sessions

Lecture:  44

Date/Day:

Pedagogy

• Power Point Presentation and Classroom Interaction: Introduction to Economic Development and Growth
• White Board and Marker

Topics to be covered

1. Economic Growth

2. Economic Development

Learning Outcomes

1. Differentiate between growth and development

2. Describe indicators of economic growth and development

Readings

1. Development Economics by T.R. Jain, VK Publications.

Case Study/The Situation

Assignment/Quiz/ Practical

Lecture:  45

Date/Day:

Pedagogy

• Revision and Discussion
• White Board and Marker

Topics to be covered

1. Revision and Concluding Remarks

Learning Outcomes

1. Clear the doubts

2. Evaluate overall learning from the course

Readings

PPTs by the Course Coordinator

Case Study/The Situation

Assignment/Quiz/ Practical