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K.S.K.V. KACHCHH UNIVERSITY 49 K.S.K.V KACHCHH UNIVERSITY F.Y.B.A. ECONOMICS-1 [Main & FS] MICRO ECONOMICS PAPER - I [1] Introduction Nature and scope of economics, positive and normative Economics, various definition of economic, Robbins, Aalan Smith and Marshals definition. [2] Basic Economics Terms Utility- Types of utility, Price and Value goods and Service, Monetary income and Real income investment, Welfare. [3] Price Mechanism Meaning of Wemand, Law of demand increase and Decrease, Expansion and contraction of Wemand, Law of Supply, increase and decrease, Expansion and contraction of Supply, price determination. [4] Consumer’s Behaviour Cardinal and ordinal approaches of Utility Analysis, Diminishing Marginal Utility analysis, Indifference Curve Characteristics, Price effect, income effect,Gifften Goods Equil- Marginal Utility analysis. [5] Elasticity Price Elaslicity of demand, types of price elasticity, Consumer, Angel curve. [6] Factors of Production Land, Labour, capital and enterprenuer, Division of labour, types of Division of labour Advantages of Divison of labour, Characteristics of Factors of production. [7] Market Forms Monopoly and price discrimination, measure of monopoly Power, wuopoly oligopoly, monopoliture competition, perfect competition, Equtitrium of a firm in short run, and Long run. [8] Marginal Productivity theory of distribution theories of wage determination, wages and collactive bargaining, wages Diffentials. [9] Rent- Scarcity of Rent, diffrental Rent, Ques, Rent, Interest, Classical and Keynesim theories, Profits-innovation risk and uncertainty theories. [10] Welfare Economics,Problems in meaning welfare, Classical welfare economics Pareto’s criterias value judgements. Concepts of Social function. Compensation principal- Kaldor.
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