Business Economics

The Business Economics book has been written strictly according to the new syllabus of B.Com Part I of Various Universities of Chhattisgarh State.

With the decay of communism and re-enthroning of the market economy, it has become even more important to understand the function of the market as a co-ordinating system. Joan Robinson described the economic theory as a ‘‘box of tools’’. For proper handling of our tools, we must learn how they function. This book fulfills these objectives. I have tried to present a clear and accurate picture of modern microeconomics. While doing this, relevant historical account has also been added so that the principles of modern economics are understood in their proper perspective. Though the book has been presented in the traditional format, the analysis covers all important recent developments.

Business Economics Syllabus For B.Com. I Year of Guru Ghasidas Vishwavidyalaya, MATS University, Pandit Ravishankar Shukla University, Bastar University, Bilaspur University, Sarguja University.

UNIT-I: Introduction: Definition, Nature and Scope of Economics, Difference Between Micro and Macro Economics, Method of Economic Study: Inductive and Deductive Methods. Basic problem of Economy, Working of Price Mechanism. Utility Analysis: Measurements of Utility, Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility.

UNIT-II: Law of demand: Meaning and Definitions, Affecting Factors, Types; Exception of Law of demand. The elasticity of Demand: Concept, Definitions, Importance, Types, and Measurement of Elasticity of Demand, Factors affecting the Elasticity of Demand.

UNIT-III: Production: Factors of Production, their characteristics, and importance. Production Functions: Law of Variable Proportions, Return to
scale and Equal Product Curve Analysis. Internal and external economies and diseconomies.

UNIT-IV: Market Structure: Concept, Characteristics, Classification. Determination of Price under the condition of Perfect Competition,
Imperfect Competition and Monopoly, Monopolistic Competition, Oligopoly, and Duopoly.

UNIT-V: Theories of distribution, Marginal Productivity theory of distribution, Concept, and theories of Wages, Rent, Interest & Profit.

Business Economics Book Contents

1. Introduction, Definition of Economics
2. Nature and Scope of Economics
3. Difference Between Micro and Macro-Economics
4. Methods of Economic Study: Inductive and Deductive
5. Basic Problems of Economy and Working of Price Mechanism
6. Utility Analysis
7. Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility
8. Law of Demand
9. Elasticity of Demand
10. Production and Factors of Production
11. Production Functions: Law of Variable Proportions and Returns to Scale
12. Equal Product Curve Analysis
13. Internal and External Economies and Diseconomies
14. Market Structure: Concept, Definition, Characteristics, and Classification
15. Perfect Competition: Price Determination
16. Imperfect Competition: Price Determination
17. Monopoly Competition: Price Determination
18. Monopolistic Competition: Price Determination
19. Oligopoly and Duopoly
20. Theories of Distribution: Marginal Productivity Theory
21. Wages
22. Rent
23. Interest
24. Profit