Business Economics

Silent Features of The Book :

• The book has been prepared strictly according to the new syllabus for B.Com. First Year, effective from academic session 2021-22 for various Universities of Madhya Pradesh.
• This book is the outcome of my experience of four decades of teaching of microeconomics to graduate and post-graduate students of Indian universities. It is intended as a comprehensive text for them. Besides, it will be useful to students of commerce and business administration as well.
• The unique feature of the book is that the book covers all topics of the new syllabus.
• At the end of each chapter five types of questions: Long AnswerType Questions, Short Answer Type Questions, Fill in the blanks, True or False and large numbers of Multiple Choice Questions with answers have been given.
• 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 fulfils these objectives. I have tried to present a clear and accurate picture of Business Economics. While doing this, relevant historical account has also been added so that the principles of business 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 Ist Year of Awadhesh Pratap Singh University, Barkatullah University, Devi Ahilya University, Dr. Harisingh Gour University, Jiwaji University, Rani Durgavati Vishwavidyalaya, Vikram University.

• Historical background of economics in India with special reference to Kautilya, Definition of Economics, Concept of Micro and Macro Economics, Method of Economic study, Economics Law and their nature, Significance of Economics, Basic problems of Economics.
• The elasticity of Demand, Concept and measurement of Elasticity of Demand, Price, Income and cross elasticity, Average Revenue, Marginal Revenue and Elasticity of Demand, Determination of Elasticity of Demand, Importance of
  The elasticity of Demand.
• Factors of Production: Land, Labour, Division of Labour, Efficiency of Labour, Capital, Organisation and Enterprises, The scale of production, Theories of Population.
• Production function and Law of returns, Return of scale, Equal product curve analysis, Market and their classification, Theory of cost and concept of revenue.
• Price determination under perfect competition and Equilibrium of the firm, Monopoly price and output determination and monopoly, control, Price determination under monopoly, Imperfect and monopolistic competition price determination.
• Rent : concept, Recording and modern theories of Rent, Quasi Rent, Wages: concept, nominal and real wages, theories of wage determination, concept and theories of Interest, Profit: Nature, concept and Theories of profit.

Business Economics Contents

1. Historical Background of Economics in India With Special Reference to Kautilya
2. Definition of Economics
3. Concept of Micro and Macro Economics
4. Methods of Economic Study (Deductive and Inductive)
5. Nature of Economic Laws
6. Significance of economics
7. Basic Problems of Demand
8. Elasticity of Demand
9. Revenue Analysis
10. Factors of Production
11. Division of Labour
12. Efficiency of Labour
13. The Scale of Production
14. Theories of Population
15. Law of Production (Production Function, Law of Vaiable Proportions and Returns to Scale)
16. Equal Product Curve Analysis (Isoquants and Producer’s Equilibrium)
17. Market and Their Classification
18. Theory of Cost
19. Price Determination Under Perfect Competition
20. Equilibrium of Firm Under Perfect Competition
21. Monopoly (Price and Output Determination and Monopoly Control)
22. Price Determination Under Imperfect Competition
23. Monopolistic Competition (Price Determination)
24. Rent
25. Wages
26. Interest
27. Profits