Economics-For Managers


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Pages : 263;Paperback;
210 X 275 mm approx.

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Pages : 250;Paperback;
210 X 275 mm approx.


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Economics For Managers, Management Textbook, Workbook

Economics For Managers : Contents

Part - I: Microeconomics

Chapter 1

 Introduction to Microeconomics


Chapter 2

 Theory of Demand and Supply


Chapter 3

 Consumer Behavior


Chapter 4

 Production Function


Chapter 5

 Analysis of Costs


Chapter 6

 Perfect Competition


Chapter 7

 Imperfect Competition


Chapter 8

 Rent and Wages


Chapter 9

 Interest and Profit


Chapter 10

 Forecasting and Decision-making


Part - II: Macroeconomics

Chapter 11

 Introduction to Macroeconomics


Chapter 12

 National Income


Chapter 13

 Consumption and Investment Function


Chapter 14

 Classical and Keynesian Economics


Chapter 15

 Fiscal Policy and Budget Deficit


Chapter 16

 Monetary Policy


Chapter 17



Chapter 18

 Banking and Money Supply


Chapter 19

 International Trade and Balance of Payments


Chapter 20

 Economic Indicators


Chapter 21

 Business Cycles


Chapter 22

 Economic Growth, Development and Planning








Detailed Contents

Part I: Microeconomics

Introduction to Microeconomics: Nature and Scope of Economics - Relevance of Microeconomics: Importance of Microeconomic Analysis; Limitations of Microeconomics - Difference between Micro & Macro Economics - Scarcity and Choice: Market Economy; Command Economy; Mixed Economy; Production Possibilities and Opportunity Costs - Production Possibility Curve - Partial Equilibrium and General Equilibrium Analysis: Partial Equilibrium Analysis; General Equilibrium Analysis - Economics and Business.

Theory of Demand and Supply: Demand Theory: Law of Demand; Determinants of Demand; Nature of Demand - Elasticity of Demand: Price Elasticity of Demand; Cross Elasticity of Demand; Income Elasticity of Demand; Advertising and Promotional Elasticity of Demand - Supply Function: Determinants of Supply; Law of Supply - Elasticity of Supply: Types of Supply Elasticity - Equilibrium of Demand and Supply: Effect of a Shift in Supply and Demand; Prices fixed by Law: Maximum Ceiling and Maximum Floor Price.

Consumer Behavior: Choice and Utility Theory: Measurement of Utility; Assumptions of Utility Theory; Total Utility; Marginal Utility - Law of Diminishing Marginal Utility: Applications and Uses of Diminishing Marginal Utility - Equi-Marginal Utility: Derivation of Demand Curve - Substitution and Income Effect: Substitution Effect; Income Effect - Indifference Curve: Marginal Rate of Substitution; Budget Constraint; Consumer Equilibrium - Consumer Surplus: Applications of Consumer Surplus.

Production Function: Production Function - Concepts of Product: Total Product; Average Product; Marginal Product - Three Stages of Production - Short-run and Long-run - Technological Change - Returns to Scale - Production with One Variable Output: Diminishing Marginal Returns; Relationship among the Product Functions - Production with Two Variable Output: The Production Isoquant; The Product Isocost; Least Cost Combination; Expansion Path.

Analysis of Costs: Types of Costs: Opportunity Costs; Implicit and Explicit Costs; Economic Costs; Marginal Incremental, and Sunk Costs; Direct and Indirect Costs; Fixed and Variable Costs - Cost and Production Function: Short-run Cost Function; Long-run Cost Functions; Comparison between Long-run and Short-run - Break-even analysis: Merits of Break-even Analysis; Demerits of Break-even Analysis - Shutdown Point - Economies of Scale: Real Economies of Scale; Pecuniary Economies of Scale; Diseconomies of Scale; Economies of Scope.

Perfect Competition: Characteristics of a Perfectly Competitive Market - Supply and Demand in Perfect Competition - Short-run Equilibrium of the Competitive Firm - Long-run Equilibrium of the Competitive Firm - Efficiency of Competitive Markets: Long-run Competitive Equilibrium and Allocative Efficiency; Efficient Output of a Good; Efficiency in Competitive Markets - Effects of Taxes on Price and Output: Imposition of a Lump Sum Tax; Imposition of a Profit Tax; Imposition of a Specific Sales Tax.

Imperfect Competition: Imperfect Competition - Monopoly: Price Discrimination; Types of Price Discrimination; Natural Monopolies - Monopolistic Competition: Product Differentiation; Types of Product Differentiation - Oligopoly: Kinked Demand Curve; Cartel Formation; Price Leadership; Game Theory.

Rent and Wages: Theories of Factor Pricing: Personal Distribution; Functional Distribution; Marginal Productivity Theory of Factor Pricing; Modern Theory of Factor Pricing - Meaning of Rent: Rent as a Differential Surplus; Scarcity Rent; Quasi-rent - Theories of Rent: Ricardian Theory; Modern Theory of Rent - Relationship between Rent and Price: Ricardian Analysis; Modern Analysis - Concept of Wages - Difference between Real wages & Nominal Wages: Nominal Wages; Real Wages - Factors Determining Real Wages - Theories of Wages: Standard of Living Theory of Wages; Bargaining Theory of Wages; Modern Theory of Wages - Wages & Trade Unions: Productivity of Unionized Workers; Limited Supply of Workers.

Interest and Profit: The Concept of Interest: What is Interest; Basic Concepts - Theories of rate of Interest: The Classical Theory of Rate of Interest; Liquidity Preference Theory of Interest - The Concept of Profit: What is Profit; Basic Concepts - Theories of Profit: Traditional Theories; Modern Theories - Profit Policies: Standards of Reasonable Profits; Reasons for Limiting Profits - Economic Progress & Profits.

Forecasting and Decision-making: Economic Forecasting - Demand Forecasting: Expert Opinion; Survey; Market Experiment; Time Series Analysis; Barometric Analysis - Risk and Decision Making: Risk and Uncertainty; Risk and Decision Making; Uncertainty and Decision Making - Capital Budgeting: Capital Budgeting Process; Evaluation of Projects.

Part II: Macroeconomics

Introduction to Macroeconomics: Developments of Macroeconomics - Objective and Instruments of Macroeconomics: Gross Domestic Product; Full Employment; Price Stability; Sustainable Balance of Payments; Economic Growth - Instruments of Macroeconomics Policy: Fiscal Policy; Monetary Policy; International Trade; Exchange Rate Policy; Prices and Income Policy; Employment Policy - Basic Concepts in Macroeconomics: Stocks and Flows; Equilibrium and Disequilibrium; Statics and Dynamics.

National Income: Circular Flow of Income: Circular Flow of Income in the Two Sector Model without Savings; Circular Flow of Income in the Two Sector Model with Savings; Circular Flow of Income in a Three Sector Economy; Circular Flow of Income in a Four Sector Economy - Factors Affecting the Size of a Nation’s Income - Approaches to National Income: Product Approach; Income Approach; Expenditure Approach - Measures of Aggregate Income: Gross and Net Concepts; Domestic and National Concepts; Market and Factor Cost; Aggregate Income Measures; Nominal and Real GDP; The GDP Deflator; Personal Income; Disposable Income - Difficulties in Measuring National Income - The Uses of National Income.

Consumption and Investment Function:
Aggregate Supply and Aggregate Demand: The Keynesian Aggregate Supply Function; Aggregate Demand - Simple Equilibrium without Government Intervention: Equilibrium with Large-Scale Unemployment - Economy with Government Intervention -Three Sector Model: Recessionary Situation; Inflationary Situation - Equilibrium in an Economy with Government Intervention - Four Sector Model.

Classical and Keynesian Economics: The Classical Tradition: Say’s Law of Markets - The Keynesian Revolution: Keynesian Approach Vs Classical Economics - The Monetarist Approach: The History of Monetarism; The Velocity of Money; The Quantity Theory of Prices; Modern Monetarism; Comparison of Monetarist and Keynesian Approaches - Neo-Classical Macro Economics: Rational Expectation - Supply-Side Economics: Factors Determining Economic Growth in Supply-side Economics; Criticism.

Fiscal Policy and Budget Deficit: Objectives of Fiscal Policy: Mobilization of resources; Economic Development and Growth; Reduction of Disparities of Income; Expansion of Employment; Price Stability - Constituents of Fiscal Policy: Public Expenditure; Taxation; Public Borrowing - Fiscal Policy and Efficiency Issues: Fiscal Policy and Stabilization; Automatic Stabilizers; Discretionary Fiscal Policy - Fiscal Policy and Economic Growth; Budget Deficit and Debt: What is Budget; What is Budget Deficit; What causes Budget Deficit; What is National Debt - Government Budgetary Policy: Part-A General Economic Survey; Part-B Tax Proposals - Limitations of Fiscal Policy: Lags in Fiscal Policy; Problems in Tax Policy; Burden of Public Debt.

Monetary Policy: Objectives of Monetary Policy: Price Stability; Exchange Stability; Full Employment and Maximum Output; High Rate of Growth - Relevance of Monetary Policy - Instruments of Monetary Policy: Open Market Operations; Bank Rate Policy; Reserve Requirement Changes; Selective Credit Control - Problems in Monetary Policy: Lags in Monetary Policy; Pressure of Financial Intermediaries; Contradictions in Objectives; Underdeveloped Nature of Money and Capital Markets - Monetary Targeting: Relevance of Monetary Targeting - Monetary Policy in a Developing Economy: Monetary Policy in India - Monetary Policy in an Open Economy: Reserve Flows; The Role of the Exchange Rate System; The Foreign Desk - Link between Fiscal and Monetary Policy.

Inflation: Types of Inflation - Sources of Inflation: Aggregate Demand and Aggregate Supply; Demand Pull Inflation; Cost Push Inflation - Measuring Inflation: Wholesale Price Index - Economic Impact of Inflation: Effect of Inflation on the Distribution of Income and Wealth; Effect of Inflation on Production - Philips Curve - Measures to Control Inflation: Monetary Measures; Fiscal Measures; Other Measures.

Banking and Money Supply: Indian Financial System - The Banking System: Accepting Deposits; Lending Money; Classification of Loans; Remittance Business - Money Supply - Components of Money Supply: The Measures of Monetary Aggregates - The Money Multiplier Approach: The Balance Sheet or the Structural Approach - Creation of Money and Banking System: Commercial Banks-Balance Sheet; Credit Creation; Multiple Expansion; Determinants of Money Supply; The Behavior of the Public; The Behavior of Commercial Banks; Influence of the Reserve Bank; Other Factors - Equilibrium in Money Markets: Changes in Equilibrium; Financial Development.

International Trade and Balance of Payments: Basis of International Trade: Theory of Absolute Advantage; Theory of Comparative Advantage; Heckscher-Ohlin Theory; Imitation-Gap Theory; International Product Life Cycle Theory - Barriers to International Trade: Tariffs; Non Tariff Barriers - Trends in International Trade: Closed Economy; Open Economy; Economic Integration; Forms of Economic Integration - Balance of Payment and its Components - Causes and Types of

Disequilibrium in BoP - Measures to Correct Disequilibrium:
Monetary Measures; Non Monetary Measures - Exchange Rate Policy: Historic Perspective of Foreign Exchange Rate System; Types of Exchange Rate System - India’s Balance of Payment and Trade Policy: The Crisis of the Early 1990s; Trade Policy.

Economic Indicators:
The Concept of Economic Indicator - Features of Economic Indicators: Related to Business Cycle/Economy; Frequency of the Data; Timing - Classification of Economic Indicators: General Indicators; Business Indicators; Consumption Indicators.

Business Cycles:
Characteristics of Business Cycles - Theories of Business Cycles: Multiplier-Accelerator Theory; Demand Induced Cycles; Other Theories - Forecasting Business Cycles - Employment Fluctuations: The Concept of Full Employment; Nature of and Trends in Unemployment in India.

Economic Growth, Development and Planning: The process of Economic Growth: Economic Growth; Measurement of Economic Growth; Determinants of Economic Growth; Economic Growth Theories - Economic Development: Difference between the Concepts of Economic Growth and Economic Development; Elements/Factors Contributing to Economic Development - Economic Reforms in India: Need for Economic Planning; Importance of Economic Planning in India; Economic Reforms Undertaken by the Indian Government; Impact of Economic Reforms in India - Future Economic Scenario in India: Globalization and its Impact; Population Growth; Foreign Exchange Reserves; Financial System in India; Unemployment.