MICRO ECONOMICS

 Definition Of Economics
 Adam Smith
 Micro Vs Macro
Normative Vs Positive
 Product Possibility Frontier
Law Of Increasing Opportunity Cost
 Circular Flow Model
 Demand & Supply Model
Determinants
Demand Vs Quantity Demanded
Market Equilibrium > Demand=Supply
Price Ceiling & Flooring
 Elasticity Of Demand & Supply:
Determinants,
Types
Formula
Interpretation
 Market Failure:
Consumer & Producer Surplus
Deadweight Loss
 Cost-Benefit Analysis: Marginal MB MC
 Quasi-Public Goods
 Indifference Curve Model
Law Of Diminishing Marginal Utility
 Income & Substitution Effect
 Market Structures:
Monopoly
Oligopoly
Monopolistic
Perfect/Pure
 Price Discrimination
 Marginal Productivity of Income Distribution

INTERNATIONAL TRADE
 Theories
Gravity Model for Trade
Ricardian Theory of Comparative Advantage
Hekhsher Ohlin Theory
 Trade Restrictions
Tariff
Quotas
Etc
  Balance of Payment
 Terms of Trade

MACRO ECONOMICS:

 AD-AS Model
Determinants of Demand and Supply
Macroeconomic Objectives: Full Employment, Stable Prices & Economic Growth

 Monetary Policy:
Types: Expansionary & Contractionary
Tools: Open Market Operations, Discount Rate, and Reserve Ratio
Objectives:

 Fiscal policy
Types: Expansionary & Contractionary
Tools: Taxes
Objectives
WHERE FISCAL AND MONTEARY POLICY CONVERGE?
 Unemployment
 Inflation, stagflation
 Philips Curve
 Exchange Rate
Floating, Managed & Fixed
 GDP, and approach & Real GDP
GNP
NI
 Business Cycle
 Money market
 IS-LM Model
 GROWTH MODELS
 Keynes vs classic
 Public Debt
 Twin deficit
 Division of Labour and skills

Developmental Economics
 What does Development mean?
 Sustainable Development Goals
 Basic indicators of development
HDI: Health, Education, Income
 Characteristics of developing countries
 Are living standards of Developing and Developed world converging?
 Classic theory of economic development
Linear
 Structural change
International dependence
Neo-classical counterrevolution
 Contemporary model
Multiple equilibria
Big Push
O Ring theory
Self discovery
 Poverty, Inequality & Development
Poverty Head Count
Poverty Line: $2 Per Day
Gini Index
Lorenz Curve
 Population Growth
Malthusian Theory
 Urbanization & Rural urban migration
 Human Capital: Education & Health
 Environment & Development
 Development Policymaking
 Finance & Fiscal Policy for Development