Hidayatullah National Law University, Raipur

B.A.LL.B (Honors) Curriculum

Major: Economics

FIRST SEMESTER
Paper-1: Principles of Economics Total no. of lectures:60

Part: 1 Course outline

Introduction of the course:

The aim is to provide understanding of different types of economic systems, behavior of consumer
and firms, determination of output and prices of product and factors in different market
conditions, working of the economies, national income, economic growth, economic welfare,
employment, monetary policies and monetary problems. The knowledge of principle of
Economics helps in solving the problem of unemployment, inflation, economic instability and
economic growth.

INTRODUCTION TO ECONOMICS

Module 1 Definition of Economics

Definition of Economics, Nature & Scope of Economics,

Branches of Economics,
Importance and uses of Economics in Law

Module 2 Theory of Demand & Supply

Demand and Supply Theory, Law of Demand & Supply,
Determinants of demand & supply
Utility Analysis: Cardinal Utility (Marshall),
Ordinal Utility Approach (Indifference Curve)
Elasticity of Demand and Supply

Module 3 Theory of Production, Cost and Revenue

Production Function, Factors of Production, total, average and
Marginal product. Law of Variable Proportions and Returns to Scale
Internal and External Diseconomies
Concept of Revenue: Total, average and marginal revenue.
Concept of Costs, Short and Long run costs and its curves

Module 4 Price determination in different markets

Perfect Competition
Monopoly
Monopolistic Competition
Module 5 Theory of Distribution: Factor Pricing
Labour and Wage
Land and Rent
Capital and Interest

Module 6 National Income Accounting

National Income Accounting
Banks: Central Bank and Commercial Banks, Inflation

Reference Books:
1. Dwivedi D.N. :Microeconomic Theory,Vikas Publishing House, Delhi
2. Jhingan M.L. :Microeconomics Theory, Vrinda Publications, Delhi
3. Ray N.C. : An Introduction to Microeconomics, Macmillan, Delhi
4. Samuelson P.A and W.D Nordhaus:Economics,Tata MC Grow Hill, New Delhi
5. StonierA.W. and D.C.Hague A textbook of Economic Theory
6. Satya, R.Chakraborty: Microeconomics, Allied Publishers,NewDelhi
7. Ackley G:Macroeconomic Theory
8. Branson W.H.: Macroeconomic Theory and Policy
9. Brooman: Macroeconomic Analysis
10. Hanson,A.H:Aguide to Keynes .McGraw Hill, New York
11. Heijdra, B.J.and F.V.Ploeg: Foundation of Modern Macroeconomics. Oxford University Press
12. Jhingan M.L.: Macroeconomic Theory, Vrinda Publications ,Delhi
13. Lewis M.K. and P.D.Mizan: Monetary Economics, Oxford University Press
14. Sharpio Edward :,Macro Economic Analysis