Meaning, nature and methods of economic study. Economic problems.
Functioning of the economy. Demand, supply, price, elasticity of demand and supply,
application of demand and supply. Consumer behavior and utility. Production and
cost, short-run cost and long-run cost, production in the long-run and the very longrun concerning progress and pollution.
Price determination in different types of
market, application of price theory. Income distribution, determination of wage,
interest, and return on investment; poverty and inequality.