Objective – The course aims to equip the students to take industrial decisions and to create awareness of economic environment.
Expected Outcomes
- The students are able to explain the fundamental concepts of economics like scarcity, basic economic problems, demand, supply, consumer surplus and taxation and understand its applications in the real world.
- The students should have a knowledge of production, revenue and cost and its use decision making in manufacturing process.
- Students should be able to identify different market structures & pricing and output decisions in each.
- Students should be able to understand macro-economic concepts like National Income, Inflation, Deflation, Capital and Money market and Stock Markets.
- Students would have an understanding of Foreign Trade and its importance for the economy.
Curriculum
- 5 Sections
- 5 Lessons
- 15 Weeks
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- Module 1Explain the basic concepts of the subject of economics, different kinds of a firm, concepts like utility, demand and supply and its application in life, consumer and producer and the gains they make in a market, and the effect of tax.1
- Module 2Take appropriate decisions regarding volume of output and to evaluate the social cost of production.1
- Module 3Determine the functional requirement of a firm under various competitive conditions.1
- Module 4Examine the overall performance of the economy, and the regulation of economic fluctuations and its impact on various sections in the society.2
- Module 5Determine the impact of changes in global economic policies on the business opportunities of a firm.1
