1. Introduction to Economics

    Content: Defines economics, its nature, scope, and significance. Discusses the differences between microeconomics and macroeconomics, and the various economic systems (capitalism, socialism, mixed economy).

    Objective: To provide a foundational understanding of what economics is and how it applies to real world situations, focusing on the key concepts that govern the economy.

2. Theory of Demand

    Content: Explains the law of demand, determinants of demand, elasticity of demand, and the concept of the demand curve. It also covers consumer preferences and the effect of price changes on demand.

    Objective: To analyze the factors influencing consumer demand and understand how demand responds to changes in price and other variables.

3. Theory of Supply

    Content: Discusses the law of supply, the relationship between price and quantity supplied, elasticity of supply, and the supply curve. Factors affecting supply are also examined.

    Objective: To help students understand the concept of supply and how it relates to production and market operations.

4. Market Equilibrium

    Content: Covers the concept of equilibrium in markets, how it is determined, and the effects of shifts in supply and demand. The chapter also includes discussions on price ceilings and floors.

    Objective: To understand how the interaction between demand and supply establishes market equilibrium and how market forces affect pricing.

5. Consumer Behavior

    Content: Introduces the theory of consumer behavior, including utility analysis (marginal utility, total utility), indifference curves, and budget constraints. Discusses consumer equilibrium.

    Objective: To explore how consumers make decisions based on preferences, budget constraints, and maximize utility.

6. Production and Costs

    Content: Explains the theory of production, the production function, laws of returns, and types of costs (fixed, variable, total, average, marginal). Discusses economies and diseconomies of scale.

    Objective: To understand the relationship between production inputs and outputs, and how businesses manage costs to optimize production.

7. Market Forms – Perfect Competition

    Content: Examines the features of perfect competition, price determination under perfect competition, and the equilibrium of firms and industries in the short run and long run.

    Objective: To understand the characteristics of perfectly competitive markets and how prices are determined in such markets.

8. Market Forms – Imperfect Competition

    Content: Discusses various forms of imperfect competition, including monopoly, monopolistic competition, and oligopoly. Covers pricing and output decisions under each market form.

    Objective: To analyze how market power affects pricing and output decisions in noncompetitive markets.

9. Factors of Production

    Content: Describes the four factors of production—land, labor, capital, and entrepreneurship. Discusses the rewards for each factor (rent, wages, interest, profit).

    Objective: To understand the role of different resources in the production process and how they contribute to economic activity.

10. National Income

    Content: Covers the concept of national income, methods of calculating national income (GDP, GNP), and related concepts like Net National Product (NNP), and per capita income.

    Objective: To help students understand how a country's income is measured and the significance of national income in assessing economic health.

11. Money and Banking

    Content: Discusses the functions of money, the role of banks in the economy, central banking functions, and the creation of credit. Also, covers the money supply and monetary policy.

    Objective: To provide a deep understanding of how money and banking systems operate and their importance in regulating economic activities.

12. Public Finance

    Content: Introduces the concept of public finance, including government revenue, taxation, public expenditure, and public debt. Discusses fiscal policies and their economic impact.

    Objective: To understand how governments manage financial resources and the role of taxation and expenditure in promoting economic stability.

13. International Trade

    Content: Covers the basics of international trade, comparative advantage, balance of trade, balance of payments, and the role of international financial institutions like the IMF and WTO.

    Objective: To explore the importance of international trade and how it affects the economic growth and development of nations.

14. Economic Development

    Content: Discusses the meaning of economic development, differences between economic growth and development, indicators of development (HDI, GDP growth), and the role of infrastructure and government policies.

    Objective: To help students understand the concept of economic development and the factors that contribute to sustainable growth in developing economies.