BUSINESS ECONOMICS
[Pages:395]STUDY MATERIAL
FOUNDATION PROGRAMME
BUSINESS ECONOMICS
PAPER 3
ICSI House, 22, Institutional Area, Lodi Road, New Delhi 110 003 tel 011-4534 1000, 4150 4444 fax +91-11-2462 6727 email info@icsi.edu website icsi.edu
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FOUNDATION PROGRAMME ? IMPORTANT NOTE
The study material has been written in lucid and simple language and conscious efforts have been made to explain the fundamental concepts of economics and to provide exposure to Indian economy and Statistical tools. This study material is divided into two main parts?
Part-A Economics, and Part-B Elementary Statistics There is computer based examinations for Foundation Programme of CS Course. Students are advised to go through instructions regarding computer based examinations available at ICSI website icsi.edu. For supplementing the information contained in the study material, students may refer to the economic and financial dailies, commercial, legal and management journals, Economic Survey (latest), CS Foundation Course e-Bulletin, Suggested Readings and References mentioned in the study material and relevant websites. The objective of the study material is to provide students with the learning material according to the syllabus of the subject of the Foundation Programme. In the event of any doubt, students may write to the Directorate of Academics in the Institute for clarification at academics@icsi.edu Although due care has been taken in preparing and publishing this study material, yet the possibility of errors, omissions and/or discrepancies cannot be ruled out. This publication is released with an understanding that the Institute shall not be responsible for any errors, omissions and/or discrepancies or any action taken on the basis of contents of the study material. Should there be any discrepancy, error or omission noted in the study material, the Institute shall be obliged if the same are brought to its notice for issue of corrigendum in the CS Foundation Course e-Bulletin.
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SYLLABUS
PAPER 3: BUSINESS ECONOMICS Level of Knowledge: Basic Knowledge Objective: To familiarize the basic concepts and theories of economics, elementary statistics and mathematics.
PART A: ECONOMICS (70 MARKS) 1. Nature and Scope of Economics
? Economics : Definition, Nature and Scope; Micro and Macro Economics; Positive and Normative Economics; Central Problems of an Economy; Production Possibility Curve and Opportunity Cost; Working of Economic Systems (Capitalistic Economy, Socialistic Economy, Mixed Economy); Economic Cycles; Inflation and Recession
2. Theory of Demand and Supply ? Utility Analysis - Total Utility and Marginal Utility; Law of Diminishing Marginal Utility; Law of EquiMarginal Utility; Consumers' Equilibrium; Law of Demand & Elasticity of Demand; Law of Supply & Elasticity of Supply; Demand and Supply Equilibrium; Theory of Consumer's Behaviour ? Marshallian Approach and Indifference Curve Approach
3. Theory of Production, Costs and Revenue ? Meaning of Factors of Production; Returns to Factor and Returns to Scale; Cost Concepts and Cost Curves; Revenue Concepts and Revenue Curves; Producers' Equilibrium
4. Forms of Markets and its Equilibrium ? Forms of Markets - Meaning and Characteristics ? Price and Output Determination - Equilibrium for Firm and Industry under ? Perfect Competition ? Monopoly ? Monopolistic Competition
5. Money and Banking ? Concept of Money - Its Functions; Quantity Theory of Money; Credit Creation ? Central Bank (Reserve Bank of India) - Role and Functions ? Commercial Banks - Role and Functions ? Monetary Policy in India
6. Basic Characteristics of Indian Economy ? Development Initiatives through Five Year Plans
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? Agriculture ? Causes of Low Productivity ? Farm Size Productivity Debate ? Land Reforms: Meaning, Importance and Evaluation ? Green Revolution and Its Effects ? Globalisation and Indian Agriculture
? Industry ? Development Policies and Experience ? Industrial Policy Resolutions ? New Industrial Policy 1991
7. Selected Areas of Indian Economy ? Population - Its Size, Rate of Growth and Its Implication for Growth ? Poverty - Absolute and Relative Poverty and Main Programs for Poverty Alleviation ? Unemployment - Types, Causes and Incidence of Unemployment ? Infrastructure - Energy, Transportation, Communication, Health and Education
PART B: ELEMENTARY STATISTICS (30 MARKS)
8. Statistics: An Overview ? Definition and Functions of Statistic; Statistical Techniques Commonly used in Business Activities; Law of Statistics; Limitations of Statistics
9. Collection and Presentation of Statistical Data ? Primary and Secondary Data; Classification and Tabulation of Data; Frequency Distribution of Data; Diagrams and Graphs
10. Measures of Central Tendency ? Mean ? Median ? Mode ? Standard Deviation
11. Mathematics of Finance ? Simple Interest ? Compound Interest ? Present Value & Future Value of an Annuity
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12. Probability ? Sample Spaces, Events and Probability ? Set Theory: Union, Intersection, and Complement of Events ? Conditional Probability, Intersection, and Expected Value ? Random Variable, Probability Distribution, and Expectation
13. Index Numbers and Time Series Analysis ? Familiarization with the Concepts Relating to Index Numbers and Time Series (Simple Numerical Problems)
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LIST OF RECOMMENDED BOOKS*
PAPER 3 : BUSINESS ECONOMICS
READINGS
1. H. L. Bhatia
Micro Economic Theory; Modern Publisher, Gulab Bhawan, 6, Bahadurshah Zafar Marg, New Delhi.
2. M.L. Jhingan
Micro Economic Theory; Konark Publishers Pvt. Ltd., A-149, Vikas Marg, Shakarpur, New Delhi-110 092.
3. S. K. Agarwala
Economic System and Micro Economic Theory; Galgotia Publishing Company, 6A/4, WEA, Karol Bagh, New Delhi.
4. D.D. Chaturvedi
Macro Economic - Analysis and Policy; Galgotia Publishing Company, 6A/4, WEA, Karol Bagh, New Delhi.
5. D.M. Mithani
Macro Economics; Himalaya Publishing House.
6. D.M. Mithani
Money Banking, International Trade and Public Finance; Himalaya Publishing House, Ramdoot, Dr. Bhalerao Marg, Girgaon, Bombay-400 004.
7. Ruddar Datt & K.P.M. Sundaram
Indian Economy; S. Chand & Company Ltd., Ram Nagar, New Delhi.
8. S. P. Gupta, P. K. Gupta & Man Mohan
Quantitative Techniques; Sultan Chand & Sons, 23, Daryaganj, New Delhi.
9. R. S. Bhardwaj
Business Statistics, Excle Books, A-45, Narayana Phase-I, New Delhi
10. A. K. Agarwal & Sahib Singh
Fundamental of Statistics; Frank Sons, Daryaganj, New Delhi.
11. R. S. N. Pillai & V. Bagarathi
Statistics; S. Chand & Company Ltd. New Delhi.
12. S. Saha
Business Statistics, New Central Book Agency, Kolkata
13. B. M. Agarwal
Quantitative Techniques, Sultan Chand & Songs Pvt. Ltd., Daryaganj, New Delhi.
14. Pindyck and Rubinfeld Microeconomics; Pearson Education.
15. Suraj B. Gupta
Monetary Economics; Sultan Chand & Sons Pvt. Ltd.
REFERENCES
1. Samuelson &
Economics; McGraw Hills.
William D. Nordhans
2. P. N. Chopra
Advanced Economics Theory; Kalyani Publishers, New Delhi.
3. M. Maria John Kennedy Advanced Micro Economic Theory; Himalaya Publishing House, Delhi.
*This study material is sufficient from the point of view of syllabus. The students may refer these books for further knowledge and study of the subject.
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4. A. C. L. Day
Outline of Monetary Economics
5. A. N. Agarwal
Indian Economy
6. I. C. Dhingra & V. K. Garg
Economic Development & Planning in India.
7. K.R. Choudhary
Basic Principles of Modern Micro Economics; Book Land Economic Series.
8. Mural R. Spiegal & Larry J. Stephans
Theory and Problems of Statistics, Tata McGraw Hills, New Delhi
9. S. P. Gupta
Statistical Methods; Sultan Chand & Sons, New Delhi.
10. Neva Goodwin, Julie A Nelson, Jonathan Harris
Macro Economics in Context, PHI Learning Pvt. Ltd.
11. Eleventh Five Year Plan Government of India Publication. (2007 ? 2012)
12. Twelfth Five Year Plan Government of India Publication. Approach Paper
13. Economic Survey (Latest)
Government of India Publication.
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