Economics for Business / Managerial Economics

Course Description:

This course introduces the core concepts of economics with a focus on their application to business decision-making. It covers both microeconomic and macroeconomic principles, including demand and supply analysis, market structures, production and cost theories, national income, inflation, interest rates, and fiscal and monetary policy. Students learn how economic forces influence business environments and how to use economic reasoning to make strategic managerial decisions. Emphasis is placed on real-world applications and current economic issues impacting businesses.

Course Curriculum:

Economics– Curriculum (Module-wise)

Module 1: Introduction to Economics & Basic Concepts

• Nature and scope of economics: Micro vs. Macro
• Basic economic problems: Scarcity and choice
• Opportunity cost and production possibility frontier (PPF)
• Demand and Supply: Law of demand, determinants, and elasticity
• Market equilibrium and shifts

Module 2: Consumer and Producer Behavior

• Theory of consumer behavior: Utility analysis (cardinal & ordinal)
• Indifference curves and budget constraint
• Consumer equilibrium
• Production function: Short-run and long-run
• Law of variable proportions and returns to scale
• Cost and revenue concepts

Module 3: Market Structures

• Perfect competition: Features, price-output determination
• Monopoly: Characteristics, price discrimination
• Monopolistic competition: Features and comparison with perfect competition
• Oligopoly: Features and basic models (kinked demand, cartel theory)
• Pricing and output determination in various markets

Module 4: Macroeconomic Fundamentals

• National income concepts: GDP, GNP, NNP, and methods of measurement
• Inflation: Types, causes, and control
• Unemployment: Types and measurement
• Business cycles: Phases and characteristics
• Aggregate demand and aggregate supply
• Role Of Government in economic stabilization.

Module 5: Fiscal, Monetary Policy & International Trade

• Fiscal policy: Objectives, tools, and types
• Public expenditure and taxation
• Monetary policy: Instruments and effectiveness
• Government budget and deficits
• Balance of Payments (BoP) and exchange rates
• Globalization and its impact on business economics
•  International institutions: IMF, World Bank, WTO