Economics for engineers book by T.R. Jain…✍
Definition of Economics– Various definitions, types of economics- Micro and Macro Economics, nature of economic problem, Production Possibility Curve, Economic laws and their nature, Relationship between Science, Engineering, Technology and Economic Development.
Demand– Meaning of Demand, Law of Demand, Elasticity of Demand– meaning, factors effecting it, its practical application and importance.
Production– Meaning of Production and factors of production, Law of variable proportions, Returns to scale, Internal and external economies and diseconomies of scale.
Various concepts of cost of production– Fixed cost, Variable cost, Money cost, Real cost, Accounting cost, Marginal cost, Opportunity cost. Shape of Average cost, Marginal cost, Total cost etc. in short run and long run.
Market– Meaning of Market, Types of Market- Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly (main features).
Supply– Supply and law of supply, Role of demand & supply in price determination and effect of changes in demand and supply on prices.
Indian Economy– Nature and characteristics of Indian economy as under developed, developing and mixed economy (brief and elementary introduction), Privatization – meaning, merits and demerits.
Globalization of Indian economy – merits and demerits.
Banking– Concept of a Bank, Commercial Bank- functions, Central Bank- functions, Difference between Commercial & Central Bank.
