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  • 8:39 PM, Tuesday, 26 Oct 2021

Course Dual Degree (B. Tech + M.S / M.Tech)
Semester Sem. III
Subject Code HS211
Subject Title Introduction to Economics


Module 1: Exploring the subject matter of Economics

What is Economics? Definitions – Importance of Economics for Engineers – Schools of thought The Economic Problem – Scarcity and Choice – Resource allocation – the question of What to produce, How to Produce and How to Distribute Output – its nature and Importance in developing countries – Economic Systems – Basics of Capitalism, Socialism, Mixed Economy, Market Economy and Third World Economies. Is Economics a Science? Distinction between Micro and Macro Economics.

Module 2: Principles and Concepts of Micro Economics

Determinants of individual demand/supply, Demand/Supply schedule and demand/supply curve, Market versus individual demand/supply, Shifts in the demand/supply curve, Demand and Supply together, How Prices allocate resources - Equilibrium - Elasticity - Consumer equilibrium – Marginal utility – Consumer surplus - Production – factors of production, production function – Laws – TR, AR, MR- Costs – TC, AC, MC, OC – Variable Vs Fixed costs – Short Run Vs Long Run costs - Markets – Perfect competition, Monopoly, Monopsony, Oligopoly.

Module 3: Basics of Macro Economics

The roots of macroeconomics, macroeconomic concerns, the role of government in the Macro economy, the components of the macro economy, the methodology of macroeconomics. Concepts of GNP, GDP, NNP, NDP and National Income – Personal Income and Disposable Income – Nominal and Real GDP – Limitations – Black Economy Concept of Inflation, Deflation, Methods of calculation – Classical Vs Keynesian Economics – Full employment Vs Under employment equilibrium – Globalization – Global Financial Crisis.

Module 4: Economic Problems and Policies

Developing Countries Vs Developed Countries, differences, characteristics, LDC’s. Meaning of Development – Development Vs Growth, Measuring development - Problems of Growth – lessons and controversies, Indian situation - Poverty and Inequality – vicious circle of poverty – Recent BPL controversy - Population and Development – Demographic transition theory – optimum population - Agriculture, Industry and development - Balance of Payments – Closed and Open Economy – LPG- Planning and Growth – Global Financial Crisis.

A Research Report.

Text Books

1. Samuelson, Paul A and William D Nordhaus “Economics” (17 th Edition), Mc Graw Hill.

2. Dewett K K “Modern Economic Theory” S Chand

3. Thirlwall, A P “Growth and Development with Special Reference to Developing Economies” Palgrave.


1. Ackley, Gardner “Macroeconomic Theory” Surjeet Publications

2. Koutsoyiannis, A “Modern Micro Economics” Palgrave Macmillan

3. Black, John “Dictionary of Economics” Oxford University Press.

4. Meir, Jerald M and James E Rauch, “Leading Issues in Economic Development” (7 th Edition) Oxford University Press.

5. Todaro, Michael P and Steven C Smith “Economic Development” Pearson Education Ltd.

6. Govt. of India, “Economic Survey” (latest survey) Ministry of Finance.

7. The Hindu, News paper, Daily.

8. Connor, David E “The Basics of Economics” Greenwood Press.