This book Business Economics is comprehensive, clear, simple, and student – friendly. It is designed as an essential textbook for students of B.Com, B.B.A. and B.A. courses of all universities.
Cover
Title Page
Copyright
Dedication
Contents
Preface
CHAPTER 1 INTRODUCTION TO ECONOMICS
1.1 Introduction
1.2 Definition of Economics
1.3 Scope of Economics
1.4 Importance and Significance of the Study of Economics
1.5 Nature of Economics: An Art or Science?
1.6 Economics – a Positive or a Normative Science
1.7 Methods: Micro and Macro
1.8 Methods of Economic Analysis.
1.9 Basic Economic Problems
1.10 Economic Systems
Review Questions
CHAPTER 2 INTRODUCTION TO BUSINESS ECONOMICS
2.1 Introduction
2.2 Definition of Business Economics
2.3 Nature and Scope of Business Economics
2.4 Relationship of Business Economics and Other Disciplines
2.5 Objectives of a Business Firm
2.6 Decision Making in Business
2.7 Economic Concepts in Business Application
2.8 Case Study Method
Review Questions
CHAPTER 3 DEMAND ANALYSIS
3.1 Introduction
3.2 Meaning and Definition of Demand
3.3 Features of Demand
3.4 Demand Schedules and Demand Curves:
3.5 Determinants of Demand/Factors Affecting Demand
3.6 Law of Demand
3.7 Exceptions to the Law of Demand
3.8 Movement: Expansion or Contraction of Demand
3.9 Shift in the Demand Curve
3.10 Types of Demand
3.11 Demand Distinction
Review Questions
CHAPTER 4 ELASTICITY OF DEMAND
4.1 Meaning and Definition
4.2 Determinants of Price Elasticity of Demand
4.3 Importance of Elasticity of Demand
4.4 Types of Elasticity of Demand
Review Questions
CHAPTER 5 DEMAND FORECASTING
5.1 Introduction and Meaning
5.2 Objectives of Demand Forecasting
5.3 Types of Forecasting
5.4 Requirements for Demand Forecasting
5.5 Approach to Forecast
5.6 Methods of Demand Forecasting
5.7 Features of a Good Forecasting Method
5.8 Forecasting Demand for New Products
Review Questions
CHAPTER 6 SUPPLY FUNCTION
6.1 Meaning and Definition
6.2 Distinction Between Supply and Stock
6.3 Factors Determining Supply
6.4 Supply Schedule and Curve
6.5 Law of Supply
6.6 Movement: Expansion or Contraction of Supply
6.7 Shift in Supply Curve
6.8 Elasticity of Supply
6.9 Measurement of Elasticity of Supply
6.10 Determinants of Elasticity of Supply
6.11 Importance of Elasticity of Supply
6.12 Equilibrium of the Maximisation or Profit Maximisation
Review Questions
CHAPTER 7 THEORY OF CONSUMER’S BEHAVIOUR (UTILITY ANALYSIS OF DEMAND)
7.1 Introduction
7.2 Meaning and Measurement of Utility
7.3 Concepts of Utility
7.4 Features of Utility
7.5 Approaches to Consumer Behaviour
7.6 Marshall’s Consumer Surplus
7.7 Criticism of Utility Analysis of Demand/Defects of Cardinal Analysis
Review Questions
CHAPTER 8 INDIFFERENCE CURVE ANALYSIS
8.1 Introduction
8.2 Meaning of Indifference Curve
8.3 Approach to Indiffernce Curve Analysis
8.4 Marginal Rate of Substitution
8.5 Budget Line and Consumer’s Equilibrium
Review Questions
CHAPTER 9 THEORY OF PRODUCTION
9.1 Introduction
9.2 Factors of Production
9.3 Production Function
9.4 Law of Variable Proportions (Production Function with One Variable Factor)
9.5 Law of Returns to Scale
9.6 Producer’s Equilibrium
9.7 Economics of Scale
9.8 Small-Scale Production
9.9 Iso - Quant Analysis
9.10 Cobb - Douglas’ Production Function
Review Questions
CHAPTER 10 COST AND REVENUE
10.1 Introduction
10.2 Cost Concepts
10.3 Cost–output Relations
10.4 Short-run Cost Curves
10.5 Long-run Cost Curves
10.6 Concept of Revenue
10.7 Break-Even Analysis
10.8 Cost Control
Review Questions
CHAPTER 11 MARKET STRUCTURE
11.1 Introduction and Meaning
11.2 Extent of Market
11.3 Value and Price
11.4 Classification of Markets
11.5 Competition
Review Questions
CHAPTER 12 PRICE POLICY AND PRICING METHODS
12.1 Introduction
12.2 Pricing Policy
12.3 Objectives of Pricing Policy
12.4 Importance of Price Policy
12.5 Factors Affecting Pricing Policy
12.6 Principles of Price Policy
12.7 Pricing Methods
12.8 Pricing in Public Utilities
Review Questions
CHAPTER 13 PRICE DETERMINATION UNDER PERFECT COMPETITION
13.1 Introduction
13.2 Equilibrium Between Demand and Supply Price
13.3 Changes in Equilibrium
13.4 Equilibrium Price of Firm and Industry
13.5 Time Element in Price Determination
13.6 Market Period Price Determination
13.7 Short Period Price Determinations
13.8 Determination of Long Period Price
13.9 Conclusion
Review Questions
CHAPTER 14 PRICE DETERMINATION UNDER MONOPOLY
14.1 Introduction
14.2 Kinds of Monopoly
14.3 Nature of Demand and Revenue Under Monopoly
14.4 Monopoly Power
14.5 Determination of Price in Monopoly
14.6 Price Discrimination
14.7 Degrees of Price Discrimination
14.8 When Price Discrimination is Profitable
14.9 When Price Discrimination Is Possible
Review Questions
CHAPTER 15 PRICE DETERMINATION UNDER IMPERFECT COMPETITION
15.1 Introduction
15.2 Nature of Demand and Cost in Monopolistic Competition
15.3 Price Determination in Monopolistic Competition
15.4 Equilibrium of the Firm in Monopolistic Competition
15.5 Group Equilibrium in Monopolistic Competition
15.6 Price Determination in Oligopoly
15.7 Sweezy’s “Kinked-Demand” Curve—Pricing In Oligopoly
15.8 Price Determination in Duopoly
Review Questions
CHAPTER 16 NATIONAL INCOME AND INEQUALITIES OF INCOME
16.1 Introduction
16.2 Meaning
16.3 Definition
16.4 Other Views
16.5 National Product, National Income and National Expenditure
16.6 Concepts of National Income
16.7 Circular Flow of Income
16.8 Measurement of National Income [Computation]
16.9 Significance of National Income Data
16.10 Difficulties in the Measurement of National Income
16.11 Inequality of Income
16.12 Causes of Inequalities of Income
16.13 Evils or Consequences of Inequalities of Income
16.14 Methods of Reducing Inequalities of Income
16.15 Marxist Method
16.16 Fiscal Policy Method
Review Questions
CHAPTER 17 BUSINESS CYCLE
17.1 Introduction
17.2 Meaning
17.3 Definition
17.4 Features / Characteristics of a Business Cycle
17.5 Phases of Business Cycles
17.6 Causes of Business Cycle
17.7 Consequences / Effects of Business Cycles
17.8 Measures to Minimise the Effects of Cycles
17.9 Theories of Trade cycle / Business Cycle
Review Questions
CHAPTER 18 INFLATION
18.1 Introduction
18.2 Meaning of Inflation
18.3 Definitions
18.4 Causes of Inflation
18.5 Consequences / Effects of Inflation
18.6 Demerits/Dangers of Inflation
18.7 Measures to Check or control Inflation
Review Questions
CHAPTER 19 THEORY OF DISTRIBUTION
19.1 Introduction
19.2 Meaning of Distribution
19.3 Functional Distribution and Personal Distribution
19.4 Difference Between Personal and Functional Distribution
19.5 Micro and Macro Distribution
19.6 Role of Factor Prices
19.7 Marginal Productivity Theory
19.8 Assumptions of the Theory
19.9 Criticism
Review Questions
CHAPTER 20 WAGES
20.1 Introduction
20.2 Nominal vs. Real Wage
20.3 Theories of Wages
Review Questions
CHAPTER 21 RENT
21.1 Introduction
21.2 Contract Rent and Economic Rent
Review Questions
CHAPTER 22 PROFIT
22.1 Introduction
22.2 Meaning
22.3 Peculiarities
22.4 Concepts of Profit
22.5 Gross Profit and Net profit
22.6 Normal Profit and Supernormal Profit
22.7 Accounting Profit and Economic Profit
22.8 Profit policies
Review Questions
CHAPTER 23 INTEREST
23.1 Introduction
23.2 Meaning
23.3 Gross Interest and Net Interest
23.4 Theories of Interest
Review Questions
CHAPTER 24 PUBLIC FINANCE
24.1 Introduction
24.2 Definition and Meaning of Public Finance
24.3 The Scope and Importance of Public Finance
Review Questions
CHAPTER 25 INTERNATIONAL TRADE
25.1 Introduction
25.2 Features of International Trade
25.3 Inter-Regional Trade and International Trade
25.4 Advantages of International Trade
25.5 Disadvantages of International Trade
25.6 Interdependence of International and Internal trade
25.7 Theories of International trade
25.8 Absolute Cost Differences
25.9 Comparative Cost Difference
25.10 Equal Cost of Production
25.11 Modern Theory of International Trade
25.12 Factor Endowments
25.13 Components of Foreign Trade
25.14 Balance of Trade and Payments
25.15 BOP - Disequilibrium
25.16 Types of Disequilibrium
25.17 Methods of Correcting an Unfavourable Balance of Payment
25.18 Free Trade vs Protection Trade
25.19 Argument for Protection
25.20 Arguments Against Protection
Review Questions
Objective Type Questions
Solved Question Papers
Glossary
Index
T. Arya Mala is Asst. Prof, Department of Commerce, Asan Memorial College of Arts and Science, Chennai. She has over 15 years of teaching experience and is currently pursuing her Ph.D. in Gender Budgeting. Her areas of specialization are Business Economics, Managerial Economics and Indian Economy.
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