B.B.M- Mangalore University- PRINCIPLES OF ECONOMICS

BACHELOR OF BUSINESS MANAGEMENT
I SEMESTER
BM- 101: PRINCIPLES OF ECONOMICS
Objective: To familiarize the students with the basic economic concepts and theories which are required for business management
UNIT 1
Origin of Economics-Definitions- Wealth- Welfare-Scarcity-Growth Oriented -Basic Problems of Economy-Production Possibility Curve- Price Mechanism-Consumers Sovereignty-Basic Economic concepts- W ants-features-Classification-Goods-Utility 12 Hrs
UNIT II
Law of Diminishing Marginal Utility-Law of Equi Marginal Utility-Indifference Curve Analysis-Indifference Schedule. Curve, map-Properties of Indifference curve Marginal rate of substitution-Budget line-consumers equilibrium
12 Hrs
UNIT III
Meaning of Demand- Law of Demand- Determinants of Demand-Changes in Demand-Consumers surplus-Measurement and Importance -Supply and Law of Supply-Elasticity of Demand- Types-Price Elasticity-Income Elasticity-Cross Elasticity-Promotional Elasticity-Degrees of Price Elasticity-Measurement of Price Elasticity-Significance of Elasticity of Demand
12 Hrs
UNIT IV
Factors of Production-Land-Features-Labour-Division of Labour- Types-Advantages and Disadvantages -Mobility of Labour-Efficiency of Labour- Theories of Wage- Subsistence Theory-Standard of living Theory-Wages Fund Theory-Residual Claimant Theory-Capital- Types- Stages of Capital Formation-Organisation-Meaning-Functions of Entrepreneur-Attributes of Entrepreneur
12 Hrs
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Total 48 Hrs
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Books for Study
1. M. L. Seth- Principles of Economics
2. S. Sankaran - Economic Analysis
3. D. M. Mithani- A Course in Business Economics
Books for Reference
1.
Paul A. Samuelson & William D Nordhaus –Economics
2. Alfred W. Stonier & Douglas. C. Hagu_ -A Text Book of Economic Theory