Cover -- Preface -- Contents -- Part A Introductory Microeconomics -- Unit 1 -- Chapter 1. Introduction to Microeconomics -- What economics is all about? -- Wealth Definition -- Welfare Definition -- Scarcity Definition -- Subject Matter of Economics -- Positive and Normative Economics -- Questions for Review -- Chapter 2. Problems of an Economy -- Central Problems of an E conomy -- Production Possibility Curve -- Uses of Production Possibility Curve -- Opportunity cost -- Questions for Review -- Unit-2 -- Chapter 3. Consumer Behaviour -- Consumer's Equilibrium-Utility Maximization -- Total Utility -- Marginal Utility -- Law of Diminishing Marginal Utility -- Questions for Review -- Chapter 4. Demand and Law of Demand -- Meaning of Demand -- Market Demand -- Determinants of Demand -- Demand Schedule and Demand Curve -- Law of Demand -- Assumptions of the law -- Why does the Law of Demand Operate? -- Exceptions to the Law of Demand -- Movement Along And Shifts in Demand Curve -- Questions for Review -- Chapter 5. Elasticity of Demand -- Meaning of Price Elasticity of Demand -- Measurement of Price Elasticity of Demand -- Total Outlay/Expenditure Method -- Percentage Method -- Arc Method -- Geometrical Method -- Revenue Method -- Income Elasticity of Demand -- Cross Elasticity of Demand -- Determinants of Price Elasticity of Demand -- Questions for Review -- Unit-3 -- Chapter 6. Theory of Production -- Meaning of Production -- Meaning of Production Function -- Returns to a Factor and Returns to Scale -- Law of Variable Proportions/Law of Diminishing Returns -- Assumptions of the law -- Returns to Scale -- Questions for Review -- Chapter 7. Supply and Its Determinants -- Meaning of Supply -- SupplySchedule -- Supply Curve -- Market Supply -- Law of Supply -- Determinants of Supply -- Movement Along and Shifts in Supply Curve -- Questions for Review.

Chapter 8. Concepts of Cost -- Cost of Production -- Real Cost and Nominal Cost -- Explicit and Implicit Costs -- Opportunity/Alternative/ Transfer Cost -- Private, External and Social Costs -- Economic Costs -- Short Run Costs and Long Run Costs -- Fixed/Supplementary and Variable/Prime Costs -- Total Fixed Cost -- Total Variable Cost -- Total Cost -- Average Fixed Cost -- Average Variable Cost -- Average Total Cost -- Marginal Cost -- Relationship between Average cost and Marginal Cost -- Questions for Review -- Chapter 9. Concepts of Revenue -- Total Revenue -- Average Revenue -- Marginal Revenue -- Relationship between average and marginal Revenue -- Questions for Review -- Unit-4 -- Chapter 10. Forms of Market and Price Determination -- Meaning of Market -- Forms of Market -- Perfect Competition -- Price and Output Determination Under Perfect Competition -- Monopolistic Competition -- Oligopoly -- Duopoly -- Questions for Review -- Unit-5 -- Chapter 11. Factor Price Determination -- Demand for a Factor -- Supply of a Factor -- Determination of Price of a Factor under Perfect Competition -- Marginal Productivity Theory -- Questions for Review -- Chapter 12. Factor Prices,Comparative Advantage and International Trade -- Internal and International Trade -- Absolute Factor Price Difference -- Relative Factor Price Difference -- The Classical Theory of International Trade-Theory of Absolute Advantage-Adam Smith -- Theory of Comparative Advantage-David Ricardo -- Theory of Opportunity Cost -- Modern Theory of International Trade-Heckscher and Ohlin -- Terms of Trade -- Questions for Review -- Part B Introductory Macroeconomics -- Unit-6 -- Chapter 13. Introduction to Macroeconomics -- Meaning of Macroeconomics -- Distinction Between Micro and Macroeconomics -- Questions for Review -- Unit-7 -- Chapter 14. National Income and Related Aggregates.

Meaning of National Income -- National Income at Current and Constant Prices -- Circular Flow of Income -- Concepts of GDP, GNP, NDP, NNP (at market price and factor cost) -- Private Income -- Personal Income -- Personal Disposable Income -- National Disposal Income (gross and net) -- Income from Domestic Product Accruing to Private Sector -- Transfer Payments -- Current Transfer Payments and Capital Transfer Payments -- Relationship Among Important National Income Aggregates -- Questions for Review -- Appendix -- Chapter 15. Measurement of National Income-Value Added Method -- Measurement of National Income -- Output Method/Value Added Method/Product Method/Industry of Origin Method -- Precautions in the Estimation of National Income by Product Method -- Difficulties of the Product Method -- Questions for Review -- Chapter 16. Measurement of National Income-Income Method -- Precautions in the Estimation of National Income by Income Method -- Difficulties of the Income Method -- Questions for Review -- Chapter 17. Measurement of National Income-Expenditure Method -- Components of Final Expenditure -- Precautions in the Estimation of Expenditure -- Questions for Review -- Unit-8 -- Chapter 18. Aggregate Demand and Aggregate Supply -- Meaning of a Aggregate Demand -- Meaning of Aggregate Supply -- Questions for Review -- Chapter 19. Determination of Income and Employment -- Classical Theory of Employment -- Say's Law of Markets -- Assumptions of Say's Law -- Full Employment and Involuntary Unemployment -- Determination of Income and Employment -- Questions for Review -- Chapter 20. Consumption Function -- Propensity to Consume or Psychological Law of Consumption -- The Average Propensity to Consume (APC) -- The Marginal Propensity to Consume (MPC) -- Propensity to Save/Saving Function -- The Average Propensity to Save (APS).

The Marginal Propenstiy to Save (MPS) -- Relationship Between APC And MPC -- Implications and Importance of Psychological Law of Consumption -- Factors Influencing Consumption Function -- Questions for Review -- Chapter 21. Concept of Multiplier -- Meaning of Investment Multiplier and Its Working -- Assumptions of Multiplier -- Importance of Multiplier -- Leakages in the Working of Multiplier -- Questions for Review -- Chapter 22. Excess and Deficient Demand -- Meaning of Excess Demand -- Impact of Excess Demand in the Economy -- Meaning of Deficient Demand -- Impact of Deficient Demand in the Economy -- Causes of Excess and Deficient Demand -- Measures to Correct Excess and Deficient Demand -- Availability of Credit -- Foreign Trade Policy -- Questions for Review -- Unit-9 -- Chapter 23. Money-Meaning and Functions -- Barter System -- Meaning of Money -- Functions of Money -- Supply of Money -- Components of Money -- Questions for Review -- Chapter 24. Banking -- Commerical Banks-meaning and functions -- Central Bank-meaning and functions -- Questions for Review -- Unit-10 -- Chapter 25. Government Budget Meaning and Components -- Meaning of Budget -- Components of Budget -- Revenue Budget -- Capital Budget -- Objectives of Budget -- Balanced Budget and Unbalanced Budget -- Surplus Budget and Deficit Budget -- Types of Deficit -- Questions for Review -- Unit-11 -- Chapter 26. Foreign Exchange Rate-Meaning and Determination -- Demand for Foreign Exchange -- Supply of Foreign Exchange -- Spot and Forward Foreign Exchange Transaction -- Exchange Rate Systems-Floating Exchange Rates -- Pegged or Rigidly Fixed Exchange Rates -- Managed Flexibility-Adjustable Pet System -- Crawling or trotting or gliding parity -- System of clean float and dirty float -- Band System -- Questions for Review -- Chapter 27. Balance of Payments Account-Meaning and Components.

Goods Account -- Services Account -- Unilateral Transfers Account -- Long-Term Capital Account -- Short-Term Capital Account -- International Liquidity Account -- Balance of Trade -- Balance of Payments on Current Account -- Balance of Payments on Capital Account -- Basic Balance -- Overall Balance of Payments -- Accounting Balance of Payments -- Autonomous and Accommodating Transactions -- Deficit and Surplus Balance of Payments -- Questions for Review -- Appendices -- I. Solved Questions from NBSE Exam. Papers -- II. Solved Numerical Problems -- III. NBSE Question Papers[1995-2005 -- IV. How to Pass Exams in a better way! -- V. Elementary Economic Terms -- Index.