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12th Economic

BOOK-I: Introductory Macroeconomics

1. INTRODUCTION: 1.1 Emergence of Macroeconomics., 1.2 Context of the Present Book of Macroeconomics.
2. NATIONAL INCOME ACCOUNTING: 2.1 Some Basic Concepts of Macroeconomics, 2.2 Circular Flow of Income and Methods of Calculating National Income, 2.2.1 The Product or Value Added Method, 2.2.2 Expenditure Method, 2.2.3 Income Method, 2.3 Some Macroeconomic Identities, 2.4 Goods and Prices, 2.5 GDP and Welfare

3. MONEY AND BANKING: 3.1 Functions of Money. 3.2 Demand for Money. 3.2.1 The Transaction Motive. 3.2.2 The Speculative Motive. 3.3 The Supply of Money. 3.3.1 Legal Definitions: Narrow and Broad Money. 3.3.2 Money Creation by the Banking System. 3.3.3 Instruments of Monetary Policy and the Reserve Bank of India.
4. INCOME DETERMINATION: 4.1 Ex Ante and Ex Post. 4.2 Movement Along a Curve Versus Shift of a Curve. 4.3 The Short Run Fixed Price Analysis of the Product Market. 4.3.1 A Point on the Aggregate Demand Curve. 4.3.2 Effects of an Autonomous Change on Equilibrium Demand in the Product Market. 4.3.3 The Multiplier Mechanism.
5. THE GOVERNMENT: BUDGET AND THE ECONOMY: 5.1 Components of the Government Budget. 5.1.1 The Revenue Account. 5.1.2 The Capital Account. 5.1.3 Measures of Government Deficit. 5.2 Fiscal Policy.
5.2.1 Changes in Government Expenditure. 5.2.2 Changes in Taxes. 5.2.3 Debt.
6. OPEN ECONOMY MACROECONOMICS: 6.1 The Balance of Payments. 6.1.1 BoP Surplus and Deficit. 6.2 The Foreign Exchange Market. 6.2.1 Determination of the Exchange Rate. 6.2.2 Flexible Exchange Rates. 6.2.3 Fixed Exchange Rates. 6.2.4 Managed Floating. 6.2.5 Exchange Rate Management: The International Experience. 6.3 The Determination of Income in an Open Economy. 6.3.1 National Income Identity for an Open Economy. 6.3.2 Equilibrium Output and the Trade Balance. 6.4 Trade Deficits, Savings and Investment.

BOOK-II: Introductory Microeconomics:
1. INTRODUCTION:  1.1 A Simple Economy, 1.2 Central Problems of an Economy, 1.3 Organisation of Economic Activities, 1.3.1 The Centrally Planned Economy, 1.3.2 The Market Economy, 1.4 Positive and Normative Economics, 1.5 Microeconomics and Macroeconomics, 1.6 Plan of the Book
: 2.1 The Consumer’s Budget, 2.1.1 Budget Set, 2.1.2 Budget Line, 2.1.3 Changes in the Budget Set, 2.2 Preferences of the Consumer, 2.2.1 Monotonic Preferences, 2.2.2 Substitution between Goods, 2.2.3 Diminishing Rate of Substitution, 2.2.4 Indifference Curve, 2.2.5 Shape of the Indifference Curve, 2.2.6 Indifference Map, 2.2.7 Utility, 2.3 Optimal Choice of the Consumer, 2.4 Demand. 2.4.1 Demand Curve and the Law of Demand. 2.4.2 Normal and Inferior Goods. 2.4.3 Substitutes and Complements
2.4.4 Shifts in the Demand Curve. 2.4.5 Movements along the Demand Curve and Shifts in the Demand Curve. 2.5 Market Demand. 2.6 Elasticity of Demand. 2.6.1 Elasticity along a Linear Demand Curve. 2.6.2 Factors Determining Price Elasticity of Demand for a Good. 2.6.3 Elasticity and Expenditure.
3. PRODUCTION AND COSTS: 3.1 Production Function. 3.2 The Short Run and the Long Run. 3.3 Total Product, Average Product and Marginal Product. 3.3.1 Total Product. 3.3.2 Average Product. 3.3.3 Marginal Product 3.4 The Law of Diminishing Marginal Product and the Law of  Variable Proportions 3.5 Shapes of Total Product, Marginal Product and Average Product Curves 3.6 Returns to Scale 3.7 Costs 3.7.1 Short Run Costs 3.7.2 Long Run Costs
4. THE THEORY OF THE FIRM UNDER PERFECT COMPETITION: 4.1 Perfect competition: Defining Features 4.2 Revenue 4.3 Profit Maximisation 4.3.1 Condition 4.3.2 Condition 4.3.3 Condition 4.3.4 The Profit Maximisation Problem: Graphical Representation. 4.4 Supply Curve of a Firm. 4.4.1 Short Run Supply Curve of a Firm. 4.4.2 Long Run Supply Curve of a Firm. 4.4.3 The Shut Down Point. 4.4.4 The Normal Profit and Break-even Point. 4.5 Determinants of a Firm’s Supply Curve. 4.5.1 Technological Progress. 4.5.2 Input Prices. 4.5.3 Unit Tax. 4.6 Market Supply Curve. 4.7 Price Elasticity of Supply. 4.7.1 The Geometric Method.
5. MARKET EQUILIBRIUM: 5.1 Equilibrium, Excess Demand, Excess Supply. 5.1.1 Market Equilibrium: Fixed Number of Firms. 5.1.2 Market Equilibrium: Free Entry and Exit. 5.2 Applications. 5.2.1 Price Ceiling. 5.2.2 Price Floor.
6. NON-COMPETITIVE MARKETS: 6.1 Simple Monopoly in the Commodity Market. 6.1.1 Market Demand Curve is the Average Revenue Curve.  6.1.2 Total, Average and Marginal Revenues. 6.1.3 Marginal Revenue and Price Elasticity of Demand. 6.1.4 Short Run Equilibrium of the Monopoly Firm. 6.2 Other Non-perfectly Competitive Markets. 6.2.1 Monopolistic Competition. 6.2.2 How do Firms behave in Oligopoly?