♦ Introduction to Economics, Nature and Scope, Micro and Macro Economics, Positive and Normative Economics, Meaning of Business Economics, Scope and Importance of Business Economics

♦ Scarcity and Efficiency, Different Types of Firms, The Three Problems of Economic Organizations, Society’s Technological Possibilities, Opportunity Cost, The Production Possibility Frontier

♦ Basic Tools Principle – Incremental and Marginal Concepts. Basic Economic Relations – Functional Relations : Equations – How to Read Graphs – Curve – Shifting and Movement Along the Curve, Slopes and Lines, Total, Average and Marginal Relations

♦ Law of Demand – The Demand Schedule, The Demand Curve, Market Demand, Forces Behind the Demand Curve, Shifts in Demand – Law of Supply – The Supply Curve, Forces Behind the Supply Curve – Shifts in Supply – Market Mechanism – Market Equilibrium with Demand and Supply, How the Market Solve the Three Economic Problems

♦ Price Income and Cross Elasticity of Demand – Calculating Elasticities, Applications to Major Economic Issues – The Paradox of the Bumper Harvest

♦ Forms of Markets – Meaning and Characteristics, Nature of Demand Curve Under Different Markets