Economics

Course Objective:
To provide knowledge regarding different aspects of economics i.e. microeconomic and macro economics. The subject also imparts concept of various element of economics viz. demand, supply, market, capital, price, tax, investment etc. Economics is the heart of industrial engineering as no investment can be made and funds raised without sound knowledge of economics.

  1. Basic concept (5 hours)
    1. Fundamental of Economics
    2. Markets and Government in modern Economy
    3. Basic Elements of supply and demand

  2. Micro-Economics; Supply demand and product markets (10 hours)
    1. Application of supply and demand
    2. Demand and consumer behavior
    3. Production and business organization
    4. Analysis of Costs
    5. Analysis of perfectly competitive markets
    6. Imperfect competition and monopoly
    7. Oligopoly and Monopolistic competition
    8. Uncertainty and game theory

  3. Factor markets; Labor, Land and Capital (4 hours)
    1. How market determine incomes
    2. The labor market
    3. Land and Capita

  4. Applied Micro Economics: International trade, government and the environment (6 hours)
    1. Comparative advantage and protectionism
    2. Government taxation and expenditure
    3. Promoting more efficient markets
    4. Protecting the environment
    5. Efficiency Vs Equality: The Big Tradeoff

  5. Macroeconomics: Economic growth and Business Cycles (9 hours)
    1. Overview of Macroeconomics
    2. Measuring Economic Activity
    3. Consumption and Investment
    4. Business Fluctuations and the theory of Aggregate demand
    5. The multiplier model
    6. Financial markets and the special case of money
    7. Central banking and monetary policy

  6. Growth, Development and the Global Economy (5 hours)
    1. The process of Economic Growth
    2. The Challenge of Economic Development
    3. Exchange rate and international financial system
    4. Open-Economy macroeconomics

  7. Unemployment, inflation and economic policy (5 hours)
    1. Unemployment and the foundation of aggregate supply
    2. Ensuring price stability
    3. Politics for growth and stability

References:

  1. Chan S. Park, “Contemporary Engineering Economics”, PHI, New Delhi.
  2. “Economics”, Paul A. Samuelson and William D. Nordhaus.
  3. Thuesen H.G., “Engineering Economics”, PHI
  4. Tarachand, “Engineering Economy”.

Evaluation Scheme:
The questions will cover all the chapters of the syllabus. The evaluation scheme will be as indicated in the table below:

Chapters

Hours

Marks distribution*

1

5

8

2

10

16

3

4

8

4

6

12

5

10

16

6

5

10

7

5

10

Total

45

80


*Note: There may be minor deviation in marks distribution.

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