Consumer's Budget Constraints and Effects of Income and Price Changes on it, Consumer's Preference Ordering and Indifference Curves, Axioms of Preference and Properties of Indifference Curves: Consumer's Optimized Choice; Income and Substitution Effects, Derivation of Demand Theorem. Normal and Inferior Goods and the Giffen Paradox

Total, Average & Marginal Product of a Single Variable Factor; Production Function with Two Variable Factors, Isoquant, Marginal Rate of Technical Substitution, Elasticity of Substitution; Homogeneity of Production Function, Returns to Scale, Least Cost Factor Combination, Expansion path, cost curves-Short and Long run

Total, Average and Marginal Revenue of a Firm under Perfect Competition and Monopoly, Equilibrium of a Profit Maximizing Firm under Perfect Competition and Monopoly. Need for Regulation of Monopoly

Definition and Functions of Money, Classical Theory of Full Employment Equilibrium, Quantity Theory of Money Keynes' Critique of the Classical Theory, Liquidity Preference and the Rate of Interest, Keynesian Income Determination Model with Rate of Interest

Banking System and Credit Creation Process; Money Supply; Inflation: Demand-pull and cost-pushed, Effects on production and distribution; Central Bank's Tools of Monetary Control

Autarky versus Trade, Absolute and Comparative cost, Gains from Trade

State of the Indian Economy at the time of independence – Growth in GDP and per capita income and changes in sector-wise composition during 1951-80 – BOP crisis brewing in 1980s – market oriented economic reforms initiated in 1991 – Growth trends, sector-wise composition, poverty and inequality in the post reform period

Land reforms – Green Revolution – Agrarian crisis of 1990s Horticulture and livestock as new areas of growth – Role of PMGSY and MGNREGS in rural transformation - Challenges in the 21^st century: GM crops, Climate smart agriculture and doubling of farmers’ income – Reforms in agriculture

Slow growth of manufacturing and its impact on employment generation – Growing role of services in income and employment generation – Definition, composition and prospects of MSME

GST – Direct Benefit Transfer – Jan Dhan Yojana and financial inclusion – Outstanding reforms: Land acquisition, Labour laws, and banking sector reforms – the challenge of formalizing of the economy

Size of the Indian Economy in the global context - Trade openness in the post-reforms and post-WTO regime – trends in the trade-GDP ratio - Capital flows (FDI and FII) and their impact – BIMSTEC and India-ASEAN free trade initiatives