(One paper – Three hours – 100 Marks)
PART I : BUSINESS ECONOMICS (60 Marks)
- Introduction to Business Economics
- Meaning and scope of Business Economics
- Basic Problems of an Economy and Role of Price Mechanism.
- Theory of Demand and Supply
- Meaning and determinants of demand, Law of demand and Elasticity of demand — Price, income and cross elasticity
- Theory of consumer’s behaviour – Marshallian approach and Indifference curve approach
- Meaning and determinants of supply, Law of supply and Elasticity of supply.
- Demand Forecasting
- Theory of Production and Cost
- Meaning and Factors of production
- Laws of Production – The Law of Variable proportions and Laws of Returns to Scale, Producer’s equilibrium
- Concepts of Costs — Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs.
- Price Determination in Different Markets
- Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
- Price determination in these markets.
- Business Cycles
- Causes behind these Cycles.
PART – II : BUSINESS AND COMMERCIAL KNOWLEDGE (40 MARKS)
- Introduction to Business
Nature of Business, Profession and Employment. Objectives of Business. Economic and Non-Economic Activities, Forms of Business Organizations.
- Business Environment
Micro and Macro Environment, Elements of Micro Environment – Consumers/Customers, Competitors, Organization, Market, suppliers, Intermediaries, Elements of Macro Environment – Demographic, Economic, Political-legal, Socio-cultural, Technological, Global Environment.
- Business organizations
Overview of leading Indian and Global Companies.
- Government Policies for Business Growth
Policies creating conducive business environment such as Liberalization, Privatization, Foreign Direct Investment.
- Organizations facilitating Business
- Indian regulatory bodies – SEBI, RBI, IRDA, CCI
- Indian Development Banks – IFCI, SIDBI, EXIM Bank, NABARD
- Common Business Terminologies
- Finance Terminologies.
- Marketing Terminologies.
- Stock & Commodity Markets Terminologies.
- Banking Terminologies.
- Other Business Terminologies.