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UNIVERSITY GRANTS COMMISSION NET BUREAU NET SYLLABUS Subject: ECONOMICS Code No.: 01 Unit-1 : Micro Economics  Theory of Consumer Behaviour  Theory of Production and Costs  Decision making under uncertainty Attitude towards Risk  Game Theory - Non Cooperative games  Market Structures, competitive and non-competitive equilibria and their efficiency properties  Factor Pricing  General Equilibrium Analysis  Efficiency Criteria: Pareto-Optimality, Kaldor - Hicks and Wealth Maximization  Welfare Economics: Fundamental Theorems , Social Welfare Function  Asymmetric Information: Adverse Selection and Moral Hazard Unit-2 : Macro Economics  National Income: Concepts and Measurement  Determination of output and employment: Classical & Keynesian Approach  Consumption Function  Investment Function  Multiplier and Accelerator  Demand for Money  Supply of Money  IS - LM Model Approach  Inflation and Phillips Curve Analysis  Business Cycles  Monetary and Fiscal Policy  Rational Expectation Hypothesis and its critique  Unit- 3 : Statistics and Econometrics  Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem  Descriptive Statistics - Measures of Central tendency & dispersions, Correlation, Index Numbers  Sampling methods & Sampling Distribution  Statistical Inferences, Hypothesis testing  Linear Regression Models and their properties - BLUE  ITheories of International Trade  International Trade under imperfect competition  Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms  Exchange Rate: Concepts and Theories  Foreign Exchange Market and Arbitrage  Gains from Trade, Terms of Trade, Trade Multiplier 2  Tariff and Non-Tariff barriers to trade; Dumping  GATT, WTO and Regional Trade Blocks; Trade Policy Issues  IMF & World Bank Unit-6 : Public Economics  Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality  Regulation of Market - Collusion and Consumers’ Welfare  Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation  Public expenditure  Public Debt and its management  Public Budget and Budget Multiplier  Fiscal Policy and its implications Unit-7 : Money and Banking  Components of Money Supply  Central Bank  Commercial Banking  Instruments and Working of Monetary Policy  Non-banking Financial Institutions  Capital Market and its Regulation Unit-8 : Growth and Development Economics  Economic Growth and Economic Development  Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push approach.  Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor  Technical progress - Disembodied & embodied; endogenous growth  Indicators of Economic Development: PQLI, HDI, SDGs  Poverty and Inequalities - Concepts and Measurement  Social Sector Development: Health, Education, Gender 3 Unit-9 : Environmental Economics and Demography  Environment as a Public Good  Market Failure  Coase Theorem  Cost-Benefit Analysis and Compensation Criteria  Valuation of Environmental Goods  Theories of Population  Concepts and Measures: Fertility, Morbidity, Mortality  Age Structure, Demographic Dividend  Life Table  Migration Unit-10 : Indian Economy  Economic Growth in India: Pattern and Structure  Agriculture: Pattern & Structure of Growth, Major Challenges, Policy Responses  Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses  Services: Pattern & Structure of Growth, Major Challenges, Policy Responses  Rural Development - Issues, Challenges & Policy Responses  Urban Development - Issues, Challenges and Policy Responses.