Meaning and Definition – Nature and Scope – importance and significance of the study of Economics – Economics - art or Science - Economic Theory –Divisions – Social responsibility of a Business Firm - Goals of a firm

Demand Analysis – Meaning, Determinants of Demand – Law of Demand, Elasticity of Demand – Price, Income and Cross Demand – Demand Estimation and Demand Forecasting – Demand Distinctions Supply Analysis – Concept of Supply: Supply Schedule & Supply Curve; Market Supply Curve; Law of Supply

Markets – Forms of Market – Characteristics – Pricing Methods – Objects of pricing policies – Price under Perfect Competition, Monopoly, Monopolistic competition, Monopsony Oligopoly.