Meaning and Definition – Nature and Scope – Economic Theory – Divisions – Goals of a firm.

Meaning, Determinants of Demand – Law of Demand, Elasticity of Demand – Price, Income and Cross Demand – Demand Estimation and Demand Forecasting – Demand Distinctions.

Meaning and Definition – Elasticity of Substitution and Production – Type of cost of Production – Long run and Short run cost.

Forms of Market – Characteristics - Pricing Methods – Objects of pricing policies – Practices – Government intervention in Market. Price Theory – Perfect Competition, Monopoly, and Monopolistic competition, Monopsony, Duopoly, Duopsony and Oligopoly.

Business Cycle – inflation and deflation- Balance of payment – Monetary and fiscal policies.