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 – Pricing under Perfect competition, Monopoly, Monopolistic competition and Oligopoly.

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.

Meaning – Phases –Features - Causes behind these business Cycles-Economic Policy.