Principle of Economics – First Semester (BSc. AG)

AGRICULTURAL ECONOMICS AND AGRIBUSINESS MANAGEMENT

Course CodeAEC 101
Course TitlePrinciple of Economics
Credit Hour2(2+0)
Full Marks50
Theory50
Practical0

OBJECTIVES

Upon the completion of this course, the students will be able to have a better understanding of economic theories related to production, consumption, distribution, and welfare.

Syllabus of Principle of Economics in Bsc. Agriculture

Concept and definition of Economics; Subject matter, nature, and relationship with other disciplines. Concepts of economic terms: Goods, Service, utility, value, price, wealth, and welfare. Theories of consumption and indifference curves, the law of demand and supply, elasticity of demand and supply, cost functions, and relationships. Market structure and price analysis. Characteristics and theories of land, labor, and capital. Concept of welfare economics and Pareto optimality. Concept and measurement of national income.

Course Outline

S.NTopic / Chapter NameNo. of Lectures
1Concept and definition of economics – Adam Smith, Marshall, and Robins3
2The subject matter, nature, relationship, and importance of economics1
3Terminologies–goods, service, utility, value, wealth, price, equilibrium, want, welfare1
4Theories of consumer behavior and indifference curves and their analysis –concept, types, and properties4
5Law of demand and elasticity of demand: Price   elasticity, income, elasticity, and cross elasticity2
6Law of supply and elasticity of supply1
7Cost functions and their relationships2
8Market and Market structures – concept and characteristics2
9Price determination under perfect, monopoly, and monopolistic markets3
10Land – characteristics, and theories of rent2
11Labor – characteristics, and theories of wages and population2
12Capital – characteristics and theories of interest2
13Organization – Concept and theory of profit1
14Welfare economics: Concept and Pareto optimality1
15National income: Concept and measurement2
Total30

REFERENCES

  • Chopra, P. N. 2000. Principles of Economics. Kalyani Publishers, New Delhi.
  • Hirshleifer, J. 1987. Price Theory and Its Application. Printice Hall of India, New Delhi.
  • McConnell, C.R. 1975. Economics: Principles, Problems, and policies, McGraw-Hill, USA.

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