ECONOMICS A TEXTBOOK

[Pages:248]ECONOMICS A TEXTBOOK

SKANDA Kumarasingam

? Skanda Kumarasingam 2009

Page 1

In memory of my father

Viswalingam Kumarasingam

? Skanda Kumarasingam 2009

Page 2

Introduction

Contents in Brief

About the Author

Part 1- Micro Economics Chapter 1- Basic Concepts and Ideas of Economics Chapter 2- Price Theory Chapter 3- Price Elasticity and Marginal Revenue Chapter 4- Cost of Production Chapter 5- Product Price and Output in Pure Competition Chapter 6- Product Price and Output in a Pure Monopoly Chapter 7- The Prices and Employment of Resources

Part 2- Macro Economics Chapter 8- National Income Accounting Chapter 9- Macroeconomic Analysis- Aggregate Demand and Aggregate Supply Chapter 10- National Income Analysis Chapter 11- International Trade and Balance of Payments Chapter 12- Money and Banking: Fiscal and Monetary Policy

? Skanda Kumarasingam 2009

Page 3

Introduction

Contents in Detail

About the Author

Part 1- Micro Economics

Chapter 1- Basic Concepts and Ideas of Economics ? Problem of scarcity ? Needs and wants ? Resources or factors of production ? Goods and services ? Efficient economies ? Production possibilities ? Law of increasing opportunity cost ? Efficient and inefficient points on the production possibilities curve ? Circular flow diagram ? The economic questions ? Review (chapter summary) ? Answers to review questions

Chapter 2- Price Theory

? Demand

? Law of demand

? Differences between demand and quantity demanded( compiling the determinants of demand)

? Supply

? Law of supply

? Differences between supply and quantity supplied( compiling determinants of supply)

? Skanda Kumarasingam 2009

Page 4

? Demand and supply( finding the market equilibrium for an individual product) ? Changes in the equilibrium ? Review( chapter summary) ? Answers to review questions

Chapter 3- Price Elasticity and Marginal Revenue ? Elasticity and its calculation ? Revenue ? Elasticity of supply ? Marginal revenue ? Review( chapter summary) ? Answers to review questions

Chapter 4- Cost of Production ? Economic costs and economic profits ? Cost schedules and curves ? Marginal cost and marginal product ? law of diminishing returns ? Average costs ? Long run cost curves ? Review (chapter summary) ? Answers to review questions

Chapter 5- Product Price and Output in Pure Competition ? Features of perfect competition and assumptions ? Short run cost of production ? The firm's supply curve

? Skanda Kumarasingam 2009

Page 5

? Long run cost of production ? Review (chapter summary) ? Answers to review questions

Chapter 6- Product Price and Output in a Pure Monopoly ? Features and assumptions of a pure monopoly ? Short-run cost curves ? Long run cost curves ? Review ( chapter summary) ? Answers to Review questions

Chapter 7- The Prices and Employment of Resources ? Types of resource employers and their markets ? Perfectly competitive resource employers selling in a perfectly competitive environment ? Perfectly competitive resource employers selling in an imperfectly competitive environment ? Important features of a perfectly competitive resource market ? Monopsonists ? Firms where all resources are variable ? Review questions ? Answers to review questions

? Skanda Kumarasingam 2009

Page 6

Part 2- Macro Economics

Chapter 8- National Income Accounting ? Purposes of national income accounting ? Gross domestic product ? Adjusting for gross domestic product ? Review( chapter summary) ? Answers to review questions

Chapter 9- Macroeconomic Analysis- Aggregate Demand and Aggregate Supply ? The basic ideas of macroeconomic analysis ? Aggregate demand and reasons for the downward sloping curve ? Changes in the quantity of real output demanded and changes in aggregate demand ? Aggregate supply ? Changes in the quantity of real output supplied and changes in the aggregate supply ? Equilibrium ? Inflation and unemployment ? Review questions ? Answers to review questions

Chapter 10- National Income Analysis ? The purposes of national income analysis ? Assumptions ? Consumption and savings ? Gross investment ? Marginal and average consumption and savings ? Understanding gross investment using graphical presentations

? Skanda Kumarasingam 2009

Page 7

? Two sector economy ? Effects of multiplier ? Open economy with foreign trade ? Government expenditure and taxes in an open economy ? Review questions ? Answers to review questions

Chapter 11- International Trade and Balance of Payments ? Fundamental questions of trade ? Law of comparative advantage ? Importance of specialization ? Terms of trade ? Foreign exchange ? Law of demand and supply for foreign exchange ? Balance of payment ? Review( chapter summary) ? Answers to review questions

Chapter 12- Money and Banking: Fiscal and Monetary Policy ? Roles of money ? Components of money and money-supply ? Demand for money ? Equilibrium money-supply and demand ? Commercial banks ? The commercial banking system ? Federal Reserve Bank ? Policies

? Skanda Kumarasingam 2009

Page 8

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download