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Economics pdf lecture notes/ eBook download free
Pankaj Yadav

Economics pdf lecture notes/ eBook download free

Pankaj Yadav | 16-Jun-2016 |
THE NATURE AND SCOPE OF ECONOMICS , PRICE THEORY , Supply and Demand , Elasticity Of Demand And Supply , Market Failure: Externalities And Intervention , Theory Of The Firm: Production And Costs , Factor Markets And Factor Rewards , Market Structures: From Perfect Competition To Monopoly , Money and Banking , The Central Bank And The Fin An Cial Markets , NATIONAL INCOME ANAL YSIS , NATIONAL INCOME AND UNEMPLOYMENT , The Demand For And Supply of Money , Fiscal Policy , International Trade , The Balance Of Payments. Exchange Rates ,

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THE NATURE AND SCOPE OF ECONOMICS.. . . . . . . . . . . . 3
The scope of economics... . . . . . . . . . . . . 3
The tools of economic analysis... . 5
Alternative economic systems... . . 8
Consumer behaviour... . . . . . . . . . . . . . . . . . 9
PRICE THEORY, SUPPLY AND DEMAND.. . . . . . . . . . . . . . . . . 12
Markets and competition... . . . . . . . . 12
Demand.... 14
Supply.... . . 21
The price mechanism... . . . . . . . . . . . . . . 25
Elasticity Of Demand And Supply.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Price elasticity of demand... . . . . . . . 27
Other elasticities of demand... . . . . 32
Elasticity of supply... . . . . . . . . . . . . . . . . . 33
Market Failure: Externalities And Intervention.. . . . . . . . . . . . . . 36
Market imperfections and market failure.. . . . . . . . . . . . . . . . . . . . 36
Externalities and public goods... 37
Price regulation... . . . . . . . . . . . . . . . . . . . . . . . 39
Indirect taxes and subsidies... . . . . . 42
Theory Of The Firm: Production And Costs.. . . . . . . . . . . . . . . . . . . 46
Costs of production and the firm.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Average costs, marginal costs and diminishing returns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Profit maximisation... . . . . . . . . . . . . . . . . . 51
Economies of scale and long-run costs.. . . . . . . . . . . . . . . . . . . . . . . 54
Factor Markets And Factor Rewards.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Factors of production and their rewards.. . . . . . . . . . . . . . . . . . . . . 58
Capital and interest... . . . . . . . . . . . . . . . . . . 59
Labour and wages... . . . . . . . . . . . . . . . . . . . 60
Land and rent... . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Entrepreneurship and profit... . . . 72
Market Structures: From Perfect Competition To Monopoly. . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Equilibrium under perfect competition.. . . . . . . . . . . . . . . . . . . . . . . 75
Equilibrium for a monopoly... . . . . 77
Monopoly and perfect competition compared.. . . . . . . . . . . . 80
Price discrimination... . . . . . . . . . . . . . . . . 82
Public policy towards monopolies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Privatisation of nationalised industries.. . . . . . . . . . . . . . . . . . . . . . . 86
Monopolistic Competition And Oligopoly.. . . . . . . . . . . . . . . . . . . . . 87
Monopolistic competition and non-price competition.87
Oligopoly... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Money and Banking... . . . . . . . . . . . . . . . . . . . . 94
Monetary aggregates... . . . . . . . . . . . . . . . 97
Flows of funds within an economy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Banking... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
The building societies... . . . . . . . . . . . 106
The Central Bank And The Fin An Cial Markets.. . . . . . . . . . 107
The functions of the Bank of England.. . . . . . . . . . . . . . . . . . . . . . 107
The Bank of England as a banker.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
The capital markets and the money markets.. . . . . . . . . . . . . 110
NATIONAL INCOME ANAL YSIS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Measuring the creation of economic wealth.. . . . . . . . . . . . . 115
The circular flow of income... . . 116
National income statistics... . . . . . 118
NATIONAL INCOME AND UNEMPLOYMENT.. . . . . . 123
Aggregate demand and supply and equilibrium national income. . . . . . . . . . . . . . . . 123
Consumption, savings and investment.. . . . . . . . . . . . . . . . . . . . . . 126
Unemployment And Inflation... . . . 131
Unemployment... . . . . . . . . . . . . . . . . . . . . . . 131
The Phillips curve... . . . . . . . . . . . . . . . . . 132
Inflation and its consequences . . . . . 135
Prices and incomes policy . . . . . . . . . . . . 137
The Demand For And Supply of Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
The quantity theory of money . . . . . . 139
Keynesian views on the demand for money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
The monetarist viewpoint . . . . . . . . . . . . . 145
A comparison of the two views . . . . 148
Fiscal Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Fiscal policy, national income and demand management . . . . . . . . . . . . . 150
Taxation policy and its effects . . . . . . 154
International Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Absolute and comparative advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Free trade and its advantages . . . . . . . 161
Free trade and protection . . . . . . . . . . . . . . 162
The Balance Of Payments. Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
The balance of payments . . . . . . . . . . . . . . 168
Components of the balance of payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
The Terms of Trade . . . . . . . . . . . . . . . . . . . . . . 172
Exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Exchange rate policies of governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
European monetary cooperation . . 177

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