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● Nature of economics: Definition of economics, Basic problems in economics, Economic
activities, Economic systems, Limitations of economics, Branches of economics,
Difference between micro & macro part, Interdependencies, Paradoxes
● Theory of demand: Definition, Law of demand, Demand curve, Why downward,
Exceptions of demand curve, Movement of DC, Shift of DC, Determinants of DC
● Theory of supply: Definition, Law of supply, Determinants, Supply table, schedule,
Exceptions, Movement of supply, Shift of supply,
● Elasticity of demand & supply: Elasticity of demand, Elasticity of supply, Determinants of
elasticity
● Mathematical problems: Demand, Supply, Elasticity
● Price determination: Equilibrium using demand & supply, Equilibrium after shift of
demand & supply
● Factors of production: Definition, Characteristics, Law of diminishing return, Cost & cost
curve, Fixed costs, Variable costs, U-shaped cost curve, V-shaped cost curve
● Market structure: Perfect competition, Imperfect competition, Price taker & maker, Way
to profit maximization, Decision to enter & exit
● Concepts of revenue: Definition, Types, Revenue under perfect competition, Significance
of revenue
● Indifference curve: Definition, Features, Application