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Principles of Economics, 2/e

Principles of Economics, 2/e

Vikas Publishing
  • 9788125916512
  • 640 pages
  • Paperback
  • 7.25" X 9.5" inches
  • Book 550.00

Principles of Economics is a comprehensive textbook for undergraduate and postgraduate students. The book begins with a simple introduction to economics as a social science, moves on to basic economic problems of individuals, firms and the society focusing on the problem of scarcity and choice, and finally discusses the higher levels of economic theories.

While the basic principles of economics remain the same as delineated in the first edition, the need for bringing out the second edition is three-fold. First, “Principles of Economics” is being reintroduced in the economics syllabi of various universities with an increasing emphasis on macroeconomics and international economics. This new trend has enhanced the relevance and usefulness of this book. Secondly, there is a greater emphasis on quantitative method of elaboration and exposition of economic theories rather than high-level mathematics. So there was a need to introduce simple quantitative methods in the presentation of theories. Thirdly, the application of economic concepts and theories to real life problems is also being focused on which is also finding entry into management, medical and engineering courses. So application content has been brought into focus in this second edition.

Thus substantial changes have been made for this edition, most chapters have been rewritten, expanded and updated while some new chapters have been added. Graphical illustrations and simple algebraic formulations have been used, wherever necessary, for clear exposition of economic theories. Review questions and exercises are given at the end of each chapter to help students assess their own understanding of economics.

Principles of Economics will be of immense value to students of economics, BBA, MBA, and those preparing for professional and competitive examinations such as IAS, IES, CA, ICWA and CS. Students of engineering and medical courses who have virtually no prior subject knowledge and have to clear an economics paper will find this book a boon.

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  • Part I Introduction: Introduction to Economics
    1. The Economy and Its Basic Problems
  • Part II Fundamentals of Market Economy: The Laws of Demand and Supply and Market Equilibrium
    1. Elasticities of Demand and Supply
    2. Market Equilibrium and Disequilibrium
    3. Failure of the Market Economy and Role of the Government
  • Part III Theory of Consumer Demand:
    1. Theory of Consumer Demand: Cardinal Utility Approach
    2. Theory of Consumer Demand: Ordinal Utility Approach
    3. Recent Developments in Consumption Theory
    4. Consumer’s Surplus
  • Part IV Theory of Production and Analysis of Cost:
    1. Theory of Production-I: Production with One Variable Input
    2. Theory of Production-II: Production with Two Variable Inputs
    3. Optimum Combination of Inputs
    4. Theory of Production Cost
  • Part V Theory of Firm:
    1. Price and Output Determination: Objective of Business Firms and Market Structure
    2. Price and Output Determination Under Perfect Competition
    3. Price and Output Determination Under Monopoly
    4. Price and Output Under Monopolistic Competition
    5. Price and Output Determination Under Oligopoly
    6. Some Topics in Pricing Theory
  • Part VI Theory of Factor Pricing:
    1. The Factor Market: Factor Demand and Supply
    2. Theory of Wage Determination
    3. Rent
    4. Quasi-Rent and Economic Rent
    5. Theories of Interest
    6. Theories of Profit
    7. Product Exhaustion Theorems
  • Part VII General Equilibrium and Welfare Economics:
    1. The General Equilibrium
    2. Welfare Economics
  • Part VIII Macroeconomics: Introduction to Macroeconomics:
    1. The Circular Flow Model of The Economy
    2. National Income: Concept and Measurement
    3. Theory of National Income Determination
    4. Income Determination with Government and Foreign Trade
    5. Theories of Aggregate Consumption
    6. 460 Keynesian Theory of Interest
    7. Investment Theory and Acceleration Principle
  • Part IX Economic Growth and Business Cycles:
    1. Modern Theories of Economic Growth
    2. Business Cycles and Stabilisation
    3. Inflation: Meaning, Measure and Effects
    4. Theories of Inflation and Control Measures
  • Part X International Economics:
    1. The Theory of International Trade
    2. The Heckscher-Ohlin Theory of Trade
    3. The Law of Reciprocal Demand and Terms of Trade
    4. Trade Policy: Free Trade Vs. Trade Protection
    5. Trade Barriers: Tariffs and Quota
    6. The Rate of Foreign Exchange
    7. Balance of Payments: Disequilibrium and Adjustment
    8. International Monetary System