To be eligible for admission to a 3-year Bachelor of Art (B.A) degree program in colleges affiliated with Sant Gadge Baba Amravati University, a student typically needs to have successfully completed their Higher Secondary Certificate (HSC) in either the Art or field and maintained a consistent academic record throughout their educational career.

Semester: I
Course Code: 613101
Course Name: Theory-1: Introductory Economics
Credits: 3
Exam Duration: 3 Hours
Max Marks: 60
Internal Marks: 40
Total Marks: 100

Syllabus 

Unit System & Contents

Unit I – Introduction

• Introduction of Economics

• Scope of Economics

• Types of Economics

Weightage of Marks: 10

Pedagogies:

• Interactive Lectures: Use multimedia presentations and interactive slides.

• Problem-Solving Sessions: Organize sessions for applying theoretical knowledge to practical problems.

• Flip-Class: Assign readings or video lectures as homework and use class time for interactive discussions.

Unit II – Definition of Economics

• Adam Smith: Definition & Characteristics

• Alfred Marshall: Definition & Characteristics

• Lionel Robbins: Definition & Characteristics

Weightage of Marks: 10

Unit III – Demand

• Demand: Meaning, Definition & Features

• Law of Demand

• Determinants of Demand

Weightage of Marks: 10

Unit IV – Supply

• Supply: Meaning, Definition & Features

• Law of Supply

• Determinants of Supply

Weightage of Marks: 10

Unit V – Market Structure

• Markets: Meaning & Classification

• Perfect Competition & Monopoly: Meaning & Characteristics

• Monopolistic Competition: Meaning & Characteristics

Weightage of Marks: 10

Unit VI – Factors of Production

• Land: Meaning & Characteristics

• Labour: Meaning & Characteristics

• Capital & Entrepreneur: Meaning & Characteristics

Weightage of Marks: 10

Course Outcomes:

1. Students will understand and explain fundamental economic concepts such as scarcity, choice, opportunity cost, and trade-offs.

2. Students will be able to articulate various definitions of economics, including classical, neoclassical, and contemporary perspectives.

3. Students should have a thorough understanding of the determinants and dynamics of demand, the ability to analyze demand-related data, and the skills to apply these concepts to real-world economic issues.

4. Students should have a comprehensive understanding of the determinants and dynamics of supply, the ability to analyze supply-related data, and the skills to apply these concepts to real-world economic issues.

5. Students will understand how markets function, including the role of prices in resource allocation.

6. Students will define and explain the four main factors of production: land, labour, capital, and entrepreneurship.