Hidayatullah National Law University, Raipur

B.A.LL.B (Honors) Curriculum

Major: Economics

FIRST SEMESTER
Paper-1: Principles of Economics

Total no. of lectures:60

Part: 1Course outline

Introduction of the course:
The aim is to provide understanding of different types of economic systems, behavior of consumer
and firms, determination of output and prices of product and factors in different market conditions,
working of the economies, national income, economic growth, economic welfare, employment,
monetary policies and monetary problems. The knowledge of principle of Economics helps in
solving the problem of unemployment, inflation, economic instability and economic growth.
INTRODUCTION TO ECONOMICS
Module 1

Definition of Economics

Definition of Economics, Nature & Scope of Economics,

Branches of Economics,
Importance and uses of Economics in Law
Module 2
Theory of Demand & Supply
Demand and Supply Theory, Law of Demand & Supply,
Determinants of demand & supply
Utility Analysis: Cardinal Utility (Marshall),
Ordinal Utility Approach (Indifference Curve)
Elasticity of Demand and Supply
Module 3
Theory of Production, Cost and Revenue
Production Function, Factors of Production, total, average and
Marginalproduct. Law of Variable Proportions and Returns to Scale
Internal and External Diseconomies
Concept of Costs, Short and Long run costs and its curves
Concept of Reve nue: Total, average and marginalrevenue.
Module 4
Price determination in different markets
Perfect Competition
Monopoly
Monopolistic Competition

Module 5
Theory of Distribution:Factor Pricing
Labour and Wage
Land and Rent
Capital and Interest
Module 6
National Income Accounting
NationalIncome Accounting
Banks: Central Bank and CommercialBanks
Credit Control
Module 7
Macro- Economic Theories
Theory of Employment (Classical&Keynesian Theories)
Quantity Theory of Money
Inflation
Module 8
Public Finance
Meaning & Scope of Public Finance
Public Reve nue, Public Expenditure
Public Debt, Deficit Financing
Module 9
Development & Environment
Economics of Development: An Introduction
Environmental Economics: An Introduction
Module 10
International Economics
International Economics: An Introduction
Meaning & Importance of International Trade
Theory of Absolute & Comparative Cost Advantage
Reference Books:
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Dwivedi D.N. :Microeconomic Theory,Vikas Publishing House, Delhi

Jhingan M.L. :Microeconomics Theory, Vrinda Publications, Delhi
Ray N.C. : An Introduction to Microeconomics, Macmillan, Delhi
Samuelson P.A and W.D Nordhaus:Economics,Tata MC Grow Hill, New Delhi
StonierA.W. and D.C.Hague
A textbook of Economic Theory
Satya, R.Chakraborty: Microeconomics, Allied Publishers,NewDelhi
Ackley G:Macroeconomic Theory
Branson W.H.: Macroeconomic Theory and Policy
Brooman: Macroeconomic Analysis
Hanson,A.H:Aguide to Keynes .McGrawHill, New York
Heijdra, B.J.and F.V.Ploeg: Foundation of Modern Macroeconomics. Oxford University Press
Jhingan M.L.: Macroeconomic Theory, Vrinda Publications ,Delhi
Lewis M.K. and P.D.Mizan: Monetary Economics, Oxford University Press
Sharpio Edward :,MacroEconomic Analysis