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Key Economic Concepts and Models

The document outlines important topics in economics categorized by marks allocation, including objectives of firms, concepts of microeconomics and macroeconomics, and various elasticity concepts. It also addresses more complex topics such as profit-maximizing models, consumer equilibrium, and phases of business cycles for higher mark questions. The structure indicates a focus on fundamental economic principles and their applications in different market conditions.

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Rasika Mahajan
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4 views1 page

Key Economic Concepts and Models

The document outlines important topics in economics categorized by marks allocation, including objectives of firms, concepts of microeconomics and macroeconomics, and various elasticity concepts. It also addresses more complex topics such as profit-maximizing models, consumer equilibrium, and phases of business cycles for higher mark questions. The structure indicates a focus on fundamental economic principles and their applications in different market conditions.

Uploaded by

Rasika Mahajan
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Important Topics

For 2 marks
1) Objectives of Firm
2) Concept of Economics
3) Define Microeconomics and Macroeconomics
4) Law of diminishing Marginal Utility
5) Properties or features of indifference curve
6) Concept of Price Elasticity of Demand, Income Elasticity of Demand, Cross elasticity
7) Concept of Supply Elasticity
8) Determinants of supply
9) Short run cost and Long run cost
10) Concept of Multiplier
11) Concept of Accelerator
12) Features of Monopolistic Competition
13) Exceptions to the law of Demand

For 5 marks
1) Profit Maximizing model of firm
2) Consumer Equilibrium
3) Different types of Demand elasticity
4) Features of perfect competition
5) Consumption function
6) Investment function
7) Determinants of Demand/supply
8) Price discrimination
9) Government intervention to control monopolies
10) Law of variable proportion
11) Economies of scale

For 10 Marks
1) Short run equilibrium and long run equilibrium in perfect competition market
2) Phases of business cycles and measures to control
3) Cyert and March behavioural model of firm.
4) Demand forcasting and different techniques of demand forcasting
5) Short run cost and long run cost

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