Full notes on economics for engineering

Contains different topics as given below UNIT-1 Definition of Economics- Various definitions, types of economics- Micro and Macro Economics, nature of economic problem, Production Possibility Curve, Economic laws and their nature, Relationship between Science, Engineering, Technology and Economic Development. Demand- Meaning of Demand, Law of Demand, Elasticity of Demand- meaning, factors effecting it, its practical application and importance. UNIT-2 Production- Meaning of Production and factors of production, Law of variable proportions, Returns to scale, Internal and external economies and diseconomies of scale. Various concepts of cost of production- Fixed cost, Variable cost, Money cost, Real cost, Accounting cost, Marginal cost, Opportunity cost. Shape of Average cost, Marginal cost, Total cost etc. in short run and long run. UNIT-3 Market- Meaning of Market, Types of Market- Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly (main features). Supply- Supply and law of supply, Role of demand & supply in price determination and effect of changes in demand and supply on prices. UNIT-4 Indian Economy- Nature and characteristics of Indian economy as under developed, developing and mixed economy (brief and elementary introduction), Privatization - meaning, merits and demerits. Globalization of Indian economy - merits and demerits. Banking- Concept of a Bank, Commercial Bank- functions, Central Bank- functions, Difference between Commercial & Central Bank