School of Distance Education
                 INTRODUCTORY ECONOMICS - I
                              ECO1(2) C01
                      COMPLEMENTARY COURSE FOR
                    BA HISTORY / BA POLITICAL SCIENCE
                               II SEMESTER
                                 CBCSS
                        (2019 Admission onwards)
                         UNIVERSITY OF CALICUT
                     SCHOOL OFDISTANCE EDUCATION
                   Calicut University (P.O), Malappuram, Kerala, India 673635
                                   19353
       Introductory Economics I                                 Page1
                                       School of Distance Education
         UNIVERSITY OF CALICUT
         SCHOOL OF DISTANCE EDUCATION
         STUDY MATERIAL
         II SEMESTER
         COMPLEMENTARY COURSE FOR BA HISTORY/BA POLITICAL SCIENCE
         ECO1(2) C01: INTRODUCTORY ECONOMICS - I
         Prepared by :
                   Mr. Ajesh Babu K.P.
                   Assistant Professor on Contract,
                   SDE, University of    Calicut.
         Scrutinized by :
                   Dr.  Shyjan Davis
                   Head of the Department of Economics,
                  Dr. John Matthai Centre,
                  University of Calicut.
         Introductory Economics I                                                Page2
                               School of Distance Education
                             C O N T E N T S
                Module I    Basics of Economics
                Module II  Demand and Supply
               Module III  Production and distribution
                ModuleIV   National Income Concepts and Meaning
                Module V   Classical Vs Keynesian economics
       Introductory Economics I                                 Page3
                                                      School of Distance Education
                                             INTRODUCTORY ECONOMICS I
              Module I: Basics of Economics
              Economics-Definitions- Importance of economics-relation with other social sciences-   Basic Problems of
              an economy - Micro versus Macro
              Module II: Demand and Supply
              Demand and supply Utility, utility function, marginal utility, law of diminishing marginal utility- demand,
              law of demand. Elasticity of demand-Cost, cost function, opportunity cost, variable cost, fixed cost, total
              cost, marginal cost, average cost, supply, supply function, supply curve, Elasticity of supply- Equilibrium
              price, market and its classification
              Module III: Production and distribution
              Factors of Production-Production function, types of production function (short run and long run), economies
              of scale- Distribution-Marginal productivity theory.
              ModuleIV: National Income Concepts and Meaning
              National Income-Meaning and  Significance- Concepts of National Income- Importance of the estimation of
              national income-difficulties in estimation of national income.
              Module V: Classical Vs Keynesian economics
              Assumptions  of Classical economists-Say€s Law of Market, Full employment, wage-price flexibility -
              Keynesian revolution-major concepts of Keynes, Post-Keynesian  developments (Brief introduction only).
            Introductory Economics I                                                                             Page4