| Course Name | Economics for Decision Making |
| Course Code | 26ECO101 |
| Program | BBA (Honours) – Digital Marketing and Artificial Intelligence (Girls Only) |
| Semester | 1 |
| Credits | 3 |
| Campus | Kochi |
Introduction to Economics: The problems of wants, scarcity and choice – Difference between?microeconomics?and?macroeconomics.?Importance?and?limitations?of?Microeconomics?and? Macroeconomics. Basic problems?of?Economics: What to Produce,?How to Produce, For Whom to Produce, Level of Resource Use and Flexibility – Production possibilities curve. Economic systems – Capitalism?–?Command?Economy?-?Mixed?Economy – Emerging Economy, Economics?and?business.
Demand?and?Supply?Analysis:?Concept?of?demand?-?Demand?schedule?and?demand?curve?–
change?in?demand?and?change?in?quantity?demanded?Law?of?demand:?Basis?for?its?operation?and? factors influencing demand.?Elasticity of?demand: Types and measurement.?Supply:?Concept, Supply?schedule?and?supply?curve?-?Change?in?supply?and?change?in?quantity?supplied?-
Law?of?supply, Factors?influencing?supply,?Equilibrium.
Production, Cost and Revenue Analysis: Meaning of production – Production function – The?Law of Variable Proportions or the?Law of?Diminishing Marginal Returns – Returns to scale – Cost?and?production:?Various?concepts?of?cost?-?Economies?of?scale.
Revenue?function:Total,?Average?and?Marginal?revenue –?Profit?maximization:?TR TC?and?MR- MC?approaches.
Theory?of?Markets:?Meaning?and?types?of?markets?– main features of competitive markets – monopoly – duopoly – monopolistic and oligopoly markets – price discrimination – meaning and types.
Macroeconomics: National income analysis: Meaning, Concepts and Measurement, Problems?in?measurement?Concept?of?full?employment?Types?of?unemployment.??Business?cycles:?M eaning?and?Phases.Inflation:?Meaning,?Types and?control?of?inflation:?Monetary?and?Fiscal?policies.
Textbooks:
References:
Course Objective:
The?main?focus?is?on?making?the?various?theoretical?concepts?clear?and?intelligible?to?a?student. The objective is to help the student to understand the various economic parameters effectively?and?efficiently.?
Course Outcomes:
The student will be able:
CO1: To understand?the importance?of?economic concepts?for?managing?the?firms
CO2: To understand?various?theories?of?economics?that?can?be?applied?in?the?internal?and? external?decisions?to?be?made?by?managers
CO3: To analyze?the?demand?and?supply?conditions?and?assess?the?position?of?a?company
CO4: To design?competition?strategies,?including?costing,?pricing,?product?differentiation,?and
?market?environment?according?to?the?nature?of?products?and?the?structures?of?the?markets.?
CO5: To analyze?real-world?business?problems?with?a?systematic economic framework
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PO1 |
PO2 |
PO3 |
PO4 |
PO5 |
PO6 |
PO7 |
PO8 |
PO9 |
PO10 |
PO11 |
PO12 |
PO13 |
PO14 |
PO15 |
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CO1 |
1 |
1 |
0 |
1 |
0 |
0 |
1 |
0 |
0 |
1 |
1 |
1 |
0 |
0 |
0 |
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CO2 |
2 |
2 |
2 |
1 |
0 |
0 |
0 |
0 |
0 |
1 |
2 |
1 |
0 |
0 |
1 |
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CO3 |
2 |
2 |
2 |
2 |
1 |
0 |
0 |
0 |
0 |
2 |
2 |
1 |
0 |
1 |
1 |
|
CO4 |
3 |
3 |
3 |
2 |
2 |
1 |
1 |
0 |
0 |
1 |
2 |
1 |
0 |
2 |
2 |
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CO5 |
3 |
3 |
3 |
2 |
2 |
1 |
1 |
1 |
1 |
2 |
2 |
2 |
1 |
2 |
2 |
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