Course Content
Basic Concepts on Economics
This lesson provides the description of goods and students are able to define goods and classify them on different basis.
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Concept of Goods
Concept of Utility
Concept of Value and Price
Concept of Wealth
Concept of Production and Consumption
Concept, Definition, nature and subject matter of economics
This lesson contains the basics of economics. After completion, students will be able to define economics
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Introduction
Definition of Smith (Wealth Definition)
Definition of Marshall (Welfare Definition)
Definition of Robbins (Welfare Definition)
Scope of Economics
Consumer Behavior
This Lesson describes about the law of diminishing marginal utility. After completion, students will be able to explain about the law of diminishing marginal utility including its importance and limitations.
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Total Utility and Marginal Utility
Law of Diminishing Marginal Utility
Indifference Curve
Indifference Schedule
Indifference Map
Marginal rate of substitution (MRS)
Properties of Indifference Curves
Price Line or Budget Line
Consumer’s Equilibrium (Maximum Satisfaction)
Price Effect
Income Effect
Substitution Effect
Giffen’s good and the law of demand
Demand
This Lesson explains in details about the demand and its determinants. After completion, students will be able to describe demand and predict demand of a commodity by analyzing the different determinants.
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Demand
Demand Schedule
Law of Demand
Extension and Contraction of Demand
Increase and Decrease in Demand
Exceptions to the Law of Demand
Types of Demand
ELASTICITY OF DEMAND
Types of Elasticity of Demand
Factors Influencing the Elasticity of Demand
Measurement of Elasticity of Demand
Uses of Elasticity of Demand
Income Elasticity of Demand
Types of income elasticity of demand
Supply and Cost
This lesson describes supply and helps students to know the determinants of supply.
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Supply
Law of Supply
Extension and Contraction of Supply
Elasticity of Supply
Different Types of Elasticity of Supply
Determinants of Elasticity of Supply
Exceptional Supply Curve or Backward bending Labour Supply Curve
Interaction of Demand and Supply
Cost Concept and Cost Curves
Graphical Properties of variable and fixed costs
Different types of cost
Total Revenue / Marginal revenue
Determinants of cost
Market
This lesson explains about the basic concept of market. After studying, students will be able to explain about market
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Meaning of Market
Market Structure
Land and Rent
This chapter explains about the factors of production and Land as a Factor of production
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FACTORS OF PRODUCTION
Land
Rent
Ricardian Theory of Rent
The modern Theory of rent
Quasi Rent
Labour and Wage
This Lesson describes about Labour and also explains its characteristics. After studying, students will be able to define labour and show the different characteristics of labour.
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Labour and its characteristics
Introduction to wage
Marginal Productivity Theory of Wage
Demand-Supply Theory of Wage (Modern Theory)
Capital and Investment
This Lesson describes Capital. After studying, students will be able to explain about capital and distinguish between different types of capital.
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Introduction
Concept of Interest
Liquidity Preference Theory of Interest
Modern Theory of Interest
Organization and Profit
This topic will dal with the concept of organization and profit.
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Concept of Organization
Forms of Business Organization
Profit and Innovation Theory of Profit
Profit Theories
Theories of Population
This topic will discuss about various theories of population.
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Malthusian Theory of Population
Optimum Theory of Population
Differences Between Malthusian and Optimum theory of population
Learn Principle of Economics with Rahul
About Lesson

Substitution effect measures change in the amount demanded of a commodity due to the commodity becoming cheaper or dearer in relation to the other.

a) If the price of a commodity falls:

It becomes cheaper compared to others.

Cheaper commodity is substituted for the other.

Thus, the demand for the commodity increases.

 

b) If the price of the commodity rises:

It becomes costlier compared to others.

Costlier commodity is substituted by others.

Thus, demand for the commodity reduces.

 

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