Page 137 - SREENARAYANAGURU OPEN UNIVERSITY

SREENARAYANAGURU OPEN UNIVERSITY
B.A. ARABIC LANGUAGE AND LITERATURE
GENERIC ELECTIVE (ECONOMICS)

B21EC01GE
ECONOMICS FOR EVERYDAY LIFE

Credits: 2

Course Objectives:

This course is offered to familiarize students with basic concepts of economics. The course would equip
them with an understanding of economics that can be used in daily life. It would also help students to apply

economics to real life situations.

Course Outcomes:

1. To introduce basic economic concepts to the students
2. To familiarize students with micro and macro approaches to economics

3. To expose students to contemporary economic ideas

Course Details

Block 1: Basic Concepts and Methods of Economics

Unit1 Economic Problem and Scarcity

Economic problem - Scarcity and choice - Definitions of Economics – Wealth definition - Welfare
definition - Scarcity definition - Growth definition - Microeconomics Versus Macroeconomics

Unit2 Opportunity Cost

Opportunity cost- Production Possibility Curve (PPC) - Shift in Production Possibility Curve -
Solution of basic economic problems in different economic systems.

Unit3 Approaches to Economic analysis

Positive and normative analysis -Static, comparative, and dynamic analysis - Short run and long
run analysis - Partial and General equilibrium analysis

Block 2 : Micro Economic and Macro Economic Concepts

Unit 1 Micro Economic Concepts

Demand and supply- demand function - law of demand - Expansion and contraction of demand
curve – Shift in demand curve - determinants of demand - -Supply function-law of supply-

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