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SREENARAYANAGURU OPEN UNIVERSITY
GENERIC ELECTIVE
B21EC01GE
ECONOMICS FOR EVERYDAY LIFE
CREDITS 2
Course Objectives
1. This course is offered to familiarise learners with basic concepts of economics.
2. The course would equip them with an understanding of economics that can be used in
daily life.
3. It would also help learners to apply economics to real life situations.
Course Outcomes
Upon completion of the course, learners will be able to,
1. introduce basic economic concepts to the learners.
2. familiarise learners with micro and macro approaches to economics.
3. expose learners to contemporary economic ideas.
COURSE DETAILS
BLOCK 1: Basic Concepts and Methods of Economics
UNIT 1: Economic Problem and Scarcity
Economic problem - Scarcity and choice - Definitions of Economics – Wealth
definition - Welfare definition - Scarcity definition - Growth definition -
Microeconomics Versus Macroeconomics
UNIT 2 Opportunity Cost
Opportunity cost- Production Possibility Curve (PPC) - Shift in Production
Possibility Curve - Solution of basic economic problems in different economic
systems.
UNIT 3 Approaches to Economic analysis
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