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SREENARAYANAGURU OPEN UNIVERSITY
BACHELOR OF ECONOMICS
B21EC01GE
ECONOMICS FOR EVERYDAY LIFE - (GENERIC ELECTIVE)
(Number of 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- Expansion and contraction of supply curve – Shift in supply
curve - determinants of supply – Elasticity of demand and supply

Unit 2 Macro Economic Concepts

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