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SREENARAYANAGURU OPEN UNIVERSITY
B.A. SANSKRIT 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:
● To introduce basic economic concepts to the students

● To familiarize students with micro and macro approaches to economics

● To expose students 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

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

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