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B.A. LL.B. (Five Years) General Principles of Economics Syllabus - SPPU 2026

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Syllabus for General Principles of Economics

Semester 1 · First Year · 4 credits

Objectives of the Course

To study the evolution of economics as a discipline and to apply economic reasoning to problems of society. To enable students to become conversant with fundamental principles of economics.

Module 01: Evolution of Economic Thought

1. Meaning, Definition, Scope of Economics
2. Western Economic Thought - Classicals, Mercantilists, Keynesian, Monetarists
3. Evolution of Modern Indian Economic Thought- Dadabhai Naoroji, Gandhian Thought, Dr. B.R Ambedkar, Amartya Sen
4. Contribution of Nobel Laureates

Module 02: Introduction to Microeconomics- Concepts and Definition

1. Branches of Economics: Micro, Macro, Positive, Normative, Developmental, and Welfare Economics
2. Interrelationship of Economics with Political Science, Management and Governance
3. Significance of resources and their scarcity
4. How do Markets Work?

Module 03: Demand and Supply

1. Law of Demand and Supply
2. Elasticity of Demand: Price, Income, and Cross Elasticity of Demand
3. Law of Diminishing Marginal Utility
4. Indifference Curve Analysis: Consumer Surplus

Module 04: Theory of Production and Cost

1. Factors of Production - Land, Labour, Capital, and Organization
2. Production Function - Law of Variable Proportions and Returns to Scale
3. Economies and Diseconomies of Scale: Internal and External
4. Concepts of Cost - Money vs. Real Cost, Explicit and Implicit Cost, Fixed and Variable Cost, Private and Social Cost, Opportunity Cost, Total Cost, Average Cost, and Marginal Cost

Module 05: Market Structure and Price Determination

1. Classification of Market - Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly and Duopoly
2. An overview of Price Determination and efficiency in Perfect Competition and Monopoly.
3. Understanding of Cartel, Trust, Company, Merger, and Amalgamation

Module 06: Factor Pricing

1. Functional and Personal Distribution of Income
2. Marginal Productivity Theory of Distribution
3. An overview of theories of Determination of Rent, Wages, Interest, and Profit

Recommended Readings

1. Lokanathan. V, A History of Economic Thought, S. Chand Publications
2. Ahuja, H. L., Advanced Economic Theory: Micro Economic Analysis, S. Chand and Company Ltd., New Delhi, 2007.
3. Mankiw. N, Principles of Economics, Cengage Publications, Ninth Edition
4. Lipsey and Chrystal, Economics, Oxford publications.
5. Jhingan. M.L, Micro Economic Theory

Reproduced from the Savitribai Phule Pune University Revised Curriculum of Undergraduate Degree Programs of Law, the 2023 pattern as amended on 18 July 2024. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

Every subject above is cut from the revised syllabus. Open the document here if you want the whole thing rather than a single subject.

PDF Complete law syllabus Revised syllabus (CBCS 2023 pattern), as amended on 18 July 2024 Read full PDF Read

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