Unit-1: Micro Economics  Theory of Consumer Behaviour  Theory of Production and Costs  Decision making under uncertainty Attitude towards Risk  Game Theory – Non-Cooperative games  Market Structures, competitive and non-competitive equilibria and their efficiency properties  Factor Pricing  General Equilibrium Analysis  Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization  Welfare Economics: Fundamental Theorems, Social Welfare Function  Asymmetric Information: Adverse Selection and Moral Hazard Unit-2: Macro Economics  National Income: Concepts and Measurement  Determination of output and employment: Classical & Keynesian Approach  Consumption Function  Investment Function  Multiplier and Accelerator  Demand for Money  Supply of Money  IS-LM Model Approach Inflation and Phillips Curve Analysis  Business Cycles  Monetary and Fiscal Policy  Rational Expectation Hypothesis and its critique  Unit- 3: Statistics and Econometrics  Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem  Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers  Sampling methods & Sampling Distribution  Statistical Inferences, Hypothesis testing  Linear Regression Models and their properties – BLUE  Identification Problem  Simultaneous Equation Models – recursive and non-recursive  Discrete choice models  Time Series Analysis Unit-4: Mathematical Economics  Sets, functions and continuity, sequence, series  Differential Calculus and its Applications  Linear Algebra – Matrices, Vector Spaces  Static Optimization Problems and their applications  Input-Output Model, Linear Programming  Difference and Differential equations with applications Unit-5: International Economics  International Trade: Basic concepts and analytical tools  Theories of International Trade  International Trade under imperfect competition  Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms  Exchange Rate: Concepts and Theories  Foreign Exchange Market and Arbitrage  Gains from Trade, Terms of Trade, Trade Multiplier Tariff and Non-Tariff Barriers to trade; Dumping  GATT, WTO and Regional Trade Blocks; Trade Policy Issues  IMF & World Bank Unit-6: Public Economics  Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality  Regulation of Market – Collusion and Consumers’ Welfare  Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation  Public expenditure  Public Debt and its management  Public Budget and Budget Multiplier  Fiscal Policy and its implications Unit-7: Money and Banking  Components of Money Supply  Central Bank  Commercial Banking  Instruments and Working of Monetary Policy  Non-banking Financial Institutions  Capital Market