ECONOMICS XII
ECONOMICS XII
Unit 1: Market Economy, Demand, Supply, Equilibrium of Demand Supply
Market Economy
Demand
Supply
Unit 2: Elasticity of Demand
Types of elasticity of demand
Measurement of price elasticity of demand by total outlay method
Factors determining the elasticity of Demand
Factors determining the elasticity of Demand
Unit 3: Theory of Consumers Behavior
Utility
Concepts of Utility
The Law of diminishing marginal utility
Limitation of diminishing marginal utility
Importance of the law of diminishing marginal utility
The law of maximum satisfaction/ The law of equi-marginal utility/ The law of substitution
Exceptions/ Limitations of the law of substitution
Consumer Surplus
Criticism of Consumers’ Surplus
Importance of concept of Consumers’ Surplus
Concepts of Utility
The Law of diminishing marginal utility
Limitation of diminishing marginal utility
Importance of the law of diminishing marginal utility
The law of maximum satisfaction/ The law of equi-marginal utility/ The law of substitution
Exceptions/ Limitations of the law of substitution
Consumer Surplus
Criticism of Consumers’ Surplus
Importance of concept of Consumers’ Surplus
Unit 4: Factors of Production
Unit 5: Theory of Production
Meaning
Concept of production
Law of variable production
Application of Law of diminishing return especially in agriculture
The Laws of returns to scale
Concept of production
Law of variable production
Application of Law of diminishing return especially in agriculture
The Laws of returns to scale
Unit 6: Revenue and Cost Curves
Revenue
Cost
Meaning
Difference between fixed and variable cost
Concept of short run cost
Concept of short-run total cost curves
Derivation of TR, AR and MR curves under monopoly market
Concepts of short run average cost
Marginal Cost (MC)
Relationship between MC and AC
Long Run Cost
Theory of product pricing
Perfect Competition Market
Monopoly Market
Difference between fixed and variable cost
Concept of short run cost
Concept of short-run total cost curves
Derivation of TR, AR and MR curves under monopoly market
Concepts of short run average cost
Marginal Cost (MC)
Relationship between MC and AC
Long Run Cost
Theory of product pricing
Perfect Competition Market
Monopoly Market
Unit 7: Theory of Price and Output Determination
Unit 8: Theory of Factor Pricing
Unit 9: Money
Barter system
Definition of money
Types of money
Value of money
Quantity theory of money
Inflation
Deflation
Price index number
Procedure of construction of price index
Definition of money
Types of money
Value of money
Quantity theory of money
Inflation
Deflation
Price index number
Procedure of construction of price index
Unit 10: Banking
Meaning
Types of Bank
Role of Bank
Role of Central Bank with special reference to the Nepal Rastra Bank
Functions of commercial banks
Concept of money market
Concept of capital market
Difference between Money and Capital Market
Types of Bank
Role of Bank
Role of Central Bank with special reference to the Nepal Rastra Bank
Functions of commercial banks
Concept of money market
Concept of capital market
Difference between Money and Capital Market
Unit 11: Government Finance
Unit 12: International Trade
Meaning of international trade
Role of international trade
Balance of trade
Balance of payment
Free trade
Protectionism
Comparative cost theory of international trade
World trade organization (WTO)
South Asian free trade agreement
Role of international trade
Balance of trade
Balance of payment
Free trade
Protectionism
Comparative cost theory of international trade
World trade organization (WTO)
South Asian free trade agreement
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