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Course Objectives:
The objective of this course is to acquaint students about factors comprising business environment and how business relates to economics. The other
important objective is to familiarize students with the basic concepts of Economics and role of economics in equipping a business manager in optimal
decision making.
Pre-requisites:
General awareness of business and the symbiotic relationship between business and its environment
Course Contents/Syllabus:
Weightage (%)
Module I : Environment of Business 20%
Descriptors/Topics
Business environment: Concept and components; Internal and external environment, Micro and macro environment. Need
and techniques of Environmental analysis (ETOP, SWOT, PESTLE Analysis).
Descriptors/Topics
Circular flow of Income: two-sector model, National income concepts, Business cycles: phases, types, and reasons; Inflation
and its effects on business. Monetary and Fiscal Policy: objectives and instruments.
Descriptors/Topics
Production function, Law of variable proportions, Concept of isoquants, Marginal Rate of Technical Substitution, Producer’s
equilibrium through isoquants. Cost concepts, cost-output relationships in short run and long run, economies and
diseconomies of scale.
Descriptors/Topics
Revenue concepts, revenue-output relationship under different market forms. Different market structures (features and price
determination under each): Perfect competition, Monopoly, Monopolistic Competition, and Oligopoly.
Component
(Drop down) Mid- Project Viva Attendance
Term
Exam
Weightage
(%) 10% 10% 5% 5% 70%
Text Reading:
Francis Cherunilam (2018), Business Environment, Himalaya Publishing House
H.L. Ahuja (2017); Managerial Economics Analysis of Managerial Decision Making, S. Chand
References:
K. Aswathappa (2019), Essentials of Business Environment (Text, Cases & Exercises), Himalaya Publishing House
N. Gregory Mankiw (2015), Principles of Economics, Cengage Learning India Pvt. Ltd
D.N. Dwivedi (2015); Managerial Economics, Vikas Publishing