Aims & Objectives: The main aim of the syllabus is to develop the students’s competence for higher studies in colleges and universities. Hence, basic knowledge of the subject, related to theory and applied aspects, should be imparted to the students.

For economics, following aspects have been covered :-
(1) Comparative study of Indian and Western economic thinking and basic economic features of India & Madhya Pradesh.
(2) Consumer’s behavior, production process, laws of production, capital formation.
(3) Economic development, basic infrastructure, planning in India, and challenges like-poverty, un-employment, inflation, human capital are to be covered.
(4) Concepts relating to Micro and Macro economics, consumer’s demand, elasticity of demand, producer’s supply, elasticity of supply, consumer’s and producer’s equilibrium should be cleried.
(5) Types of market and determination of price, theory of employment, monetary system are to be explained.
(6) Knowledge related to public finance, balance of payment, budget, national income etc. should be imparted.
(7) To introduce statistical methods and their use in economics & project work.

Unit-1 Evolution of Science of Economics :-
(i) Indian Economic Thinking (Perspective)
(ii) Western Economic Thinking (Perspective)
(iii) Distinction between Indian and Western Economic Thinking Perspective and definitions
(iv) Contribution of eminent Indian Economists – Koutilya, Dada Bhai Noroji, M.K.Gandhi, Pt. Jawahar Lal Nehru, Dindayal Upadhyaya, Ram Manohar Lohiya, J.K. Mehta, Dr.V.K. R.V. Rao, C.N. Vakil, Dr. M.G. Bhokare, etc.

Unit-2 Consumption and Production -
(i) Consumption – Meaning, Types and Importance.
(ii) Utility – Meaning, Types, Law of Diminishing Marginal Utility, explanation with the help of diagram, Assumptions and Importance. Exceptions and Criticism. Consumer’s Equilibrium.
(iii) Consumer’s Surplus – Meaning, explanation with the help of charts and graphs Importance and Criticism.

(iv) Laws of Returns and Returns to Scale (More than one input) – Law of Diminishing Returns, Law of Increasing Returns, Law of Constant Returns explaination with the help of charts and graps, assumptions-Increasing, Constant and Decreasing Returns to scale, explaination with the help of charts and graphs.
(v) Capital Formation and Savings – Meaning, causes of low rate of capital formation and measures to increase it in India. Meaning and sources of Savings causes of low rate of saving and measures to increase it in India.

Unit-3 Economic Growth and Development :-
(i) Concept of Growth and Development.
(ii) Sustainable Deveopment and Quality of Life
(iii) Indicators of Development – Concept ; National and Per Capita Income, Selection of Indicators, Human Development Index and Components of the construction of Index Numbers. Human Development Index in India and Madhya
Pradesh.

Unit-4 Economic Planning -
(i) Economic Planning in India – Major aims and objectives of Economic Development under different Five -year Plans. (In brief)
(ii) Economic Reforms Since 1991 – Introduction,Need and Basic features; Liberalisation, Privatisation and Globalisation-meaning. An appraisal of Libralisation, Privatisation and Globlisation policies.

Unit-5 Structural Changes in Indian Economy after Independence -
(i) Basic Economic Infrastructure – Introduction.
(a) Energy – Types, Sources their Introduction and Present condition ( Coal, Petroleum and Electricity), Non-conventional Energy sources.
(b) Transportation – Road, Railways, Air and Water Transport, Concept of Pipe Line Transportaion, problems and measures to solve them in Present Scenario.
(c) Communication – Postal Services, Telex, Telephone and Satellite.
(ii) Basic Social Infrastructure – Education, Health and Housing, Present Status.

Unit-6 Challenges Facing Indian Economy -
(i) Human Capital Formation – How people become a resource/asset, Role of Human Capital in Economic Development . Growth of Education Sector in India and M.P.
(ii) Poverty, Unemployment and Inflation –
(a) Poverty – Absolute and Relative. Main Programmes for Poverty alleviation and a critical assessment.
(b) Employment and Inflation – Different Employment-Sectors, Self employment, Types of Unemployment. Inflation and other problems and measures to control them.

Unit-7 Rural Development, Environment and Sustainable Development :-
(i) Rural Development – Credit and Marketing-role of Co-operatives; Agricultural diversification; Alternative Farming, Organic Farming.
(ii) Environment and Sustainable Development :– Use in Economic Development, Limited Availability of Resources, Environmental Degradation, Sustainable Economic Development.

Unit-8 Current Problems -
(i) Sex – Ratio – Declining Ratio of Females in differant States.
(ii) Literacy – Male – Female Literacy, Urban and Rural Literacy.
(iii) Migration – Meaning, Internal and International Migration.

Unit-9 Introduction to Statistics -
(i) Statistics – Meaning, scope, functions and importance of statistics in Economics, Limitations.
(ii) (a) Collection of Data – Primary and Secondary data, methods of collecting data (census and sampling method).
(b) Some Important Sources of Secondary Data – Census of India, National Sample Survey Organisation and Reserve Bank of India (To be mentioned).
(iii) Tabulation and Classification of Data – Meaning and Importance.
(iv) Diagramatic Presentation of Data – Types, Utility, Rules of diagramatic presentation, limitations, various types of diagrams- Bar-diagram, Pie-diagram, Frequency Distribution-Frequency Chart, Polygon Frequencies, Cummulative
polygon Frequencies and Ogive curve.

Unit-10Measures of Central Tendency-
Average-Arithmatic mean, Median and Mode – Definition, Merits and Demerits and Practical Questions and their solutions.

Project Work (Only for Information ) -
Preparation of Questionnaire for survey – For example; Standard of living, Family Budget, Family Planning, Poverty etc. -Study of the problem and interpretaion. Measures of Central Tendencytion.