PRINCIPLES OF ECONOMICS AND MANAGEMENT

PRINCIPLES OF ECONOMICS AND MANAGEMENT

· Nature and significance of economics, science, engineering, technology and their relationship with economic development, appropriate technology for developing countries.

· Demand, supply, elasticity of demand and supply, Competition: monopoly, oligopoly, monopolistic competition, creating categories of monopoly organisation, price determination under perfect competition and monopoly, price discrimination, equilibrium of firm under competition and monopoly.

· Functions of money, supply & demand for money, money price level & inflation, black money, meaning, magnitude & consequences.

· Functions of Commercial banks, multiple credit creation, banking system in India, shortcomings & improvements.

· Central banking: function of central banking illustrated with reference to RBI, monetary policy making, objectives and features.

· Sources of public revenue, principles of taxation, direct and indirect taxes, distribution of incidence, tax structures, reform of tax system

· Theory of international trade, balance of trade and payment, theory of protection, tariffs and subsidies. foreign exchange control, devaluation

· New economic policy: Liberalization, extending privatization, globalization, and market friendly state, export -led growth.

· Causes of underdevelopment, determinants of economic development, economic and non-economic factors, stages of growth, strategy of development, big push , balanced & unbalanced, critical minimum effort strategy, necessity & type of economic planning.

· Nature of planning, decision making process, management by objectives.

· Communication process, media channels and barriers to effective communication.

· Maslow, Herzberg and Macgregor’s theory of motivation. McClelland’s achievement motivation, Blanchard’s situational leadership theory.

· Production Management.

· Production planning and control, work study, materials management.

· Preventive maintenance, Quality control, Total quality management, Quality Circles.

· Need for good cost accounting system, cost control techniques of financial control, financial statements, financial ratios,break-even analysis, budgeting and budgetary control.

· Marketing functions. Management of sales and advertising marketing research.

· Human Resource management – selection, training and appraisal and compensation administration.

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