Publisher's Synopsis
The present edition has been thoroughly revised and substantially enlarged keeping in view the changes in the syllabi of several universities for B.A., B.Com. (Pass and Honours) courses. Some of the additions are: Circular Flow of Economic Activity; A Detailed Study of Land, Labour, Capital and Organisation; Division of Labour; Localisation of Industries; Types of Business Units; Scale of Production; Monopsony and Bilateral Monopoly; Full Cost Pricing and Sales Maximisation etc. Besides the above topics, two separate parts on the Theory of International Trade and Taxation have been added. Now the book contains eight parts. Part One deals with basic concepts consisting of the nature and scope of economics; methods, laws and models in economics; the production possibility curve; economic systems and the role of price mechanism etc. Part Two discusses the neo-classical utility analysis, indifference curves, revealed preference theory and elasticity of demand etc. Part Three analyses production theory in terms of traditional and modern approaches. Part Four incorporates product pricing under different market conditions. Part Five deals with the theories of distribution, rent, wages, interest, profits along with inequalities of income distribution. Part Six discusses welfare analysis. Part Seven discusses the theory of international trade. Part Eight provides a detailed analysis of taxation.
