We have great pleasure in presenting First edition “Business and Market Dynamics” written for students of UG courses. The related matters are written in a simple and easily understandable.
This volume is an attempt to pro vide the students with thorough understanding of Business and Market Dynamics. We have presented the subject matter in a systematic manner with liberal use of charts and diagrams where ever necessary so as to make it interesting and sustain students’ interest.
Contents –
Unit – 1 Introduction to Business and Market Mechanisms
Introduction
Business
Meaning of Business
Functions of Business
Objectives of Business
The Role of Business in Society and Economy
Classification of Business Activities
Forms of Business Organizations
Sole Proprietorship
Meaning of Sole Proprietorship
Features of Sole Proprietorship
Advantages of Sole Proprietorship
Disadvantages of Sole Proprietorship
Partnership
Meaning of Partnership
Features of Partnership
Advantages of Partnership
Disadvantages of Partnership
Limited Liability Partnership
Meaning of Limited Liability Partnership
Features of Limited Liability Partnership
Advantages of Limited Liability Partnership
Disadvantages of Limited Liability Partnership
Joint Stock Company
Meaning of Joint Stock Company
Features of Joint Stock Company
Advantages of Joint Stock Company
Disadvantages of Joint Stock Company
Cooperatives
Meaning of Cooperatives
Features of Cooperatives
Advantages of Cooperatives
Disadvantages of Cooperatives
Basic Terminologies
Production
Producer
Exchange
Distribution
Market
Consumer
Consumption
Utility
Wealth
Production Possibility Curve
Consumer Surplus
Review Questions
Unit – 2 Demand Analysis
Introduction
Demand
Meaning of Demand
Determinants of Demand
Law of Demand
Demand Function
Demand Schedule
Causes for Downward Sloping Demand Curve
Exceptions to the Law of Demand
Types of Demand
Price Demand
Income Demand
Cross Demand
Changes in Demand
Extension and Contraction of Demand
Increase and Decrease of Demand
Elasticity of Demand
Meaning of Elasticity of Demand
Types of Elasticity of Demand
Price of Elasticity of Demand
Income and Cross Elasticity of Demand
Simple Problems on Price Elasticity of Demand
Review Questions
Unit – 3 Production and Cost Analysis
Introduction
Production
Meaning of Production
Factors of Production
Production Function
Types of Production Functions
Laws of Production
Law of Variable Proportion
Meaning of Variable Proportion
Product Concepts (Total Product, Average Product and
Marginal Product)
Assumptions and Importance
Law of Returns to Scale
Meaning of Returns to Scale
Types of Returns to Scale
Cost
Meaning of Costs
Types of Costs
Cost Curves
Cost Function
Economies of Scale
Simple Problems on TC, AC and MC.
Review Questions
Unit – 4 Supply and Revenue Analysis
Introduction
Supply
Meaning of Supply
Determinants of Supply
Law of Supply
Supply Function
Supply Schedule
Types of Supply Schedule
Change in Supply
Extension and Contraction of Supply
Increase and Decrease of Supply
Elasticity
Price Elasticity of Supply
Simple Problems on Price Elasticity of Supply
Revenue
Meaning of Revenue
Concepts of Revenue
Revenue Curve
Simple Problems on TR, AR and MR.
Review Questions
Unit – 5 Market Structures
Introduction
Meaning of Market
Classification of Markets based on Competition
Perfect Competition
Meaning of Perfect Competition
Features of Perfect Competition
Imperfect Competition
Meaning of Imperfect Competition
Features of Imperfect Competition
Monopoly Competition
Meaning of Monopoly Competition
Features of Monopoly Competition
Duopoly Competition
Meaning of Duopoly Competition
Features of Duopoly Competition
Oligopoly Competition
Meaning of Oligopoly Competition
Features of Oligopoly Competition
Monopolistic Competition
Meaning of Monopolistic Competition
Features of Monopolistic Competition
Price Determination
Output Determination
Review Questions
