Imp - Eco

1. Economics and Managerial Economics

2. Scarcity
3. Opportunity Cost
4. Production Possibility Curve/Frontier
5. Law of Demand
6. Substitute Goods
7. Complementary Goods
8. Normal Goods
9. Inferior Goods
10. Extension & Contraction of Demand v/s Shift in Demand
11. Law of Supply
12. Market Equilibrium; Equilibrium Price & Equilibrium Quantity
13. Surplus v/s Shortage
14. Price Elasticity; Income Elasticity and Cross Elasticity of Demand
15. The Law of Diminishing Returns / The Law of Variable Proportions
16. Isoquants; Iso-cost Line and Producers’ Equilibrium
17. Marginal Rate of Technical Substitution of Labour for Capital, MRTS LK
18. Increasing, Decreasing and Constant Returns to Scale
19. Real Cost v/s Money Cost (Explicit and Implicit)
20. Break-Even Point