Name of the faculty: Dr. KUMARA J.

E-mail: [email protected]

Programe name: BA.LL.B Course code: B21AL1030

Semester: ODD I Course title: General Principle & Economics

Office Hours: 8.30am to 4.30pm

Chamber Consultation Hours: 3.30pm to 4.30pm on all week days

1. Instruction Details

Course Duration: 73 sessions

TIME TABLE- ODD AUGUST- 2021

Days

8.30am- 9.30am- 10.30am 10.45am 11.45am 12.45pm 1.30pm- 2.30pm-

9.30am 10.30am 10.45am 11.45am 12.45pm 1.30pm 2.30pm 3.30pm

Mon General
Principles
&
Economics
Tue General
Principles
&
Economics
Wed General
Principles
&
Economics
Thu General
Principle
s&
Economi
cs

Fri General
Principles
 &
Economics

2. Course Details:

A) Course description:

The General Principle & Economics deals with the conceptualization of basic principles of economics
which are essential for human beings life in society. As required in the present day scenario, the
course is designed for the beginners with no formal background or little acquaintance with economics.
The objective is to give the students with a clear understanding of the basic concepts, tools of analysis
and terminologies used in economics, to facilitate their understanding of various legal phenomena.
Emphasis will be on the use of graphs, diagrams and numerical tables/schedules for exposition. The
teacher is expected to draw examples from the surrounding world to clarify the concepts.

B) Course content:

Uni Marks Hours

Unit
t Topics/Contents Weigh
Title
No. tage
1 Definition, Basic concepts of economics and percepts
1 Economic problems, economic rationality
1 History of economic thought
1 Mercantilism, Classical economics, Keynesian economics
1 Demand Analysis, determinants of demand
Elasticity of Demand Types of Elasticity of Demand -
1
Price
1 Income and Cross elasticity
Introduction to 10
1 Numerical Practise on Elasticity 25%
Economics hours
1 Equilibrium and Introduction to Supply
1 Determinants of Supply
1 Elasticity of Supply and numerical
Market Equilibrium, Demand and Supply and changes in
1
the curves
Demand forecasting Introduction Techniques of
1
forecasting theory Techniques of forecasting numerical
1 Class Test Case Study Discussions
2 Utility Theory
2 Cardinal Utility
2 Consumer Ordinal Utility 18
25%
2 Behaviour Indifference Curve Analysis theory hours
Indifference curve analysis In case of substitute good,
2
complementary goods
2 Indifference curve analysis and budget line
2 Consumers Equilibrium, Consumer Surplus
2 Managerial Applications of Utility Analysis
Consumer and producers surplus, Market efficiency
2
analysis
2 Price Control: floor pricing
2 Price ceiling
2 Cost and Revenue Analysis
2 Meaning; Concepts of Costs and numerical
2 Short-Run and Long-Run Cost Functions
2 Short-Run and Long-Run Cost Functions
2 Learning curve
2 Economies of Scale
2 Consumer and Producers Surplus concepts
2 Case study practise in class
3 Break Even Analysis Meaning of production
3 Break even analysis case study numerical
Factors of Production, Production function with One
3
Variable Input
Factors of Production, Production function with two
3
Cost & Variable Input
18
3 Production Law of Diminishing Marginal Productivity 25%
hours
3 Analysis Returns to scale
3 Iso quants theory
3 Types of isoquants
3 Optimum Combination of Inputs or Producers Equilibrium,
3 Returns to Scale
3 Doubt Clearing Session
4 Perfect Competition Market introduction
Meaning and types of market structure, Nature of Market,
4
Features of Perfectly Competitive Market
4 Price-output determination in the short- run
4 Price-output determination in long run
Effects of Government Intervention on Price and Output in
4
a Competitive Market
4 Monopoly, Meaning and Features
4 Monopolistic Compitation, Meaning and Features
Market Analysis 17
Equilibrium in monopoly
& Pricing 25% hours
4 Oligopoly Meaning and features
Decisions
4 Oligopoly equilibrium , Kinked Demand Curve model
Collusion and Cartels, Market Sharing Cartels, Price
4
Leadership
4 Objectives of pricing, Factors underlying pricing
4 Methods of pricing
Applications of different pricing methods in different
4 market structure.

4 Revision and Doubt clearing

C) Objectives: The overall objective of the Course is as follows:

1. The course objective is to make students identify the basic policy framework followed in the
economy.

2. The course helps in building and understanding the behavior of economic agents like
consumers and producers in the real World.

3. The course will help students in comprehending concepts of demand, supply and elasticity.
The knowledge of cost and its significance in production and discussion on types of
revenues will help in understanding the practical implication of these concepts.

4. The course will help students in exploring various kinds of market structures like perfect
competition, monopoly, monopolistic and oligopoly.

5. The course focuses on increasing general awareness about the ways an economy is run and
how nations are compared. Students are made aware of the problems facing any economy
and the government’s policies and practical difficulties regarding the same

D) Learning (Course) Outcomes: on completion of this course student should be able to:
1. At the end of the course, students can relate to the rationale of decision making by consumers
and producers in society. In addition, they will understand the real world implication of the
concepts of demand, supply and elasticity.

2. Students will identify and recognize the various market structures of monopoly, competition,
oligopoly. They will be able to identify various industries and their functioning in real world
scenario.

3. Students will be able to express their understanding of cost structures of firms and explain the
profit making thresholds for firms.

4. Students will be able to illustrate and apply cost concepts and also classify various pricing
strategies used by various kinds of firms with different market structures.

E) PROGRAM OUTCOMES: -

After undergoing this program, a student will be able to: -

1. Legal knowledge :To acquire and analyse the substantive and procedural laws.
 2. Problem analysis :Analyse legal document and resolve problems legally to achieve social
and economic justice.
3. Professional Ethics : Understand the principles of Professional Ethics, its processes,
procedures and relevant application in the legal world.
4. Professional Skills : Demonstrate and provide adequate legal skills in different areas of legal
profession.
5. Legal Research and Legal Reasoning: To conduct legal research using analytical and
critical thinking.
6. Self-employability: To provide a platform of self-employability by developing professional
skills in legal industry.
7. Lawyering skills: Practice advocacy skills in different legal profession.
8. Drafting Skills: Develop the skill in Drafting of legal documents and Law reports.
9. Individual and Team work :Work as individual and team member in resolving issues in
Legal Profession.
10. Self-reflection & lifelong learning : To develop an attitude of self-reflection while learning
& to be independent and to update the legal knowledge with the latest amendments.

F) Pedagogy:
Direct method

Flipped Classroom

Digital support

Collaborative and cooperative learning

Discussion method

Project solving method

(Could be any one for each unit. Where ICT is Used. The ppt. has to be attached as hyperlink,
links to Videos, You tube, and Digital resource is to be specified)

Unit Unit Topics/Contents Pedagogy

No. Title
 1 Demand and Supply
Direct method,
1 History of Economic Thought Flipped Classroom

1 Introduction Law of Demand

of Economics
1 Elasticity of Demand

1 Supply analysis

2 Cardinal Analysis

2 Utility Analysis Direct method,

Flipped Classroom
2 Consumer Cost Analysis
Behaviour
2 Cost and Revenue analysis

2 Consumer and Producer Surplus

3 Short Run and Long Cost Function Direct method,

Flipped Classroom
3 Cost and Production Analysis
Production
3 Analysis Production With Two Variable Input

4 Types of Market Structure

4
4 Monopolistic competition,

4 Market Pricing Stagy

Direct method,
Analysis &
4 Pricing Oligopoly Flipped Classroom
4 Decisions Perfectly Competitive market
4 Pricing
4 Market Sharing Cartels
G) Suggested Text Books and References

Text book/s:

1. Robert Pindyck, Daniel Rubinfeld and Prem Mehta,: “ Microeconomics”7th Edition, Pearson
Education.
2. William Boyes and Michael Melvin: “Textbook of Economics”; 6th e, Biztantra publications.
3. Dominick Salvatore: “Managerial Economics”, 7e, Oxford University Press.
4. Robert S. Pindyck, Daniel L Rubinfeld: “Microeconomics” 6th Edition; Pearson Education
5. John Sloman & Mark Sutcliffe: “Economics for Business”; 3e, Pearson Education,
6. Gregory N Mankiw: “Economics – Principles and Applications”; Cengage Learning
References:

1. Dewett, K.K. Modern Economic Theory;

2. Seth. M.L. Money, Banking, International Trade and Public Finance

H) Assignment:

Assignment Details-Students will be asked to write class tests based on the content taught in the
classroom.

Sl. Date of Date of Particulars of Assignment / Seminar Marks

No Announce Submission
ment
gf1 17.08.2021 Submission – “An economic Analysis of your…….. (native
25.09.2021 Village/Place) with special reference to Assignment – 05
Consumer Behaviour in Demand & Supply”. Seminar - 05
In the Pandemic Situation
Prepare a Structured questionnaire (Marks – 10)
Select 5 Consumers & 5 Producers
Contents:- Introduction, Objectives,
Description of the Study area, Case Study
Analysis, Results & Discussions, Importance
of the Study, Conclusion & Suggestions.
2 17.08.2021 Submission – “A Study on Market structure – with special
25.11.2021 reference to ……………………(Name of the Assignment – 05
Market)” in your native Village/Place. Seminar - 05
Select one market & 10 Respondents
Prepare a Structured questionnaire (Marks – 10)
Identify impact of COVID-19 on Market
Structure.
Contents:- Introduction, Objectives,
Description of the study area, Case study
analysis, results, importance of the study,
conclusion and Suggestions.

I) Prerequisites/Pre reading for the course:

Students should be well versed with economics taught in higher secondary and that will help them
understand the basics in this course.

J) Tentative dates for transaction of the curriculum:

% of Extended
S.N DATE UNIT/CHAPTER/TOPICS Pedagogy
Completion Activities
 UNIT I
03.08.2021 Definition, Basic concepts of Direct
01
economics and percepts method
04.08.2021 Economic problems, economic Direct
02
rationality method
05.08.2021 History of economic thought Direct
03
method
06.08.2021 Mercantilism, Classical economics, Direct
04
Keynesian economics method
09.08.2021 Demand Analysis, determinants of Direct
05
demand method
10.08.2021 Elasticity of Demand Types of Direct
06
Elasticity of Demand - Price, method
11.08.2021 Income and Cross elasticity Direct
07
method
12.08.2021 Income and Cross elasticity Direct
08
method
13.08.2021 Numerical Practise on Elasticity Direct Numerical
09 method Practice in
class
16.08.2021 Equilibrium and Introduction to Direct
10
Supply method
17.08.2021 Determinants of Supply Direct
11
method
18.08.2021 Elasticity of Supply and numerical Direct Numerical
12 method Practice in
class
19.08.2021 Market Equilibrium, Demand and Direct
13
Supply and changes in the curves method
23.08.2021 Demand forecasting Introduction Direct
14 Techniques of forecasting theory method
Techniques of forecasting numerical
24.08.2021 Class Test or case study discussion Direct
15
method
UNIT II
16 25.08.2021 Utility theory Direct
method
17 26.08.2021 Cardinal Utility Direct
method
18 27.08.2021 Ordinal Utility Direct
method
19 30.08.2021 Indifference curve analysis theory Direct
method
20 31.08.2021 Indifference curve analysis In case Direct
of substitute good, complementary method
goods
21 01.09.2021 Indifference curve analysis and Direct
budget line method
22 02.09.2021 Consumers Equilibrium, Consumer Direct
Surplus method
23 03.09.2021 Managerial Applications of Utility Direct
Analysis method
24 06.09.2021 Consumer and producers surplus, Direct
Market efficiency analysis method
25 07.09.2021 Price Control: floor pricing Direct
method
26 08.09.2021 Price ceiling Direct
method
27 09.09.2021 Cost and Revenue Analysis

28 13.09.2021 Meaning; Concepts of Costs and Direct

numerical method
29 14.09.2021 Short-Run and Long-Run Cost Direct
Functions method
30 15.09.2021 Short-Run and Long-Run Cost Direct Numerical
Functions method Practice in
class
31 16.09.2021 Learning curve Direct
method
32 17.09.2021 Economies of Scale Direct
method
33 20.09.2021 Consumer and Producers Surplus Direct
concepts method
34 21.09.2021 Case study practise in class Direct
method
35 22.09.2021 Case study practise in class Direct
method
UNIT III
36 23.09.2021 Break Even Analysis Meaning of Direct Numerical
production method Practice in
class
37 24.09.2021 Break even analysis case study Direct Numerical
numerical method Practice in
class
38 27.09.2021 Seminar or Viva
39 28.09.2021 Seminar or Viva
40 29.09.2021 Seminar or Viva
41 30.09.2021 Seminar or Viva
01.10.2021 to 05.12.2021 IA 1
42 07.10.2021 Factors of Production, Production Direct
function with One Variable Input method
43 08.10.2021 Factors of Production, Production Direct
function with two Variable Input method
44 11.10.2021 Law of Diminishing Marginal Direct
Productivity method
45 12.10.2021 Returns to scale Direct
method
46 13.10.2021 Iso quants theory Direct
method
47 18.10.2021 Types of isoquants Direct
method
48 19.10.2021 Optimum Combination of Inputs or Direct
Producers Equilibrium, method
49 21.10.2021 Returns to Scale Direct
method
50 22.10.2021 Doubt Clearing Session Direct
Seminar or Viva method
UNIT IV
51 25.10.2021 Perfect Competition Market Direct
introduction method
52 26.10.2021 Meaning and types of market Direct
structure, Nature of Market, method
 Features of Perfectly Competitive
Market
53 27.10.2021 Price-output determination in the Direct
short- run method
54 28.10.2021 Price-output determination in long Direct
run method
55 29.10.2021 Effects of Government Intervention Direct
on Price and Output in a method
Competitive Market
56 02.11.2021 Monopoly, Meaning and Features Direct
method
57 04.11.2021 Monopoly, Meaning and Features Direct
method
58 08.11.2021 Equilibrium in monopoly Direct
method
59 09.11.2021 Oligopoly Meaning and features Direct
method
60 10.11.2021 Oligopoly equilibrium , Kinked Direct
Demand Curve model method
61 11.11.2021 Collusion and Cartels, Market Direct
Sharing Cartels, Price Leadership. method

62 12.11.2021 Objectives of pricing, Factors Direct

underlying pricing method
63 15.11.2021 Methods of pricing, Direct
method
64 16.11.2021 Applications of different pricing Direct
methods in different market method
structure.

65 17.11.2021 Revision and Doubt clearing Direct

method
66 18.11.2021 Revision and Doubt Clearing
67 19.11.2021 Seminar or Viva
68 23.11.2021 Seminar or Viva
69 24.11.2021 Seminar or Viva
70 25.11.2021 Seminar or Viva
 71 26.11.2021 Seminar or Viva
72 29.11.2021 Seminar or Viva
73 30.11.2021 Seminar or Viva
01.12.2021 to 04.12.2021 IA 2

3. Flipped Classroom:

Flipped classroom will require latest newspaper articles, which will be provided to students
as and when they are published in Newspaper.

Lecture notes will be send to individual students.

4. Differentiated Instruction:

For High Achievers: They will be provided with extra newspaper editorial articles and readings for
class discussion.

For Slow Learners- Tutorial classes and doubt clearing sessions will be conducted at the end of
each unit, for students to clarify their doubts.

5. Academic Integrity Policy:

Students are expected to follow the Rules of Conduct and Academic Behavior standards as detailed
in the Student Regulation hand book. Failure to comply with these rules may result in disciplinary
actions as stipulated in the Students Regulations.

Note: Copying and plagiarism in any form for any of the evaluation components will result in zero
marks.

6. Evaluation Scheme (As Per CBCS)

Continuous evaluation will be conducted as per the guidelines of the University. It is continuous and
spread throughout the course; hence absenteeism from class may be detrimental to learning. The
details of the evaluation components are given below:
 DATE OF
LEARNI
WEIGH DATE FOR COMPLETIO
S EVALUATION NG
IA MARKS TAGE EVALUATIO N OF
N COMPONENTS OUTCO
(%) N EVALUATIO
MES
N

28-09-2021 --
IA 1 15 Marks 05-10-2021
01-10-2021 1,2,3
Assignment 1 10 marks

1 50%

21-10-2021 --
IA 2 15 Marks 28-10-2021
24-10-2021 2,3,4
Assignment 2 10 Marks

SEE 50% 03-01-2021 -- 1,2,3,4

2 50
17-01-2021
Total 100 100%

IA 1- Test - Unit I and Unit II.

IA 2- Test - Unit III and Unit IV.

Weekly Quiz (10 Questions) will be uploaded in Moodle

Semester End Examination – on whole syllabus

Rubrics will be explained in class prior to the assignment given