Introductory Guide to Microeconomics

Economics is the scientific study of the ways in which humans make choices about production, consumption and wealth. It is the Social Science of studying a balance between needs and available resources.

1. Production
   • Concept of Production Function
   • Different Technologies of Production
   • Total Product, Average Product and Marginal Product
   • Law of Diminishing Marginal Product of Labour
   • Role and Importance of Firms and Industries
   • Types of Producers in the Economy
2. Cost
3. Revenue
4. Demand
5. Supply
6. Determination of Price and Quantity
7. Market
8. Role of Government in Determination of Price and Quantity