ANDHRA PRADESH STATE COUNCIL OF HIGHER

EDUCATION

Model Syllabus for Economics (Minor) in consonance with Curriculum

framework w.e.f. AY 2025-26

COURSE STRUCTURE

No. of Hrs No. of

Year Semester Course Title of the Course
/Week Credits

III 1 Microeconomics 4 4
II
IV 2 Macroeconomics 4 4

3 Indian Economy 4 4
V
4 Statistical methods for Economics 4 4
III
5 Monetary Economics 4 4
VI
6 Entrepreneurship and MSMEs 4 4
 SEMESTER-III

COURSE 1: MICROECONOMICS

Theory Credits: 4 4 hrs/week

Course Objective: This is the first course in economics intended to learn basic concepts,
principles and theories in Microeconomics with a view to understanding the economic behavior
of an individual person and firm.

Course Learning Outcomes:

After studying this course, the student shall be able to

1. Explain the Law of Demand, Elasticity of Demand and the behaviour of individual
consumer in the market place in terms of Cardinal utility and Ordinal utility theories;
2. Analyse the cost, revenue and production functions in terms of equations and graphs;
3. Understand the functioning of perfectly competitive and monopoly markets;
4. Evaluate the functioning of the realistic markets such as monopolistic competition and
Oligopoly.
5. Apply the principle of Marginal Productivity to the determination of the remuneration to
the factors of production.

Unit -1: Demand and Utility Analysis

● An Introduction to Microeconomics, its nature and scope

● Law of Demand, Elasticity of Demand: Meaning and Types of Elasticity
● Cardinal Utility : Law of Diminishing Marginal Utility, Law of Equi Marginal Utility
● Ordinal Utility: Meaning, Indifference Curves Properties, Budget Line and MRS
● Consumer’s equilibrium using Indifference curves

Unit – 2: Production and Cost Analysis

● Firm: Concept and Objectives; Production and Factors of Production; Cost and Revenue:
Total, Average, Marginal and the relationship among them
● Production Function: Meaning and Types; Cobb- Douglas Production Function and its
properties
● Law of Variable Proportions; Laws of Returns to Scale
● Supply: Meaning, Factors, Law of Supply, Elasticity of Supply

Unit-3: Perfect Competition and Monopoly

● Market: Concept and Classification

 ● Perfect Competition: Characteristics, Price and Output Determinations of Firm and
Industry
● Monopoly: Characteristics, Price and Output Determinations
● Monopoly - Price Discrimination

Unit - 4: Monopolistic Competition and Oligopoly

● Monopolistic Competition: Characteristics, Costs and Demand curves

● Monopolistic Competition : Equilibriums of the Firm and Group, Selling Costs
● Oligopoly: Kinked Demand Curve, Characteristics of Collusive and Non Collusive
Oligopoly
● Real world examples of Monopolistic Competition and Oligopoly

Unit - 5 Theories of Distribution

● Types of Distribution and Marginal Productivity Theory of Distribution

● Rent: Ricardian Theory of Rent, Marshallian Quasi Rent
● Theories of Wage: Subsistence Theory, Modern Theory
● Theories of Interest and Profits: Classical Theory of interest, Innovations Theory of Profit

References:

1. Microeconomic Analysis, Bilingual Textbook, APSCHE

2. H. L. Ahuja, (2004), Advanced Economic Theory, New Delhi: S. Chand.
3. A. Koutsoyiannis (2023), Modern Microeconomics, 2nd ed. Reprint, London: Macmillan.
4. P. N. Chopra (2018), Principles of Economics, Ludhiana: Kalyani Publishers.
5. Telugu Academy Publications on Microeconomics
6. Microeconomics, Dr. Br. Ambedkar Open University Material
7. Microeconomics, IGNOU Material

Suggested Activities:

 Unit-1: Studying the behaviour of people in the market place while buying Good/Services
and making presentations in the class room.
 Unit-2: Identifying the applications of Indifference curves in real world situation
 Unit-3: Giving Assignment on any production function or traditional or modern theories
of costs
 Unit-4:Arranging field visit to any nearby vegetable Rythu market and submission of a
report
 Unit - 5 Seminar on theories of distribution which were studied at intermediate level.
 SEMESTER-IV

COURSE 2: MACROECONOMICS

Theory Credits: 4 4 hrs/week

Course Objective: The objective of this course is to impart basic concepts, principles and
theories of Macroeconomics to make the student understand the functioning of a macro
economy.

Course Learning Outcomes:

After the completion of this course, the students will be able to

1. Explain the circular flow of national income in a macro economy, various concepts of
national income and their measurement;
2. Compare and contrast the Classical and Keynes theories of employment and their
relevance to the present day economies;
3. Evaluate Keynes’ theories of consumption and investment functions and their
implications to the economy;
4. Analyse causes and the measures to control inflation and trade cycles in the economy;
5. Evaluate the structure and components of balance of payments, exchange rate systems
and capital flows to achieve internal and external stability.

Unit - 1: Introduction to Macroeconomics and National Income

● Macroeconomics: Definition, Scope and Importance; Macroeconomic variables: Stock

and Flow
● Circular Flow of Income: Two, Three and Four Sector economies
● National Income: Definition, Concepts, Importance
● Measurement of National Income and Difficulties

Unit -2: Theories of Employment

● Classical Theory of Employment, Say's Law of Market,

● Pigou’s Wage-Price Flexibility,
● Keynesian Theory of Employment: Assumption, Concepts and Model,
● Classical theory vs Keynesian theory of employment.

Unit -3: Consumption and Investment

● Consumption: Factors, Consumption Function,

● Keynes’ Psychological Law of Consumption, life cycle hypothesis
● Investment: Types, Factors, Investment Function, Marginal Efficiency of Capital,
 ● Working of Multiplier and Accelerator

Unit - 4: Inflation and Trade Cycles

● Inflation: Meaning and types

● Measurement - Consumer Price Index and Wholesale Price Index
● Causes, Consequences and Controlling of Inflation
● Trade Cycles: Phases, Causes and Controlling Measures

Unit- 5: Globalization, External Sector and Macroeconomic Linkages

● Role of Foreign Trade and Capital flows in Domestic Economy

● Exchange rate systems: Fixed, Flexible, and Managed Floating
● Balance of Payments: Structure, current account, capital account and their significance
● Bilateral, Multilateral Trade Agreements and WTO

References:

1. Macroeconomic Analysis, Bilingual Textbook, APSCHE

2. H. L. Ahuja (2004), Advanced Economic Theory, New Delhi: S. Chand.
3. P. N. Chopra (2014), Macroeconomics, Ludhiana: Kalyani Publishers.
4. D. M. Mithani (1990), Macro Economic Analysis and Policy, New Delhi: Himalaya
Publications.
5. Telugu Academy Publications on Macroeconomics
6. Macroeconomics, Dr. Br. Ambedkar Open University Material
7. Macroeconomics, IGNOU Material

Suggested Activities:

 Unit-1. Practical Exercise on national income measurement

 Unit-2. Group discussion on relevance of Classical and Keynesian employment theories
to current economic situation
 Unit-3. Seminar presentations on the implications of Keynes’ Psychological Law of
Consumption
 Unit-4. Assignment on current measures to control inflation
 Unit-5. Quiz on sectoral and regional flow of FDI in India and debate on monetary vs
fiscal policy
 SEMESTER-V

COURSE 3: INDIAN ECONOMY

Theory Credits: 4 4 hrs/week

Course Objective: To provide basic understanding on the changing structure of the Indian
economy and to analyse various issues and problems confronting the Indian economy

Course Learning Outcomes:

After the completion of this course, the students will be able to

1. Explain the basic characteristics, structural changes, planning and economic reforms in
Indian economy;
2. Analyse the status of agriculture and rural areas in India and current programmes being
implemented for their development;
3. Appraise the progress made in industrial and infrastructure development in India;
4. Examine the role of the service sector and emerging issues in services sector and labour
market;
5. Evaluate the emerging trends in India’s public finance and external sector.

Unit 1: Features of Indian Economy

● Economic Development of India since Independence

● Population: Growth trends, demographic dividend, National Population Policy
● Achievements and failures of five year plans
● Economic Reforms: LPG model – Liberalisation, Privatisation, Globalisation, NITI
Aayog

Unit 2: Agriculture and Rural Development

● Role of agriculture in Indian economy – Trends in output and productivity

● Land reforms and green revolution – success and limitations
● Agricultural pricing, MSP, e-NAM
● Rural development programs: NRLM, PM-KISAN, PMGSY, MGNREGS

Unit III: Industry and Infrastructure

● New Industrial Policy - 1991, Privatisation and Disinvestment

● Role and performance of public sector and private sector
● Infrastructure: Power, transport, communication
● Industrial corridors, Make in India, PLI scheme, Gati Shakti
Unit IV: Services Sector, Employment and Labour

● Growth and composition of services sector in India

● Employment: Types, Trends in labour force participation rates,
● Government employment schemes: PMEGP, Skill India, National Career Service
● Reforms on Labour Code, Code on Wages, Gig workers and their issues

Unit V: Budgetary Trends and India’s External Sector

● Fiscal policy: Trends in revenue, expenditure, and deficits

● State’s Fiscal Health Index
● India’s foreign trade – Composition and Direction
● India’s Balance of Payments, Exchange rate trends, FDI, FPI

References:

1. Dhingra, I.C.(2014), Indian Economy, New Delhi: Sultan Chand & Co.
2. Gaurav Datt and Ashwani Mahajan (2024), Datt and Sundharam’s Indian Economy,
New Delhi: Sultan Chand & Co.
3. G. M. Meier (2005), Leading Issues in Economic Development, New York: Oxford
University Press.
4. P. K. Dhar (2018), Indian Economy: Its Growing Dimensions, Ludhiana: Kalyani
Publishers.
5. Reserve Bank of India, Handbook of Statistics on Indian Economy (Latest).
6. S. K. Misra & V. K. Puri (2015), Indian Economy, Mumbai: Himalaya Publishing
House.
7. Indian Economy for Competitive Examinations by Telugu Academy, 2024
8. Government of India, Annual Economic Surveys

Suggested Activities:
 Unit-1. Project on how demographic trends in certain parts of India lead to poverty,
unemployment, labour migration, and urbanization.
 Unit-2. Student seminars on Indian agriculture by analyzing key crops, cropping
patterns.
 Unit-3. Workshop relating to infrastructure and industrial development in India.
 Unit-4. Group Discussion on increasing importance of the Service sector in the Indian
economy.
 Unit-5. Conduct competitions for suggesting innovative ideas for India's development
towards the vision, Vikasith Bharath - 2047.
 SEMESTER-V

COURSE 4: STATISTICAL METHODS FOR ECONOMICS

Theory Credits: 4 4 hrs/week

Course Objective: The objective of this course is to make the students learn basics of statistics
with a view to applying them to day-to-day applications in economics.

Course Learning Outcomes:

At the end of the course, the student is expected to demonstrate the following skills

1. Understands the nature of statistics and able to collect data using questionnaire;
2. Draws appropriate diagrams and graphs for presentation of data effectively;
3. Calculates and analyses Averages and Dispersions for the given data and interpret them
meaningfully;
4. Explains the uses of correlation, simple regression and time series in economic analysis.
5. Calculates index numbers and interprets them correctly.

Unit – 1: Introduction to Statistics

● Nature and Definition of Statistics, scope, importance and limitations of Statistics

● Data: Meaning, Types of data - Primary and Secondary data, and their sources
● Census and Sample - Merits and Demerits
● Schedule and Questionnaire

Unit – 2: Diagrammatic Analysis

● Frequency distribution - Meaning, Types, Tabulation,

● Histogram, Frequency Polygon, Cumulative Frequency Curves
● Graphical presentation of data: Line graph, Bar Diagrams, Pie Charts
● MS. Excel for Diagrammatic Analysis

Unit – 3: Measures of Central Tendency and Dispersion

● Measures of Central Tendency and Dispersion - Meaning and Importance

● Averages: Arithmetic Mean, Median, Mode
● Dispersion: Range, Mean Deviation
● Standard Deviation, Coefficient of Variation with numerical examples
Unit – 4: Correlation, Regression and Time Series

● Correlation – Types and Measurements

● Simple Regression Model
● Time Series: Definition and Components
● Measurement of Time Series: Moving Averages

Unit - 5: Index Numbers

● Index Numbers: Concepts of Price and Quantity Relatives

● Laspeyer’s, Paasche’s and Fisher’s Ideal Index Numbers
● Uses and Limitations of Index Numbers

References:

1. B. R. Bhat, T. Srivenkataramana and K.S. Madhava Rao (1996): Statistics: A

Beginner’s Text, Vol. I, New Age International (P) Ltd

2. Goon A.M, Gupta M.K., Das Gupta B. (1991), Fundamentals of Statistics, Vol. I,
World Press, Calcutta.

3. M. R. Spiegel (1989): Schaum’s Outline of Theory and Problems in Statistics,

Schaum’s Outline Series.

4. S.P. Gupta (1985), Statistical Methods , S. Chand & Co, 1985

5. K.V.S Sarma (2003) , Statistics Made Simple, Second edition, New Delhi: PHI
Learning

6. Telugu Akademy Book, Parimanathmaka Paddathulu (For B.A.).

Suggested Activities:

 Unit-1. Assignments of the application of various statistical methods

 Unit-2. Student Seminar on themes requiring usage of tables, diagrams, statistical analysis
and interpretation
 Unit-3. Group project work for collection of data on locally relevant economic problems
 Unit-4. Exercise on calculation of correlation and regression using Excel.
 Unit-5. Chart Preparation on formulas of different index index numbers
 SEMESTER-VI

COURSE 5: MONETARY ECONOMICS

Theory Credits: 4 4 hrs/week

Course Objective: To provide students with a comprehensive understanding of the theoretical

and practical aspects of money, banking, and monetary policy in the modern economy, including
trends in the digitalization of the economy.

Course Learning Outcomes:

After successful completion of this course, the students will be able to

1. Understand the functions of money and different concepts of money and digital
currencies;
2. Explain classical and modern theories of demand for money and their implications;
3. Describe the functions of Commercial banks, NBFCs, and RBI
4. Assess goals of monetary policy and inflation targeting
5. Evaluate the latest developments in the banking sector including net-banking and mobile
banking.

Unit - 1: Money – Functions, and Modern Forms

● Money: Definitions, Types and Functions

● Measures of Money Supply: M1, M2, M3, M4 – RBI definitions
● High Powered Money and Money Multiplier
● Recent Developments: Digital Currency and CBDC (Central Bank Digital Currency – e₹)

Unit - 2: Theories of Demand and Supply of Money

● Quantity Theory : Fisher and Cambridge: Classical Dichotomy

● Keynesian Liquidity Preference Theory
● Post-Keynesian Theories: Tobin and Friedman
● Philips Curve, Rational Expectations

Unit - 3: Financial Markets and Institutions

● Financial Market - Money Market and Capital Market

● Functions of Commercial Banks, Credit Creation Process
● Non Banking Financial Institutions - Role and regulations
● Recent Reforms in Banking Sector - Management of NPA, Mergers, BASEL Norms
Unit - 4: Monetary Policy, Tools and Effectiveness

● Functions of RBI
● Monetary Policy: Meaning, Objectives and Instruments of Monetary Policy: Quantitative
and Qualitative
● Transmission Mechanism of Monetary Policy
● Inflation Targeting and Flexible Inflation Targeting (FIT) Framework

Unit - 5: Emerging Trends in Money and Banking

● Cryptocurrencies: Evolution, Features and Challenges.

● Fintech: Blockchain Technology, DeFi
● Financial Innovations: Crowd Funding, Net - banking, Mobile banking
● Digital Finance and Issues in Cybersecurity

References:

1. Prasad, E. S., & Thorne, S. R. (2021). The Future of Money. Unabridged. Tantor Media,
Inc.
2. Suraj B. Gupta (2001), Monetary Economics: Institutions, Theory and Policy, New
Delhi: S. Chand & Company.
3. R. Dornbusch and S. Fischer (2010), Macroeconomics, New York: McGraw Hills.
4. M. L. Jhingan (2013), Money, Banking, International Trade & Public Finance, 8th
Edition, New Delhi: Vrinda Publications.
5. Mishkin, F.S. (2006), The Economics of Money, Banking, and Financial Markets.
London: Pearson-Addison-Wesley Publishers.
6. RBI Reports – Annual Report, Financial Stability Report, Digital Payments Report
7. Articles from BIS, IMF, and World Bank on digital banking and monetary policy

Suggested Activities:

 Unit-1. Browse RBI’s website and submit a small report on any two recent
notifications or updates about money supply or digital currency.
 Unit-2. Draw and interpret: Liquidity preference curve, Phillips Curve, Rational
expectations-adjusted Phillips Curve
 Unit-3. Visit a local commercial bank or cooperative bank. Prepare a brief report
on credit creation, customer services, and digital operations.
 Unit-4. Create visual posters explaining quantitative vs qualitative tools monetary
policy with real-world examples.
 Unit-5. Conduct a quiz on common cybersecurity threats (phishing, ransomware).
Design an awareness campaign (posters or reels) for safe digital banking.
 SEMESTER-VI

COURSE 6: ENTREPRENUERSHIP AND MSMEs

Theory Credits: 4 4 hrs/week

Course Objective: This course aims to equip students with the essential knowledge and skills to
become successful entrepreneurs covering the entire journey from ideating a business concept to
validating its viability and successfully launching a venture.

Course Learning Outcomes:

After successful completion of this course, the students will be able to

1. Explain basic concepts, types, theories of entrepreneurship, and women entrepreneurship;

2. Apply SCAMPER techniques to identify ideas and create a simple business plan for
rural/urban ventures;
3. Evaluate the opportunities and the feasibility of becoming an entrepreneur within the
umbrella of MSMEs;
4. Design a viable financial and legal plan to start a business in India.
5. Identify major programmes and schemes with government support for undertaking a start
up venture;

Unit-1: Introduction to Entrepreneurship

● Concept and Importance of Entrepreneurship

● Theories of Entrepreneurship: Innovations, X-Efficiency, Risk Bearing
● Types of Entrepreneurship: Eco-preneurship, Social, Digital, and Tech-based
● Women Entrepreneurship: Importance, Role in Inclusive Growth, Opportunities, and
Challenges

Unit-2: Entrepreneurship and Business Planning

● Entrepreneurial Ecosystem: Elements, Issues, and Support Mechanisms

● Opportunity Identification Techniques: SCAMPER, SWOT Analysis
● Business Planning and Business Model Canvas
● Entrepreneurial Opportunities in Rural and Urban India

Unit 3: MSMEs and Emerging Opportunities

● MSMEs in India: Features, Classification, and Role in Economic Development

● Cluster Development Approach and Support for MSMEs
● Challenges Faced by MSMEs and Policy Responses
 ● Emerging Sectors in Entrepreneurship: Organic Farming, Food Processing, Sanitary
Products, Handicrafts, Tourism, and Logistics

Unit- 4: Financing and Marketing for Entrepreneurs

● Financial Planning: Estimating Capital Needs and Budgeting

● Sources of Finance: Banks, SIDBI, MUDRA, and Alternative Finance - Crowdfunding
(kickstarter), Venture Capital
● Loan Application Process and Project Report Preparation
● Marketing for Startups: Market Research, Branding, Promotion, and Digital Strategies
(Social Media, SEO, Influencer Marketing)

Unit 5: Institutional Support and Case Studies

● Institutional Support for Entrepreneurship: NSDC, MSME-DI, Incubators, Accelerators

● Key Government Schemes: PMEGP, STARTUP INDIA, STANDUP INDIA, UDYAM
Registration
● Legal and Regulatory Framework: Registration, Taxation, Labour Laws, Environmental
Compliance
● Case Studies: Success Stories and Failures of Local/Regional Relevance

References:

1. Hisrich, R. D., Peters, M. P., & Shepherd, D. A.(2020), Entrepreneurship, 11th

Edition, McGraw Hill Education
2. Desai, Vasant (2018), Dynamics of Entrepreneurial Development and Management,
Himalaya Publishing House
3. Gupta, C.B. & Srinivasan, N.P. (2021), Entrepreneurship Development in India,
Sultan Chand & Sons
4. Arora, Renu & Sood, S.K. (2019), Entrepreneurship Development, Kalyani Publishers
5. Kumar, S. Anil, Poornima, S. C., Abraham, M. K., & Jayashree, K. (2023).
Entrepreneurship Development (2nd ed.). New Delhi: New Age International Publishers.
6. Gordona, E and N. Natarajan (2017), Entrepreneurship Development, Mumbai:
Himalaya Publishing House Pvt Ltd
Websites:

● Startup India Portal – https://www.startupindia.gov.in

● MUDRA Yojana – https://www.mudra.org.in
● SIDBI (Small Industries Development Bank of India) – https://www.sidbi.in
● NABARD – https://www.nabard.org
● T-Hub & Atal Innovation Mission – https://www.t-hub.co, https://aim.gov.in Innovative
Learning Resources
 ● NPTEL Course: “Entrepreneurship” – https://nptel.ac.in/courses/110/107/110107094
● SWAYAM Entrepreneurship Courses – https://swayam.gov.in.

Videos and Podcasts:

● YouTube Channels : ET Startup Central, The Ken / YourStory , Shark Tanks

● Digital Market Research tools - google trends, social blade
● Business Simulation Tools
○ Canvanizer – For Business Model Canvas: https://canvanizer.com
○ BPlan Builder – Business plan generator tools.
● Entrepreneurship Podcasts
● Startup India Podcasts – Insights into schemes, funding, and real ventures,

Suggested Activities:

 Unit 1: Role-play different types of entrepreneurs (social, digital, eco, women) to

understand their roles, challenges, and contributions. Field trip to local industry and
report submission.
 Unit 2: Apply the SCAMPER technique to redesign a common product and pitch a new
business ideas based on innovation.
 Unit 3: Conduct a SWOT analysis of a local MSME to identify its strengths, weaknesses,
opportunities, and threats.
 Unit 4: Design a basic digital marketing plan for a startup idea using social media
platforms and branding strategies.
 Unit 5: Create a startup proposal using a government scheme (e.g., Startup India)
outlining eligibility, benefits, and business potential.