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The Content of Economic Theory - Hill Agric

Study Material Course No: Ag Econ. 111 Course Title: Principles of Agricultural Economics Credit Hours: 2+0 Prepared By: Dr. Harbans Lal Course Contents: Sr. No. Topic of Lectures unit -I 1 Economics: Meaning, Definition, Subject Matter 2 2 Divisions of Economics, Importance of Economics 2 3 Agricultural Economics Meaning, Definition 2 unit -II 4 Basic concepts (Demand, meaning, definition, kind of demand, demand schedule, demand curve, law of demand, Extension and contraction Vs increase and decrease in demand) 3 5 Consumption 2 6 Law of Diminishing Marginal Utility meaning, Definition, Assumption, Limitation, Importance 3 unit -III 7 Indifference curve approach.

Unit-I Lecture No. 1 Economics- Meaning, Definitions and Subject Matter The Economic problem: Economic theory deals with the law and principles which govern the functioning of an economy and it various parts.

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