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1. Background of Macro Economics 
1.1 Macro Economics :
a) Definition of Macro Economics
b) Nature of Macro Economics
c) Scope of Macro Economics
d) Importance of Macro Economics
e) Limitations of Macro Economics
1.2 Development in Macro Economics
1.3 Paradox of Macro Economics

2. Basic Concepts of National Income 
2.1 Various Concepts of National Income
a) Meaning of National Income
b) Gross Domestic Product (GDP)
c) Net National Product (NNP)
d) Gross National Product (GNP)
e) Concept of Personal Income and Disposal Income
2.2 Circular flow of Income :
a) Meaning
b) Circular flow of Income in two sector economy
c) Circular flow of Income in three sector economy
d) Circular flow of Income in four sector open economy
2.3 Withdrawals and Injections in National Income

3. The Classical Theory of Employment and Output 
3.1 Say’s law of market &its implications
3.2 Implications of the classical theory
3.3 Criticism by Keynes on Classical theory

4. Modern Keynesian Approach to the Equilibrium of the Economy 
4.1 Principle of effective demand
4.2 Determination of Equilibrium of Employment
4.3 Unemployment Equilibrium
4.4 Inflationary and deflationary gap
4.5 Saving-Investment approach in two sector economy
4.6 Paradox of thrift

5. Consumption and Saving Functions 
5.1 Consumption function: meaning and importance
5.2 Determinants of consumption function
5.3 Concept of Average propensity to consume (APC), Marginal propensity to Consume (MPC), Average propensity to save (APS) and Marginal propensity to Save (MPS)
5.4 Keynes psychological law of consumption
5.5 Investment Multiplier : Concept, Process of multiplier, Importance and Limitations

6. Investment Function 
6.1 Marxian economics distinguishes between different forms of capital
6.2 Types of Capital
6.3 Marginal Efficiency of Capital (MEC)
6.4 The acceleration theory of Investment

7. Supply of Money 
7.1 Meaning and functions of money
7.2 Measures of money supply
7.3 The liquidity measures in India and explanation of their components L-1, L-2 & L-3
7.4 Money supply and role of commercial Banks:
a) Process of credit creation and credit Multiplier
b) Limitation of credit creation
7.5 Money Supply and Central Bank
a) Role of Central Bank
b) Objectives of Credit Control
c) Tools of Credit Control and Liquidity Management

8. Demand for Money 
8.1 Determinant’s of Demand for Money
8.2 Motives of Demand for Money
8.3 Theories of Demand for Money
a) Fisher’s Quantity Theory of Money
b) Keynes Liquidity Preference Theory

9. Macro Economics Problems 
9.1 Inflation :
a) Meaning
b) Demand Pull Inflation
c) Cost Push Inflation
d) Inertial Inflation and Expectation
9.2 Effects of Inflation
9.3 Trade-off between Inflation and Unemployment (Philips curve Analysis short run and long run)
9.4 Business Cycle: Meaning, Features and Various Phases

10. Macro-Economic Policies 
10.1 Meaning and Objectives of Macro-Economic Policies.
10.2 Supply Side Economics :
a) The Central Theme
b) Tax Cuts Aggregate Supply
10.3 The Laffer Curve
10.4 Critical Evaluation

11. International Trade 
11.1 Difference between Internal and International Trade
11.2 Concept of Balance of Trade and Balance of Trade
11.3 Structure of Balance of Payment
11.4 Meaning of Disequilibrium of Balance of Payment
11.5 Causes of Disequilibrium of Balance of Payment
11.6 Measures to Correct Adverse Balance of Payment
11.7 Argument for and against Free Trade and Protectionism

12. Foreign Exchange Rate 
12.1 Meaning of Foreign Exchange Rate
a) Merits and Demerits of Fixed and Flexible Exchange Rate
12.2 Factors Affecting Foreign Exchange Rate
12.3 Exchange Control


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