Book excerpt: An excellent book for commerce students appearing in competitive, professional and other examinations. 1.The Definitions of Economics, 2. Scope of Economics and its Nature, 3 .Methods of Economic Study, 4. Some Important Economic Postulates, 5. Micro and Macro Economics, 6 .Economics Statics and Dynamics, 7. Economic Laws & their Nature, 8. Economic Systems and their Features, 9. Demand & Supply—Basic Framework, 10. Utility and Marginal Utility Analysis, 11. Indifference Curve & Consumer's Equilibrium, 12 .Income Effect, Substitution Effect & Price Effect, 13. Consumer's Surplus, 14. Elasticity of Demand and its Measurement, 15. Production and Factors of Production, 16. Production Function, 17. Law of Returns, 18. ISO-Product Curves and its Characteristics, 19.Production Decision—Optimum Cost Combination, 20. Returns to Scale, 21. Cost : Concepts and Various Concepts, 22. Market : Concepts and Types, 23 .Concept of Revenue, 24. Equilibrium of Firm : Concept and Conditions, 25. Perfect Competition, 26. Monopoly and Price Discrimination, 27. Monopolistic Competition, 28. Concept of National Income, 29. Theories of Distribution, 30. Rent, 31. Wages, 32. Interest, 33. Profits.