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The economic concepts have a wide application in the formulation of various policies and economic laws. The application of economic concepts not only reveals their significance in economic laws involved, but also helps in arriving at an optimum solution to the problem. It is therefore, become essential for the students of law and for those who are associated with law, to possess at least a working knowledge of the relevant economic concepts. The purpose of this book is to provide, in one volume, the various economic theories which are deemed to constitute the syllabus of the students of B.A LL.B course. It covers the relevant and important aspects of both micro and macro economic theories, along with a basic understanding of the Indian Economy. It contains the necessary material to provide a sound conceptual base in the economic theory. The subject matter of the book is arranged in a systematic manner through various headings and sub- headings, so as to give a flow in studying the subject.