This book on Economics is written keeping in mind the needs of law students for acquiring knowledge of economics for better understanding of law and its processes in society. The five-year integrated LL.B. course introduced by the Bar Council of India, provides for compulsory teaching of economics in the early years of the programme. Of late, Economics has become a subject full of mathematical equations and statistical analysis making much of it incomprehensible to a non-expert. This book has avoided many of these sophistications and has attempted to explain the concepts and principles in such a manner as to generate interest among law students. In this regard, a maiden attempt was made in the first edition of the text book on Economics for Law students, giving a unique presentation of the subject in the context of integrated legal studies. In this book, an attempt has been made to outline the impact of the New Economic Policy (NEP) on each topic in Economics and the Legal Adjustments and Reforms necessary for the implementation of NEP.