CPT General Economics
Section C: General Economics (50 Marks)
|(I) Micro Economics
|1.||Introduction to Micro Economics|
|(a) Definition, scope, and nature of Economics|
|(b) Methods of economic study|
|(c) The Central problems of an economy and Production possibilities curve.
|2.||Theory of Demand and Supply|
|(a) Meaning and determinants of demand, Law of demand and Elasticity of demand ─ Price, income and cross elasticity|
|(b) Theory of consumer ’s behavior – Marshall Ian approach and Indifference curve approach|
|(c) Meaning and determinants of supply, Law of supply and Elasticity of supply.
|3.||Theory of Production and Cost|
|(a) Meaning and Factors of production|
|(b) Laws of Production – The Law of variable proportions and Laws of returns to scale|
|(c) Concepts of Costs ─ Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs.
|4.||Price Determination in Different Markets|
|(a) Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly|
|(b) Price determination in these markets.
|(II) Indian Economic Development
|5.||Indian Economy – A Profile|
|(a) Nature of the Indian Economy|
|(b) Role of different sectors – Agriculture, Industry, and Services in the development of the Indian economy, their problems and growth|
|(c) National Income of India – Concepts of national income, Different methods of measuring national income, Growth of national|
|(d) Basic understanding of tax system of India – Direct and Indirect Taxation
|6.||Select Aspects of Indian Economy|
|(a) Population – Its size, rate of growth and its implication for growth|
|(b) Poverty – Absolute and relative poverty and main programs for poverty alleviation|
|(c) Unemployment – Types, causes, and incidence of unemployment|
|(d) Infrastructure ─ Energy, Transportation, Communication, Health and Education|
|(f) Budget and Fiscal deficits|
|(g) Balance of payments
|7.||Economic Reforms in India|
|(a) Features of economic reforms since 1991|
|(b) Liberalization, Privatization, and Disinvestment|
|8.||Money and Banking|
|(a) Money – Meaning and functions|
|(b) Commercial Banks – Role and functions|
|(c) Reserve Bank of India – Role, and functions, Monetary policy.