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Common Proficiency Test Syllabus - Session II (Section C)
(Two Sections, Two hours, 100 Marks) Section C : General Economics (50 Marks) Objectives : To ensure basic understanding of economic systems, economic behaviour of individuals and organizations. Contents : (I) Micro Economics- Introduction to Micro Economics
- Definition, scope and nature of Economics
- Methods of economic study
- Central problems of an economy and Production possibilities curve.
- Theory of Demand and Supply
- Meaning and determinants of demand, Law of demand and Elasticity of demand -Price, income and cross elasticity
- Theory of consumer 's behaviour - Marshallian approach and Indifference curve approach
- Meaning and determinants of supply, Law of supply and Elasticity of supply.
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- Theory of Production and Cost
- Meaning and Factors of production
- Laws of Production - The Law of variable proportions and Laws of returns to scale
- Concepts of Costs - Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs.
- Price Determination in Different Markets
- Various forms of markets - Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
- Price determination in these markets.
(II) Indian Economic Development- Indian Economy - A Profile
- Nature of the Indian Economy
- Role of different sectors - Agriculture, Industry and Services in the development of the Indian economy, their problems and growth
- National Income of India - Concepts of national income, Different methods of measuring national income, Growth of national income and per capita income in various plans.
- Basic understanding of tax system of India - Direct and Indirect Taxation.
- Select Aspects of Indian Economy
- Population - Its size, rate of growth and its implication for growth
- Poverty - Absolute and relative poverty and main programs for poverty alleviation
- Unemployment - Types, causes and incidence of unemployment
- Infrastructure - Energy, Transportation, Communication, Health and Education
- Inflation
- Budget and Fiscal deficits
- Balance of payments
- External debts.
- Economic Reforms in India
- Features of economic reforms since 1991
- Liberalisation, Privatisation and Disinvestment
- Globalisation.
- Money and Banking
- Money - Meaning and functions
- Commercial Banks - Role and functions
- Reserve Bank of India - Role and functions, Monetary policy.
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