Economics : Entrance Exam Study Material

Economics : Entrance Exam Study Material

Part -1

UNIT : 1      Economic Growth and Development

Indian Economy : Economic Growth and Development -- -  - Key Answer
Characteristics of underdeveloped countries -- -  - Key Answer
Role of the State in Economic Development -- -  - Key Answer
Rostow’s Stages of Economic Growth -- -  - Key Answer

UNIT : 2      Population

Population and Factors determining population growth -- -  - Key Answer
Causes of Population Explosion -- -  - Key Answer
Population Explosion as an obstacle to Economic Development -- -  - Key Answer
Steps to check rapid growth of population -- -  - Key Answer
Theories of Population : Malthusian, Demographic Transition -- -  - Key Answer
Census and The Use of Population Census -- -  - Key Answer
Population growth in India and National Population Policy 2000 - Measures, Action Plans -- -  - Key Answer

UNIT : 3      Poverty and Unemployment

Definitions of Poverty -- -  - Key Answer
Types of poverty -- -  - Key Answer
Poverty Line and Characteristics of Poor Households -- -  - Key Answer
Causes of Poverty in India -- -  - Key Answer
Land Reforms in India -- -  - Key Answer
Unemployment -- -  - Key Answer
Measures to Solve Unemployment Problem in India -- -  - Key Answer

UNIT : 4      National Income

Definitions of National Income -- -  - Key Answer
Basic Concepts of National Income - GNP, GDP, GNI, NNP, NNI, PCI -- -  - Key Answer
Circular Flow of Income and Need for the Study of National Income -- -  - Key Answer
Methods of Calculating National Income -- -  - Key Answer
Problems in calculating National Income -- -  - Key Answer
National Income Series in India -- -  - Key Answer

UNIT : 5      Economic Planning

Meaning and Need for Economic Planning and Laissez faire -- -  - Key Answer
Characteristics of Economic Planning -- -  - Key Answer
Types of Planning -- -  - Key Answer
Evolution and Objectives of Planning in India -- -  - Key Answer
National Income - Hindu rate of growth -- -  - Key Answer
Ninth(9th) Five Year Plan (1997 – 2002) - India -- -  - Key Answer
Tenth(10th) Five Year Plan (2002 – 2007) - India -- -  - Key Answer

UNIT : 6      Agriculture

Role of Agriculture in Economic Development -- -  - Key Answer
Relationship between Agricultural and non-agricultural sector -- -  - Key Answer
Components of Agricultural Growth -- -  - Key Answer
Agricul.tural Crops and Cropping Pattern -- -  - Key Answer
Importance of agricultural marketing -- -  - Key Answer
Nature and Causes of food problem in India -- -  - Key Answer
Food policy of Government of India -- -  - Key Answer
Public Distribution System (PDS) -- -  - Key Answer
Agricultural Price Policies of the Government - India -- -  - Key Answer
Trends of Agricultural Productivity in India -- -  - Key Answer

UNIT : 7      Industrial Sector

Need for Industrialisation -- -  - Key Answer
Patterns of Industrial Development -- -  - Key Answer
Significance of Public Sector -- -  - Key Answer

Pattern of Indian Industrial Growth - Textiles, Cement, Sugar, Steel Industry -- -  - Key Answer
Indian Industrial Policies -- -  - Key Answer
New Industrial Policy 1991 - India -- -  - Key Answer
Liberalization and Privatization -- -  - Key Answer
Environmental Hazards -- -  - Key Answer
Role of Small Scale Industries in Economic Development -- -  - Key Answer

UNIT : 8      Banking

Indian Economy :History of Banking -- -  - Key Answer
Definition of Banking -- -  - Key Answer
Role of Banks in economic development -- -  - Key Answer
Commercial Banks and Functions of Commercial Banks -- -  - Key Answer
central bank - Definition, Functions -- -  - Key Answer
Methods of credit control employed by the central bank -- -  - Key Answer
Nationalisation of Banks -- -  - Key Answer

UNIT : 9      Foreign Trade

Foreign Trade : Globalization, Liberalization -- -  - Key Answer
Foreign Investment -- -  - Key Answer
Evolution of Trade from barter system to money economy -- -  - Key Answer
Need for International Trade -- -  - Key Answer
Contribution of foreign trade to economic development -- -  - Key Answer
International Monetary Fund (IMF) -- -  - Key Answer
Trends in Foreign Trade -- -  - Key Answer
Volume of India’s foreign trade -- -  - Key Answer
Composition and Direction of Trade - Export, Imports of India -- -  - Key Answer
Balance of Trade and Balance of Payment -- -  - Key Answer
The Role of the General Agreement on Tariffs and Trade (GATT) -- -  - Key Answer
World Trade Organization (WTO) and Major Functions -- -  - Key Answer
International Bank for Reconstruction and Development (IBRD) -- -  - Key Answer
Special Action Programme (SAP) and Structural Adjustment Facility (SAF) -- -  - Key Answer
IFC, IDA, MIGA -- -  - Key Answer

UNIT : 10    Human Resource Development

Human Resource Development -- -  - Key Answer
HRD and Economic Development -- -  - Key Answer
Educational Development in India since 1951 -- -  - Key Answer
Educational progress in Tamil Nadu -- -  - Key Answer
Non - Formal Education (NFE) and Adult Literacy -- -  - Key Answer
Early childhood care and education programme in India -- -  - Key Answer

UNIT : 11    Statistical Analysis and Measures of Central Tendency

Statistical Analysis and Measures of Central Tendency -- -  - Key Answer
Statistical Analysis : Classification of Data -- -  - Key Answer
Difference between classification and Tabulation -- -  - Key Answer
Types of Diagrams : 1.Bar chart 2.Pie chart 3.Pictograms or cartograms -- -  - Key Answer

Part ? 2

UNIT : 1      Nature and Scope of Economics

Nature and Scope of Economics -- -  - Key Answer
Definitions of Economics -- -  - Key Answer
Adam Smith’s Definition (Wealth Definition) -- -  - Key Answer
Alfred Marshall’s Definition (Welfare Definition) -- -  - Key Answer
Lionel Robbins’ definition (Scarcity Definition) -- -  - Key Answer
Samuelson’s Definition (Modern Definition of Economics) -- -  - Key Answer

UNIT : 2      Basic Economic Problems

Main Divisions of Economics -- -  - Key Answer
Economics : positive or normative science ? -- -  - Key Answer
Economics in relation to other social sciences -- -  - Key Answer
Economics and Politics , Economics and History -- -  - Key Answer
Economics and Ethics , Economics and psychology -- -  - Key Answer
Economics, mathematics and statistics -- -  - Key Answer
Economics as a science -- -  - Key Answer
Methods of Economic Analysis -- -  - Key Answer
Economic Laws and Importance of Economic Laws -- -  - Key Answer
Characteristics and Classification of Wealth -- -  - Key Answer
Goods -- -  - Key Answer
Income and Types of Income -- -  - Key Answer
Economics : Value and Price -- -  - Key Answer
Markets and Classification of Markets -- -  - Key Answer
Importance of Economics -- -  - Key Answer
Basic Economic Problems and Economic Systems -- -  - Key Answer
Capitalist Economy : salient features, Merits and Disadvantages -- -  - Key Answer
Socialist Economy : salient features, Merits and Disadvantages -- -  - Key Answer
Mixed Economy : salient features, Merits and Demerits -- -  - Key Answer
Production Possibility Curve -- -  - Key Answer

UNIT : 3      Theory of Consumer Behaviour

Theory of Consumer Behaviour -- -  - Key Answer
Economics - Consumer Behaviour - Characteristics of wants -- -  - Key Answer
Economics - Consumer Behavior - Classification of Wants -- -  - Key Answer
Concept of Utility - Total, Marginal Utility -- -  - Key Answer
Law of Diminishing Marginal Utility(DMU) - Definition, Explanation, Importance, Criticism -- -  - Key Answer
Law Of Equi-Marginal Utility - Definition, Explanation, Importance, Criticism -- -  - Key Answer
Limitations of the Equi-Marginal Utility Law -- -  - Key Answer
Importance of Equi-Marginal Utility Law -- -  - Key Answer
Consumer’s surplus - Definition, Explanation, Importance, Criticism -- -  - Key Answer
Indifference Curve Approach - Definition, Schedule, curve, map -- -  - Key Answer

UNIT : 4      Demand and Supply

Law of Demand with Schedule and curve -- -  - Key Answer
Exceptions to the Law of Demand -- -  - Key Answer
Factors determining demand -- -  - Key Answer
Elasticity of Demand and Types of Elasticity of Demand -- -  - Key Answer
Importance of Elasticity of demand -- -  - Key Answer
Factors determining supply -- -  - Key Answer
Elasticity of supply : concept, Types, Factors determining -- -  - Key Answer

UNIT : 5      Equilibrium Price

Equilibrium Price -- -  - Key Answer
Shift in Demand and Supply -- -  - Key Answer
Economics : Time Periods and Price Fixation -- -  - Key Answer

UNIT : 6      Production

Production -- -  - Key Answer
Factors of production : Land, Labour, Capital and Organisation -- -  - Key Answer
Forms of Capital and Characteristics of capital -- -  - Key Answer
Labour : Characteristics and Division of Labour -- -  - Key Answer
Identifying the optimum combination of factors of production -- -  - Key Answer
Short-run and Long-run production function -- -  - Key Answer
Short-run production function - The law of variable proportions -- -  - Key Answer
Long-run production function - Increasing, Constant, Decreasing Returns to Scale -- -  - Key Answer
Characteristics of an isoquant -- -  - Key Answer
Producer’s Equilibrium and The Cobb Douglas Production Function -- -  - Key Answer
Economies of Scale - Internal - Internal, External economies -- -  - Key Answer

UNIT : 7      Cost and Revenue

Cost function, concepts and classifications -- -  - Key Answer
Short run average cost curves - Average Fixed, Average variable and Average Total Cost -- -  - Key Answer
Marginal Cost -- -  - Key Answer
Long run Average Cost Curve (LAC) -- -  - Key Answer
Accounting Cost and Economic cost -- -  - Key Answer
Concepts Of Revenue - Average, Marginal Revenue(AR,MR) -- -  - Key Answer
Measurement of Profit -- -  - Key Answer

UNIT : 8      Market Structure and Pricing

Meaning, Definition and Characteristics of Market -- -  - Key Answer
Classification of Markets according to Area, time, Competition -- -  - Key Answer
Features and Conditions of perfect competition -- -  - Key Answer
Nature of Revenue curves -- -  - Key Answer
Monopoly : Characteristics and Causes -- -  - Key Answer
Monopoly : Price and Output Determination - Advantages, Disadvantages -- -  - Key Answer
Methods of Controlling Monopoly -- -  - Key Answer
Definition and Conditions of Price Discrimination -- -  - Key Answer
Characteristics of Monopolistic Competition -- -  - Key Answer
Determination of Equilibrium price and output under monopolistic competition -- -  - Key Answer
Wastages of Monopolistic competition -- -  - Key Answer
Characteristics of Oligopoly -- -  - Key Answer

UNIT : 9      Marginal Productivity Theory of Distribution

Marginal Productivity Theory of Distribution -- -  - Key Answer
The Ricardian theory of Rent -- -  - Key Answer
Modern Theory of Rent and Quasi-Rent -- -  - Key Answer
Theories of wages -- -  - Key Answer
Early theories of wages -- -  - Key Answer
Recent Theories of wages -- -  - Key Answer
Theories of Interest -- -  - Key Answer
Loanable funds theory (Neo – classical theory) of Interest -- -  - Key Answer
Liquidity preference theory (Keynesian theory) of interest -- -  - Key Answer
Rent theory of profits -- -  - Key Answer

UNIT : 10    Simple Theory of Income Determination

Simple Theory of Income Determination -- -  - Key Answer
Say’s Law of Market -- -  - Key Answer
Keynesian Theory of Income Determination -- -  - Key Answer
Keynesian Theory Aggregate Demand : Consumption Function -- -  - Key Answer
Keynesian Theory Aggregate Demand : Inducement to invest (Investment function) -- -  - Key Answer
Rate of interest: Liquidity Preference Theory -- -  - Key Answer
Functions of Money -- -  - Key Answer
Economics : Importance of Money -- -  - Key Answer
Money supply and Reserve Money of India -- -  - Key Answer

UNIT : 11    Monetary Policy

Monetary Policy of India -- -  - Key Answer
Monetary Transmission -- -  - Key Answer
Economics : Inflation and Deflation, Types of Inflation -- -  - Key Answer
Effects of changes in prices -- -  - Key Answer
Definition of Fiscal Policy or public finance -- -  - Key Answer
Subject matter of public finance(Fiscal Policy) -- -  - Key Answer
Meaning and definition of a tax -- -  - Key Answer
Canons of Taxation -- -  - Key Answer
Kinds or Types of tax -- -  - Key Answer
Meaning, Definition and Kinds(Types) of Budget -- -  - Key Answer

UNIT : 12    Fiscal Policy

Fiscal policy - Meaning, Objectives, Limitations of Fiscal policy -- -  - Key Answer

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