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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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