Economics Class

           Table of contents

Ø     Economics Basics: basic terms and concepts

This section explains the following concepts

v    What is economics?
v    What is micro economics?
v    What is macro economics?
v    What is the scope of macro economics?
v    Discuss the importance of macro economics.
v    What is demand?
v    What is the law of demand?
v    What is a subsistence economy?
v    What is a market economy?
v    What do you mean by commercialization of agriculture?
v    What do you mean by monopoly power?

Ø    Demand concepts

This section explains the following concepts

v    What are is demand schedule?
v    Why does the demand curve slope downwards towards the right? What is the   law of diminishing marginal utility?

Ø    Population, Poverty and Unemployment

This section explains the following concepts

v    What is the theory of demographic transition?
v    What is unemployment? What are its various forms?
v    What are the causes of poverty in India?
v    What steps can be taken to remove poverty from India?

 
ØSavings, investment and capital formation
This section explains the following concepts

v    Define: savings and investment. Discuss the relationship between the two.
v    Define propensity to save and consume.
v    What is capital formation? Discuss its importance in economic growth.
v    What are the components of capital formation?
v    What is incremental capital output ratio?
v    What is the problem of capital formation?
v    What are the various sources of savings?

 

 
Ø    Consumption concepts
This section explains the following concepts

v    What is consumption function? Discuss its propositions.
v    Explain: average propensity to consume and marginal propensity to consume.
v    What are the attributes or properties of consumption function?
v    Explain the factors affecting consumption function.
v    Discuss the importance of consumption function.

Ø National Income Concepts

This section explains the following concepts
v    What is national income?
v    What is gross national product (G.N.P.)?
v    What is net national product (N.N.P.)?
v    What is national income at factor cost (N.I.FC)?
v    What is personal income (P.I.)?
v    What is disposable personal income (D.P.I.)?
v    Discuss the various of methods of calculating national income.
v    What are the factors that determine national income?
v    What are the difficulties in calculation on national income?
v    What are the uses of national income statistics?