Part – C
SOCIAL STUDIES: ECONOMICS (Marks: 20)
1. Definitions of economics, micro and macro economics, normative and positive economics, static,
dynamic, inductive and deductive approaches, partial and general equilibrium.
2. Cardinal and ordinal utility approaches
3. Law of variable proportions
4. Cost concepts; cost-output relationship; economies of scale
5. Markets: Perfect competition, monopoly and oligopoly (Kinky demand)
6. Factor pricing: Marginal productivity theory, Ricardo’s rent theory and loanable funds
theory of interest rate.
7. Concepts of national income, Methods of National Income and business cycles.
8. Economic growth and development; measures of economic development: PQLI, HDI and GDI
9. Concepts of balanced and unbalanced growth
10. Sources of public revenue: Tax and non-tax revenue; Direct and indirect taxes; Concept of GST; 14th
11. Budget and concept of budget deficits, FRBM Act
12. Canons of good taxation; Effects of public expenditure
13. Classification and Functions of money; Functions of commercial banks
14. Functions and credit control methods of RBI; concept of demonetization
15. Agriculture, Industry, Service sector.
16. Population growth- causes and problems of overpopulation; Poverty, unemployment
17. LPG Policy; NITI Aayog.
18. Concepts of Balance of trade, balance of payments, Devaluation.
19. WTO, IBRD and IMF