ECONOMICS - LESSON NOTES

Unit-1    National Income and related Aggregates Basic concepts in Macro Economics Circular flow of income (two sector model) Aggregates related to National Income Unit-2     Money and Banking Money Money creation by the commercial banking system  Central bank and its functions Credit Control through Bank Unit-3     Determination of Income and Employment Aggregate demand and its components   Propensity to consume and propensity to save (average and marginal) Short-run equilibrium output  Equilibrium Determination Investment Multiplier Numericals on Consumption function Savimg , MPC, MPS and Multiplier Problems of excess demand and deficient demand measures to correct them - changes in government spending, taxes and money supply Unit-4   Government Budget Government Budget - meaning,objective and components Classification of receipts Measures of government deficit Unit-5 Balance of Payment Balance of payments account  Unit- 6  Development Experience 1947-90 & Economic reforms since 1991 Introduction of the state of Indian economy on the eve of independence  Industry (IPR 1956; SSI – role & importance) and foreign trade Economic Reforms since 1991: Features and appraisals of liberalization Concepts of demonetization     Concepts of GST      Unit-7   Current challenges facing Indian Economy Poverty Human Capital Formation Rural Development &Rural Credit (Agricultural Credit) Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies Employment: Growth and changes in work force participation rate in formal - Problems and Policies Sustainable Economic Development  Unit-8 Development Experience of India   A comparison with neighbours India and Pakistan India and China   Economic growth, population, sectoral development and other Human