Basic Economics

Module 4 · Fundamental economic concepts and public policy.

Microeconomics Macroeconomics Indian Economy

Microeconomics Basics

Supply, Demand & Market Equilibrium: Price mechanisms, demand curves, supply curves, market clearing
GDP and National Income: GDP, GNP, NDP, NNP, methods of calculation, PPP, real vs nominal, limitations
Elasticity: Price, income, and cross elasticity
Market Structures: Perfect competition, monopoly, oligopoly, monopolistic competition
Consumer and Producer Theory: Utility, cost curves, profit maximization

Sources:

National Income: GDP, GNP, NDP, per capita income
Inflation and Deflation: Causes, types, measurement (WPI, CPI), effects, deflation, and policy response
Monetary Policy: RBI, repo rate, reverse repo, CRR, SLR, open market operations, inflation targeting, MPC
Fiscal Policy: Budget, taxation, government spending, deficit, FRBM Act, Union Budget process
Banking in India: Commercial banks, the Reserve Bank of India as regulator, NBFCs, priority sector lending, digital payments, and the NPA crisis

Sources:

Economic Planning: Five-year plans, the Planning Commission, NITI Aayog, and the evolution of India's development strategy
Economic Planning: Five-year plans, NITI Aayog
Sectors of the Indian Economy: Agriculture, industry, services — contributions, challenges, and structural transformation
Poverty and Unemployment: Measurement, structural causes, government schemes, and the persistent challenge of inclusive growth
Foreign Trade: Balance of payments, exports, imports, FDI
Liberalization: 1991 reforms, privatization, globalization

Sources:

Books:

Video:

Data Portals: