Indian Economy - an Introduction

Steps to follow for studying Economics for Upsc and other state Exams(groups).

Table of Contents

Indian Economy - an Introduction


Steps to follow for studying Economics for Upsc and other state Exams(groups)

  1. Economic survey / BUDGET

  2. Current Economic News

  3. Economic schemes

  4. Subject Thorough(multiple revisions)

  5. Tests

  6. Reference Books(Arihant economics)

First General Elections happened in 1952 in India(state and Center).

What is Economics?

Common Market = (Supply+Demand)

Economics is nothing but Management of Resources(anything that satisfies the need of Mankind).

Some examples of Resources

  1. Food(energy)

  2. Water(thirst)

  3. Air(respiration)

  4. Shelter(extreme climate)

  5. Clothes(Moral and weather)

  6. Minerals(Fuel)

  7. Money(Artificial Resource all other are Natural Resources)

Management of Resources(both Natural and Artificial) by the Government in such a way that everyone( people in a state) should get food, shelter, water , transport , clothes etc is called Economics.

Study of resources is Economics, but combining it with an area(country or state) is called Economy.

Example: Indian Economy, Germany Economy, Economy of Greenland etc

Ragnar Frish coined the terms called Microeconomics and Macroeconomics.

Generally Economics is divided in two types

  1. Micro Economics(small scale, individual firms and Markets, consumer Behavior etc)

  2. Macro Economics(large scale, national income, unemployment, Inflation, GDP etc)

macor v micro