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Vikas Kumar Singh Tomar

In this Course { INTRODUCTION TO ECONOMICS For UPSC CSE 2019,STATE PSC’S,SSC,BANKS and Other One Day Exams } We will discuss all about Economics in a very simplified way that will very beneficial for all upcoming exams.It then highlights the content of the collection, the frequently asked questions regarding this topic and the myths that have been there over time. Then it goes on to give a break-up of the syllabus and the basics of economy and Indian economy in relation to the prelims.

Crack UPSC CSE Prelims and Mains Exams. Know how to prepare for UPSC 2019 and 2020, complete syllabus, exam patterns, latest notifications to join IAS, IFS, IPS and other cadres of Civil Services.

UPSC CSE - GS

UPSC - Civil Services Examination (IAS) Preparation

Hindi

(Hindi) Introduction Of Economics for UPSC/SSC/BANKS etc

Practice & Strategy

Indian Economy

UPSC CSE

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Test Preparation

Union Public Service Commission Exams (UPSC)

Economy

Economics is a field of study that has become increasingly relevant in our globalized, financialized society. The economy is part of our collective conscious and a buzzword that links personal finances to big business and international trade deals. Economics deals with individual choice, but also with money and borrowing, production and consumption, trade and markets, employment and occupations, asset pricing, taxes and much more. What then is the definition of economics? One way to think of it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants given a world with scarce resources. In other words, economics tries to explain how and why we get the stuff we want or need to live. How much of it do we get? Who gets to have more? Who makes all this stuff? How is it made? These are the questions and decisions that economics concerns itself with.

As an individual, for example, you constantly face the problem of having limited resources with which to fulfill your wants and needs. As a result, you must make certain choices with your money – what to spend it on, what not to spend it on, and how much to save for the future. You'll probably spend part of your paycheck on relative necessities such as rent, electricity, clothing and food. Then you might use the rest to go to the movies, dine out or buy a smartphone. Economists are interested in the choices you make, and investigate why, for instance, you might choose to spend your money on a new Xbox instead of replacing your old pair of shoes. They would want to know whether you would still buy a carton of cigarettes if prices increased by $2 per pack. The underlying essence of economics is trying to understand how individuals, companies, and nations as a whole behave in response to certain material constraints.

Adam Smith (1723 - 1790), is often considered the "father of modern economics." His book "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776) was the first fully elaborated attempt to understand why some nations prospered while others suffered widespread poverty. He famously argued that individuals working for their own self-interest could nonetheless create a stable and well-provisioned society through a mechanism he called  the invisible hand of the market. (See also: 'Adam Smith and 'The Wealth Of Nations.')

Basic Introduction of Economics (in Hindi)

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Our discipline has two important features. First, we develop conceptual models of behavior to predict responses to changes in policy and market conditions. Second, we use rigorous statistical analysis to investigate these changes.

Economists are well known for advising the president and congress on economic issues, formulating policies at the Federal Reserve Bank, and analyzing economic conditions for investment banks, brokerage houses, real estate companies, and other private sector businesses. They also contribute to the development of many other public policies including health care, welfare, and school reform and efforts to reduce inequality, pollution and crime.

The study of economics can also provide valuable knowledge for making decisions in everyday life. It offers a tool with which to approach questions about the desirability of a particular financial investment opportunity, whether or not to attend college or graduate school, the benefits and costs of alternative careers, and the likely impacts of public policies including universal health care and a higher minimum wage.

The complementary study of econometrics, the primary quantitative method used in the discipline, enables students to become critical consumers of statistically based arguments about numerous public and private issues rather than passive recipients unable to sift through the statistics. Such knowledge enables us to ask whether the evidence on the desirability of a particular policy, medical procedure, claims about the likely future path of the economy, or many other issues is really compelling or whether it simply sounds good but falls apart upon closer inspection.

Alternative approaches to economics at UIC

Our department structures its courses in order to serve students with diverse interests. Some students may only want to take one or two courses in order to learn the basics, while prospective majors might want to explore the field in much greater depth.

Importance of Economics and Economic Activities (in Hindi)

Branches of Economics
Microeconomics
In our daily lives, we face innumerable economic decisions, such as choosing what to buy with available money or what to do during our free time. These topics, which are related to the decisions of individual agents (individuals, families, businesses), are the object of study in an area of economics called microeconomics.

 Branches of Economics
Microeconomics
In our daily lives, we face innumerable economic decisions, such as choosing what to buy with available money or what to do during our free time. These topics, which are related to the decisions of individual agents (individuals, families, businesses), are the object of study in an area of economics called microeconomics.

 

Macroeconomics
Another area of economics is macroeconomics, which studies the relationship between economic aggregates. Economic aggregates are elements that are made up of the sum of other variables. For instance, the Gross Domestic Product (GDP) is the sum of everything that is produced by each individual and organization within a country. The consumer price index is made up of the average price of numerous products. The aggregate investment is the sum of the expenditures in investment of all businesses and families of a country, etc.

Branches of Economics
Economics, in addition to the two perspectives already covered (macroeconomics and microeconomics), has many other branches, each one specializing in different objects of study. Thus, we have labor economics, which studies the labor market; public finances, which is dedicated to the study of the income and expenditures of the government; international economics, which studies the flow of resources between countries, etc.

The studies conducted by each of these sub-disciplines can take elements from both macroeconomics and microeconomics as well as from other social sciences such as history, psychology, etc., and from exact sciences such as logic and mathematics.

Branches of Economics
Behavioural Economics: It studies the effects of social, psychological, cognitive, and emotional factors on the economic decisions. It uses mainly microeconomics.
Ecological Economics: It studies the relation between the economy and the environment and how to achieve sustainable development.
Environmental Economics: How natural resources are developed and managed. It uses mainly microeconomics.
Health Economics: It studies the economy of the health and health care sector. Focused on microeconomics
Information Economics: How information and information systems affect an economy and economic decisions. It uses mainly microeconomics.
International Economics: How economic relations between countries, mainly trade, investment and labor flows, affect the economies. It can use microeconomics models, but is focused on macroeconomics aggregates.
Labour Economics: It studies the labour (job) markets. It also uses a lot of tools from the microeconomics, but it can include macroeconomic analysis.
Monetary Economics: It studies means of payments (money, etc.) markets.
Population Economics: It studies demography using the tools of economics, and the relation between economy and population.
Public Finance: It studies the role of the government in the economy: public spending, taxes, deficit, etc.
Urban Economics: It applies the tools of economics to the study of cities: transit, housing, crime, etc.

Macroeconomics
Another area of economics is macroeconomics, which studies the relationship between economic aggregates. Economic aggregates are elements that are made up of the sum of other variables. For instance, the Gross Domestic Product (GDP) is the sum of everything that is produced by each individual and organization within a country. The consumer price index is made up of the average price of numerous products. The aggregate investment is the sum of the expenditures in investment of all businesses and families of a country, etc.

Branches of Economics
Economics, in addition to the two perspectives already covered (macroeconomics and microeconomics), has many other branches, each one specializing in different objects of study. Thus, we have labor economics, which studies the labor market; public finances, which is dedicated to the study of the income and expenditures of the government; international economics, which studies the flow of resources between countries, etc.

The studies conducted by each of these sub-disciplines can take elements from both macroeconomics and microeconomics as well as from other social sciences such as history, psychology, etc., and from exact sciences such as logic and mathematics.

Branches of Economics
Behavioural Economics: It studies the effects of social, psychological, cognitive, and emotional factors on the economic decisions. It uses mainly microeconomics.
Ecological Economics: It studies the relation between the economy and the environment and how to achieve sustainable development.
Environmental Economics: How natural resources are developed and managed. It uses mainly microeconomics.
Health Economics: It studies the economy of the health and health care sector. Focused on microeconomics
Information Economics: How information and information systems affect an economy and economic decisions. It uses mainly microeconomics.
International Economics: How economic relations between countries, mainly trade, investment and labor flows, affect the economies. It can use microeconomics models, but is focused on macroeconomics aggregates.
Labour Economics: It studies the labour (job) markets. It also uses a lot of tools from the microeconomics, but it can include macroeconomic analysis.
Monetary Economics: It studies means of payments (money, etc.) markets.
Population Economics: It studies demography using the tools of economics, and the relation between economy and population.
Public Finance: It studies the role of the government in the economy: public spending, taxes, deficit, etc.
Urban Economics: It applies the tools of economics to the study of cities: transit, housing, crime, etc.

Branches of Economics {Micro and Macro} (in Hindi)

1. Socialist Economy:

There is still another classification. Socialist Economy and Capitalist Economy. In the Socialist Economy, as that of the U.S.S.R. and China, all means of production, farms, factories, etc., are socialised. That is, they belong to the State. There is no private sector; it is all public sector enterprise.

The instruments of production are owned and managed by the State in the interest of general welfare. All profit goes to the State to be ploughed back in further economic development or to be spent on the welfare of the people. There may not be absolute economic equality but equality of opportunity is guaranteed. Employment is guaranteed. The resources are allocated not according to demand or wishes of the people but by a central authority with a view to the overall interests of the State.

2. Capitalist Economy:

Such an economy prevails in the U.S.A., the U.K., Western Europe .and most other countries of the world. In this economy, economic .decisions regarding production are taken by private entrepreneurs who are solely guided by the expected rate of profit based on consumer’s preferences, actual or anticipated. Thus profit motive is the mainspring of all economic activity. The institution of private property, dominant role of the entrepreneur, uncoordinat­ed nature of economic activities, competition as well as co-operation and class-conflict are some of the important features of a capitalist economy.
Mixed Economy:

What may be called a new type of economy seems to be shaping itself. In Britain, which may be regarded as the home of capitalism and free enterprise, certain important industries have been nationalized. India is also following her example. Britain nationalised the Bank of England and the steel industry (steel industry was later denationalized by the Conservative Government).

India has nationalised the Reserve Bank of India, the life insurance business and 14 major commercial banks. If the Government of India had not been handicapped by the lack of funds and trained personnel and if it had not been engrossed in more urgent problems, India would have also nationalized certain industries. The Government of India declared in 1948 that for ten years there would be no nationalisation, which meant that when 10 years were over, steps towards nationalisation might be taken.

According to the industrial policy of the Government of India announced in 1948 and later in 1956, some industries have been put under State control. These industries are owned by the Government. Such industries may be considered to constitute the socialized or public sector. In a mixed economy, the private sector (capitalism) and public sector (socialism) exist side by side. There are industries which are owned by private capitalists; there are industries which are owned exclusively by the State; and there are industries in which the State and the private capitalists form partnerships.

Types Of Economies{On the Basis Of Control,Development,Global Relation’s } (in Hindi)

Developed countries have infrastructure in place - such as roads, bridges, water pipes, fuel lines, electrical wiring, fiber optic wiring, and septic/sewage and runoff drainage or treatment systems, to name a few - and the technical capacity to take care of all their citizens with such infrastructure services as mechanical repair or maintenance facilities, doctors and medical facilities, etc. 
In short, a developed country has three things: It has stuff, it has people to take care of that stuff (and of other people), and it has people who make money and give up part of that money to pay for stuff. Almost all of these economies are fairly stable, and least emerging. 
A good example of a developed country is Germany.

Developing country is largely similar, but the existing infrastructure is usually either old or poorly maintained (or both), and the people have less money to spend on stuff and so there are either fewer experts or the quality of the products that they make or the services they provide is lower than in a developed country. These countries are mildly infected with corruption and are trying to come out of the political and economical crises. Most of these economies are rapidly emerging ones. 
A good example is India.

Underdeveloped country has a lot of people, but lacks some (or all!) basic infrastructures for some or all of its citizens, and so the people have no stuff and must make money which they are then expected to give to their government, who will then give them stuff. This doesn't often happen, however, because governments in these kinds of countries are invariably so corrupt that calling them 'governments' at all is ridiculous. 
A good example is Chad.

Types of Economies-UnderDeveloping,Developing,Developed Economy & Open Economy,Closed Economy etc

Let us first understand the differences between the different sectors of the economy, so that it will be easier for us to understand the factors responsible for the location of primary, secondary, and tertiary sector industries in various parts of the world (including India).

Primary activities

What is Primary Sector?

Primary activities are directly dependent on environment as these refer to utilisation of earth’s resources such as land, water, vegetation, building materials and minerals. It, thus includes, hunting and gathering, pastoral activities, fishing, forestry, agriculture, and mining and quarrying.

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People engaged in primary activities are called red-collar workers due to the outdoor nature of their work.

Secondary activities

What is Secondary Sector?

Secondary activities add value to natural resources by transforming raw materials into valuable products. Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries.

People engaged in secondary activities are called blue collar workers.

Tertiary activities

What is tertiary sector?

Tertiary activities include both production and exchange. The production involves the ‘provision’ of services that are ‘consumed. Exchange, involves trade, transport and communication facilities that are used to overcome distance.

Tertiary jobs = White collar jobs.

Quaternary activities

What is Quaternary Sector?

Quaternary activities are specialized tertairy activities in the ‘Knowledge Sector’ which demands a separate classification. There has been a very high growth in demand for and consumption of information based services from mutual fund managers to tax consultants, software developers and statisticians. Personnel working in office buildings, elementary schools and university classrooms, hospitals and doctors’ offices, theatres, accounting and brokerage firms all belong to this category of services. Like some of the tertiary functions, quaternary activities can also be outsourced. They are not tied to resources, affected by the environment, or necessarily localised by market.

Quinary activities

What is quinary sector?

Quinary activities are services that focus on the creation, re-arrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technologies. Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc. Their importance in the structure of advanced economies far outweighs their numbers.The highest level of decision makers or policy makers perform quinary activities.

Quinary = Gold collar professions.

Sectors of Economy {Primary,Secondary,Tertiary,Quaternary,Quinary Sectors }

Each year on July 1, the analytical classification of the world's economies based on estimates of gross national income (GNI) per capita for the previous year is revised. As of 1 July 2016, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,025 or less in 2015; lower middle-income economies are those with a GNI per capita between $1,026 and $4,035; upper middle-income economies are those with a GNI per capita between $4,036 and $12,475; high-income economies are those with a GNI per capita of $12,476 or more. The updated GNI per capita estimates are also used as input to the World Bank's operational guidelines that determines lending eligibility.

Changes in classification

The country and lending groups page provides a complete list of economies classified by income, region, and lending status. The classification tables include all World Bank members, plus all other economies with populations of more than 30,000. Please note, regions include economies at all income levels. The term country, used interchangeably with economy, does not imply political independence but refers to any territory for which authorities report separate social or economic statistics. Click here for information about how the World Bank classifies countries. The updated World Development Indicators database, GNI per capita data, and income-level aggregations will be available at data.worldbank.org from Tuesday July 5th.

Three new economies have been classified for FY17: Nauru, which joined IBRD on 12 April 2016; and British Virgin Islands and Gibraltar, whose 2015 populations exceed 30,000. All three are classified as high income. Argentina, which was classified as high income in FY16, is temporarily unclassified pending the expected release of revised national accounts statistics.

Tables showing 2015 GNI, GNI per capita, GDP, GDP PPP, and Population data are also available as part of the World Bank's Open Data Catalog . Note that these are preliminary estimates and may be revised. Country classifications are determined once a year and remain fixed, regardless of subsequent revisions to their estimates of their GNI per capita. For more information, please contact us at data@worldbank.org.

Latest Classification of Economies by World Bank in 2016

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Arti Chhawari

In this course, the educator discusses the Indian Handicrafts helpful for UPSC Aspirants.

(Hindi) Indian Handicraft: UPSC CSE

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Vimal Singh Rathore

This collection begins with an overview of the Indian Economy. It talks about the stability of the economy, fiscal consolidation, low inflation and Economic survey. The next part begins with a thorough explanation of a chart from the economic survey which shows growth in GDP and other major sectors. It then gives details on the twin balance sheet challenge which is the large and rising stressed assets in banks and how it can be addressed by recognition, recapitalization, resolution and reform. The collection then focuses on the introduction of inflation, wholesale price inflation, consumer price inflation and astute policies and management of inflation. It then goes on to explain fiscal deficit and service sectors. The next part throws some light on the social and human development investment that is required. It then states some of the reforms that the government has taken in regard to the betterment of the economy. Some of the reforms that are explained in detail in the next few lessons are the crop insurance program, Jan Dhan Yojana, JAM and power sector reforms. Then we have a talk on how India can realize the true potential it has by using the exit policy, creating better human development and improving the agriculture. The final part of the collection has a conclusion about last year's economic survey, the achievements, pending agenda and the promise of India. There is finally a comprehensive summary of the previous lessons in this collection. It gives a brief on the overview of the economy, situation and need for it and the suggestions that have been given to the government to improve the economy. Tags: Economic Survey of India, Indian Economic Survey, Economic Survey 2016, Economic Survey 2016-17, Jan Dhan Yojana, Economic Reforms, UPSC Lecture, UPSC Free Lessons, UPSC Free Online Videos, UPSC Economy, Economy for UPSC CSE, UPSC Online, UPSC Exam, UPSC Examination, UPSC IAS Exam, IAS Questions, Indian Administrative Service, IAS Preparation, IAS Exam Syllabus CSE Exam, CSE Syllabus, Economy UPSC Important Topics.


Economy for UPSC CSE (IAS): Detailed Analysis and Important Topics Of Economic Survey

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Ashna Sisodia

In this course, Ashna will analyse each and every important detail of the economic survey 2016-17. She will explain the main concepts on economy too which find a mention in the survey. In this course Ashna will deal with this topic considering every important aspect of Economic Survey 2016-17.

(Hindi) Summary of Economic Survey 2016 - 17

Writer, Educator, Ex-IRS Officer, Author of books on 'Ethics, Integrity and Aptitude' & 'Essay and Answer Writing'  for UPSC Civil Services

Awdhesh Singh

GST MADE SIMPLE course covers the entire gamut of Goods and Services Tax in India to  common person as well as professional. You know almost everything about GST by the help of this course. We shall also answer questions relating to some complex issues of GST in this course.

Goods and Service Tax Made Simple

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JITU DINESH

इस भाग में सैंधव सभ्यता के राजनैतिक जीवन और सामाजिक जीवन के बारे बताया गया है।

सैंधव सभ्यता की विशेषताएं : UPSC

This course this with the international trade of india and the different export incentive scheme started by the government of india for the promotion of exports

Lessons

7 lessons • 1h 10m

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Basic Introduction of Economics (in Hindi)

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Importance of Economics and Economic Activities (in Hindi)

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Branches of Economics {Micro and Macro} (in Hindi)

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Types Of Economies{On the Basis Of Control,Development,Global Relation’s } (in Hindi)

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Types of Economies-UnderDeveloping,Developing,Developed Economy & Open Economy,Closed Economy etc

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Sectors of Economy {Primary,Secondary,Tertiary,Quaternary,Quinary Sectors }

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Latest Classification of Economies by World Bank in 2016