Topics
Introduction to Micro and Macro Economics
- Branches of Economics
- Father of Econometrics: Ragnar Frisch
- Microeconomics
- Macroeconomics
- Macroeconomics Vs Microeconomics
Micro Economics
Introduction to Micro Economics
- Analysis of Market Structure
- Microeconomics
- Micro Economics - Slicing Method
- Use of Marginalism Principle in Micro Economics
- Micro Economics - Price Theory
- Micro Economic - Price Determination
- Micro Economics - Working of a Free Market Economy
- Micro Economics - International Trade and Public Finance
- Welfare Economics
- Micro Economics - Useful to Government
- Assumption of Micro Economic Analysis
Consumers Behavior
Analysis of Demand and Elasticity of Demand
Analysis of Supply
Types of Market and Price Determination Under Perfect Competition
Factors of Production
- Factors of Production - Feature of Capital
- Factors of Production
Macro Economics
Utility Analysis
- Basic Concepts of Microeconomics > Utility
- Commodities and Their Specific Utility for Individuals
- Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Paradox of Value
- Relationship Between Marginal Utility and Price
- Indifference Curve Analysis by Hicks and Allen
Introduction to Macro Economics
- Macroeconomics
- Allocation of Resource and Economic Variable
National Income
Determinants of Aggregates
- Total Demand for Good and Services
- Concept of Aggregate Demand and Aggregate Supply
- Consumption
- Investment Demand
- Government Demand
- Foreign Demand
- Difference Betweeen Export and Import
- Effect of Population of Consumption Expediture
- Types of Investment Expenditure
- Micro Eco-Equilibrium
Money
- Concept of Money
- Functions of Money
- Standard of Deferred Payment
- Standard of Transfer Payment
- Money - Store of Value
- Barter system
- Monetary Payments
- Concept of Good Money
Commercial Bank
Central Bank
- Central Bank
- Central Bank Function - Banker's Bank
- Central Bank as a Controller of Credit
- Monetary Function of Central Bank
- Non Monetary Function of Central Bank
- Methods of Credit Control
- Repo Rate and Reverse Repo Rate
- Central Bank Function - Goverment Bank
Public Economics
- Introduction of Public Economics
- Features of Public Economics
- Government Budget
- Objectives of Government Budget
- Features of Government Budget
- Public Economics - Budget (1 Year)(1 April to 31 March)
- Types of Budget
- Taxable Income
- Budgetary Accounting in India
- Budgetary Accounting - Consolidated , Contingency and Public Fund
- Components (Structure) of the Government Budget
- Factor Influencing Government Budget
Demand Analysis
- Concept of Demand
- Demand Schedule
- Individual Demand Schedule
- Market Demand Schedule
- Demand Curve
- Individual Demand Curve
- Market Demand Curve
- Reasons for the Downward Slope of the Demand Curve
- Types of Demand
- Determinants of Demand
- Law of Demand
- Exceptions to the Law of Demand
- Variations in Demand
- Changes in Demand
Elasticity of Demand
- Concept of Elasticity of Demand
- Types of Elasticity of Demand > Income Elasticity
- Types of Elasticity of Demand > Cross Elasticity
- Types of Elasticity of Demand > Price Elasticity
- Perfectly Elastic Demand
- Perfectly Inelastic Demand
- Unitary Elastic Demand
- Relatively Elastic Demand
- Relatively Inelastic Demand
- Methods of Measuring Price Elasticity of Demand
- Linear Demand Curve
- Non-Linear Demand Curve
- Factors Influencing the Elasticity of Demand
- Importance of Elasticity of Demand
- Determinants of Price Elasticity of Demand
Supply Analysis
- Concept of Supply
- Concept of Total Output
- Concept of Stock
- Distinguish between Stock and Supply
- Supply Schedule
- Individual Supply Schedule
- Market Supply Schedule
- Determinants of Supply
- Law of Supply
- Variations in Supply
- Changes in Supply
- Cost Concepts > Total Costs
- Cost Concepts > Average Cost
- Cost Concepts > Marginal Cost
- Revenue Concepts
- Total Revenue
- Average Revenue
- Marginal Revenue
Forms of Market
- Concept of Market
- Classification of Market > Based on Place
- Classification of Market > Based on Place
- Classification of Market > Based on Time
- Classification of Market > Based on Competition
- Perfect Competition
- Price Determination Under Perfect Competition
- Imperfect Competition
- Monopoly
- Concept of Monopsony
- Oligopoly
- Monopolistic Competition
Index Numbers
- Index Numbers
- Features of Index Numbers
- Types of Index Numbers
- Index Numbers Used by Government of India
- Significance of Index Numbers
- Rebasing of GDP, IIP, and WPI
- Construction of Index Numbers
- Methods of Constructing Index Numbers > Simple Index Number
- Price Index Number
- Quantity Index Number
- Value Index Number
- Methods of Constructing Index Numbers > Weighted Index Number
- Laaspeyre’s Price Index Number
- Paasche’s Price Index Number
- Concepts of Sensex and Nifty
- Crops in India's Agricultural and Industrial Production Index
- Limitations of Index Numbers
National Income
- Concept of National Income
- Features of National Income
- Circular Flow of National Income
- Two Sector Model of Circular Flow of National Income
- Three Sector Model of Circular Flow of National Income
- Four Sector Model of Circular Income
- Different Concepts of National Income
- Concept of Green GNP
- Methods of Measurement of National Income
- Output Method/Product Method
- Income Method
- Expenditure Method
- Concept of Mixed income
- Difficulties in the Measurement of National Income
- Importance of National Income Analysis
Public Finance in India
- Public Finance
- Difference Between Public Finance and Private Finance
- Structure of Public Finance > Public Expenditure
- Important Social Welfare Schemes by the Government
- Structure of Public Finance > Public Revenue
- Public Revenue > Taxes
- Types of Taxes
- Direct Tax
- Indirect Tax
- Public Revenue > Non-tax Revenue
- Structure of Public Finance > Public Debt
- Structure of Public Finance > Fiscal Policy
- Structure of Public Finance > Financial Administration
- GST(Economics)
- Government Budget
- Revenue and Capital Budgets
- Types of Budget
- Importance of Budget
Money Market and Capital Market in India
- Concept of Financial Market
- Money Market
- Structure of Money Market in India > Organized Sector
- Structure of Money Market in India > Organized Sector
- Reserve Bank of India (RBI)
- Commercial Banks
- Co-operative Banks
- Development Financial Institutions (DFIs)
- Discount and Finance House of India (DFHI)
- Structure of Money Market in India > Unorganized Sector
- Money Market
- Role of Money Market in India
- Problems of the Indian Money Market
- Reforms Introduced in the Money Market
- Recent Developments in Banking Sector
- Capital Market
- Structure of Capital Market in India
- Role of Capital Market in India
- Problems of the Capital Market
- Regional Stock Exchanges in India
- Reforms Introduced in the Capital Market
- Economic Policy in an Economy
Foreign Trade of India
- India’s Trade Relations Before 1947
- Internal Trade
- Foreign Trade of India
- Types of Foreign Trade
- Role of Foreign Trade
- India’s Recent Trade Relations with China and Japan
- Composition of India’s Foreign Trade
- India’s Foreign Trade Share in GNI
- Composition of India's Imports
- Composition of India's Exports
- Direction of India’s Foreign Trade
- Trends in India’s Foreign Trade since 2001
- Concept of Balance of Payments
- Balance of Trade
- Member Nations of OPEC and OECD
Estimated time: 19 minutes
CBSE: Class 12
Maharashtra State Board: Class 12
Maharashtra State Board: Class 12
Meaning
- Trade between different countries of the world is called foreign trade
- Also known as international trade or external trade
Maharashtra State Board: Class 12
CISCE: Class 12
CISCE: Class 12
Definition: Foreign Trade
According to Wasserman and Hultman, “International Trade consists of transaction between residents of different countries.”
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India's Foreign Trade Under British Rule
- British colonial policies shaped the structure of India's foreign trade.
- India was used as a supplier of raw materials and a market for finished goods.
Exports (from India):
-
Raw silk, cotton, wool, sugar, indigo, jute (primary/raw products)
Imports (into India):
-
Finished consumer goods and capital goods (from Britain)
Outcome:
- India had an export surplus (exported more than it imported in value of primary goods).
- But this led to domestic scarcity of essential raw materials.
- Resulted in a drain of wealth from India to Britain.
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The Suez Canal — Role in Trade
- The Suez Canal is a strategic waterway.
- It reduced transport costs between Britain and India.
- Increased British access to the Indian market.
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Activity 1: List of Major Exports and Imports During British Rule
| Exports from India | Imports into India |
|---|---|
| Raw cotton | Cotton textiles (machine-made cloth) |
| Raw jute | Iron and steel products |
| Silk | Machinery |
| Indigo | Railway equipment |
| Tea | Capital goods |
| Coffee | Consumer goods |
| Sugar | Chemicals |
| Rice | Manufactured goods |
| Wheat | Luxury goods |
| Opium | Paper products |
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Activity 2: Comparison of Pre-Independence and Present-Day Foreign Trade
| Aspect | Pre-Independence (British Rule) | Present-Day India |
|---|---|---|
| Major Exports | Raw cotton, jute, tea, coffee, indigo, silk, rice, wheat | Petroleum products, engineering goods, pharmaceuticals, gems & jewellery, textiles, chemicals, software services, automobiles |
| Major Imports | Machine-made textiles, machinery, iron & steel, capital goods, consumer goods | Crude oil, gold, electronics, machinery, chemicals, coal, fertilizers, electronic components |
| Purpose of Trade | To serve British economic interests | To promote India's economic growth and development |
| Trading Partners | Mainly Great Britain, China, Persia (Iran), Ceylon (Sri Lanka) | USA, China, UAE, Singapore, Saudi Arabia, Netherlands, Germany, Bangladesh and many other countries |
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Major Ports Handling India's Foreign Trade Today
- Mumbai Port (Maharashtra)
- Jawaharlal Nehru Port (Nhava Sheva), Maharashtra
- Mundra Port (Gujarat)
- Kandla (Deendayal) Port, Gujarat
- Chennai Port (Tamil Nadu)
- Visakhapatnam Port (Andhra Pradesh)
- Paradip Port (Odisha)
- Kochi Port (Kerala)
- Kolkata-Haldia Port (West Bengal)
- Mormugao Port (Goa)
These ports handle a major share of India's exports and imports today.
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Key Points: Foreign Trade of India
- Foreign trade = trade between residents of different countries; also called international or external trade.
- India's foreign trade under colonial rule was shaped by British economic interests.
- India exported primary products (jute, cotton, silk, indigo) and imported finished goods.
- Despite an export surplus, India faced domestic scarcity and a net drain of wealth.
- The Suez Canal played a key role by reducing transport costs and increasing British market access to India.
