Topics
National Income and Related Aggregates
- Macroeconomics Vs Microeconomics
- Representative Goods and Sectors
- Macroeconomic Agents and Government Role
- Emergence of Macroeconomics
- Context of the Present Book of Macroeconomics
- Meaning of Economic Wealth and Final Goods
- Stocks, Flows, and Depreciation
- Capital Formation, Trade-off & Circular Flow of Income
- Circular Flow of Income and Methods of Calculating National Income
- Output Method/Product Method
- Expenditure Method
- Income Method
- Factor Cost, Basic Prices and Market Prices
- Some Macroeconomic Identities
- National Disposable Income
- Private Income
- National Income Aggregates
- Real GDP and Nominal GDP
- GDP and Welfare
Introductory Macroeconomics
Introduction
- A Simple Economy
- Central Problems of an Economy
- Concepts of Production Possibility Frontier
- Organisation of Economic Activities
- Positive and Normative Economics
- Macroeconomics Vs Microeconomics
Development Experience (1947-90) and Economic Reforms since 1991
- India's Economy Before Independence
- Low Level of Economic Development Under the Colonial Rule
- Agricultural Sector in India
- Industrial Sector
- Foreign Trade of India
- Demographic Condition
- Occupational Structure
- Infrastructure
- Post-Independence Economic Systems and Planning
- Five Year Plans (FYP)
- Agriculture
- Industry and Trade
- Trade Policy: Import Substitution
- The 1991 Economic Crisis and Reforms
- Background of the New Economic Policy
- Liberalisation
- Privatisation
- Globalisation
- World Trade Organisation (WTO)
- Impact of the Economic Reforms
Theory of Consumer Behaviour
- Consumer Behaviour: The Problem of Choice
- Basic Concepts of Microeconomics > Utility
- Cardinal Approach (Utility Analysis)
- Derivation of Demand Curve in the Case of a Single Commodity
- Ordinal Utility Analysis/Indifference Curve Analysis
Indian Economic Development
Current Challenges Facing Indian Economy
- Concept of Human Capital
- Sources of Human Capital
- Human Capital and Economic Growth
- Human Capital and Human Development
- State of Human Capital Formation in India
- Growth of Education Sector in India
- Challenges and Future Prospects in Education
- Rural Development in India
- Credit and Marketing in Rural Areas
- Agricultural Market System
- Diversification into Productive Activities
- Sustainable Development and Organic Farming
- The Nature and Importance of Work in Society
- Workers and Employment
- Participation of People in Employment
- Self-employed and Hired Workers
- Employment in Firms, Factories and Offices
- Growth and Changing Structure of Employment
- Informalisation of Indian Workforce
- Concept of Unemployment
- Government and Employment Generation
- Environment and Sustainable Development in India
- State of India’s Environment
- Concept of Sustainable Development
- Strategies for Sustainable Development
Money and Banking
- Concept of Money
- Functions of Money
- Demand for Money and Supply of Money
- Money Creation by Banking System
- Limits to Credit Creation and Money Multiplier
- Policy Tools To Control Money Supply
- Demand and Supply for Money : A Detailed Discussion
- The Transaction Motive
- The Speculative Motive
- Various Measures of Supply of Money
- Narrow and Broad Money
- Demonetisation
Development Experience of India – a Comparison with Neighbours
Introductory Microeconomics
Production and Costs
- Production Function
- Basics of Production Theory
- Variation of Output in the Short-Run Returns to a Factor
- Relation Between Total, Average and Marginal Product
- Law of Variable Proportions
- Average and Marginal Physical Products
- Changes in Production
- Cost - Fixed Cost
- Cost -variable Cost
- Behaviour of Cost in the Short - Run
- Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
- Concept of Opportunity Cost
- Marginal Revenue
- Producer's Equilibrium
- Law of Supply
- Market Supply Schedule
- Distinguish between Stock and Supply
- Determinants of Supply
- Movements Along and Shifts in Supply Curve
- Measurement of Elasticity of Supply
- Methods of Measurement of National Income
- Cost Concepts > Marginal Cost
- The Law of Diminishing Marginal Product
- Shapes of Product Curves
- Costs in Long Run Period
- Returns to Scale
Determination of Income and Employment
- Aggregate Demand and Its Components
- Consumption
- Investment
- Determination of Income in Two-sector Model
- Determination of Equilibrium Income in the Short Run
- Macroeconomic Equilibrium with Price Level Fixed
- Effect of an Autonomous Change in Aggregate Demand on Income and Output
- The Multiplier Mechanism
- Paradox of Thrift
- Equilibrium Output and Employment
The Theory of the Firm Under Perfect Competition
- Concept of Market
- Market Equilibrium
- Determination of Market Equilibrium
- Effect of Simultaneous change in Demand and Supply on Equilibrium Price
- Perfect Competition
- Imperfect Competition
- Classification of Market Structure
- Oligopoly
- Market Forms - Perfect Oligopoly
- Market Forms - Imperfect Oligopoly
- Equilibrium Price
- Applications of Tools of Demand and Supply Price Control
- Price Ceiling
- Price Floor
- Revenue Concepts
- Profit Maximisation Objective
- Determinants of a Firm’s Supply Curve
- Market Supply Schedule
- Price Elasticity of Supply
Government Budget and the Economy
Market Equilibrium
- Simple Monopoly in the Commodity Market
- Other Non - Perfectly Competitive Markets
Balance of Payments
- Open Economy and Its Linkages
- Concept of Balance of Payments
- Current Account
- Capital Account
- Balance of Payments Surplus and Deficit
- Foreign Exchange Market
- Foreign Exchange Rate
- Determination of the Exchange Rate
- Merits and Demerits of Flexible and Fixed Exchange Rate Systems
- Managed Floating Exchange Rate System
Estimated time: 14 minutes
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
Meaning
- Sustainable development is concerned with the welfare of both the present and future generations.
- It balances economic growth, social well-being, and environmental protection.
- Development should not damage the environment that sustains life.
- It aims to meet the basic needs of all, especially the poor, while protecting resources for future generations.
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
Definitions: Sustainable Development
- “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs” - World Commission on Environment and Development, 1987
- “The alternative approach (to sustainable development) is to focus on natural capital assets and suggest that they should not decline through time.” - Pearce, Markandya and Barbier, 1989-
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9
Three Pillars of Sustainable Development
| Pillar | Focus |
|---|---|
| Social Sustainability | Social well-being, equity, justice, peace, and harmony |
| Economic Sustainability | Long-term economic growth while maintaining a healthy balance with the ecosystem |
| Environmental Sustainability | Protection of the environment, conservation of natural resources, and ecological balance |
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 12
Key Concepts
- Inter-generational Equity - The present generation should use resources in a way that does not reduce the ability of future generations to meet their needs.
- Needs - Sustainable development focuses on meeting the basic needs of all, particularly the poor.
- Three Dimensions of Sustainability - Economic, social and environmental components must be integrated for development to be sustainable.
- Sustainable Development Goals (SDGs) - In 2015, the United Nations formulated 17 Sustainable Development Goals (SDGs) to be achieved by 2030.
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 12
Contributors
- Brundtland Commission (World Commission on Environment and Development, 1987) - Gave the most widely accepted definition of sustainable development.
- Lester Brown - Introduced the concept of sustainable development and highlighted the need for a sustainable society.
- Edward Barbier - Emphasised improving the material standard of living of the poor through sustainable development.
- Herman Daly - Suggested measures such as conserving natural resources, limiting resource depletion, promoting input-efficient technology, and controlling pollution to achieve sustainable development.
CBSE: Class 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
CISCE: Class 10
Tamil Nadu Board of Secondary Education: Class 9, 12
Key Points: Concept of Sustainable Development
- Sustainable development meets the needs of the present without compromising the ability of future generations to meet their own needs.
- It balances economic growth, social well-being and environmental protection.
- It is based on inter-generational equity and meeting the basic needs of all, especially the poor.
- The Brundtland Commission (1987) gave the most widely accepted definition.
- Lester Brown, Edward Barbier and Herman Daly made important contributions to the concept.
- The 17 Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 provide a global framework for achieving sustainable development by 2030.
