Economics- Terms a glance (For UPSC aspirants)

Before giving up an effort just analyze how close you are to the result.

EDUCATION

Economics \

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Macro and Micro Economics

Scarcity

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

,Trade off and Opportunity cost

Business Investments

GOODS

PRODUCTS

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Economic system \

Capitalist Economy 

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Mixed economy

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Opportunity cost—A detailed view

0

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3

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Specialization and Trade

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Demand

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Supply \

Surplus, Shortage and double shift

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Goals of the economy \

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Gross Domestic Product (GDP)

Things that are not included in GDP 

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Calculating GDP : 2 approaches \

Real and Nominal GDP

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Key Objectives of Planning (India)      

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Central problems in an Economy    

Production possibility set

n o i t a c u d E

Volume 1, Issue 1 Volum e 1, Issue 1

December 2018 December 2018

Economics– Terms a Glance Page 14

B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Organization of Economic Activities

Positive and Normative Economics

NEET notes for Botany

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Theory of consumer behavior \

Budget Set

“Follow your passion , that will definitely show the purpose of your life�

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Budget Line

M/p2 P1x1 + p2x2 = M Δx2

Δx1

P1x1 + p2x2 = M amount of goods is equal to income Δx2,Δx1 slopes of the budget, which is less than the income of the consumer.

M/p1

Demand Function

Price and demand are inversely proportional. As the price increase, demand decreases and vice versa.

The graphical representation of demand function is called demand curve.

Substitution effect

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Normal and inferior goods

Substitutes and complements

Price elasticity

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E

Production, cost and profit

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Production function \

Short run and Long run

Total product, Average product and marginal product

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Δ

Δ

Law of diminishing Marginal product and the law of variable proportions

TP

AP

MP

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Returns to Scale (RTS)

Costs

“After a failure you can α

β

α,β

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Short Run Costs

(Δ

Δ

Shapes of short run curves in graph

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Long Run Costs \

Theory of firm under perfect competition

Features of Market   

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Price taking

Revenue

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Profit π π

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Types of supply curve

Shut Down Point

Calculations in life science

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Normal profit break even point \

Factors determining firm’s supply curve

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Price elasticity of supply

Market equilibrium

Equilibrium, excess demand and excess supply

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Wage Determination

Demand Supply shift Shift in demand

Shift in supply

Quality

Price

Leftward

Leftward

Decreases

Unchanged

Rightward

Rightward

Increases

Unchanged

Leftward

Rightward

Unchanged

Decreases

Rightward

Leftward

Unchanged

Increases

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Free entry and exit

Applications of supply and demand

Non competitive market

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Method of Economic analysis \

Theory of consumer behavior

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Theory of marginal utility

Before giving up an effort just analyze how close you are to the result.

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Market structure and pricing \

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Marginal productivity theory of distribution.

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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CSIR NET Lifescience Aspirants

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Foreign Direct Investment, Fiscal policy and Human Resource Development

Public Finance and Budgetary deficit

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2017– previous year 2018—Last year 2019– Present year

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Budget

Income (Receipts)

Revenue income

Capital income

Expenditure

Revenue expenditure

Capital expenditure

Revenue

Capital

Income from income resources

Complete recovered loans

Tax revenue

Disinvested share amount

Non tax revenues

Borrowings both domestic and foreign

Revenue

Capital

Salaries, maintenance

Revenue payment as assets (Toll tax for Share from the public companies in

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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National income \

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Aggregate demand and aggregate supply \

Price level AD

GDP

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Fiscal policy

Before giving up an effort just analyze how close you are to the result.

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Tax \

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Advertisement Families of Bentham and Hooker’s classification

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Fiscal policy

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Population

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Poverty

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Unemployment

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Black money

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Economic planning

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Globalization, Liberalization and Privatization

Balance of payments

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Balance of trade

Inflation

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Business cycle

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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RBI and banking in India

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Current deposit Ratio (cdr)- ratio of money held by the people to their bank deposits. cdr= CU/DD Reverse deposit ratio (Rdr)- banks hold people’s money as a reserve and must pay back when asked by people. The rest of the money are lend by banks as loans to various initiatives.

Bank should have a safe fashion of assets and must be able to pay the account holders.

Cash Reserve Ratio– It denotes the fraction of deposits that banks must keep with RBI. Statutory Liquid ratio– bank must maintain a fraction in the

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Financial Market \

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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14 days (intermediate TB) 14 days (Actionable TB) 91 days 182 days 364 days

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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Reserve bank of India was Nationalized in 1949 and State bank of India in 1955.

As per the Banking Nationalization act of 1969, Regional Rural banks were established in 1975 to take the banking service to the doorstep of the rural areas.

Eligibility for opening banks: 

Groups in private sector with a record of at least 10 years of experience is eligible.

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New banks owned only by a non-cooperative holding company and must be registered with RBI.

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Capital requirement of rupees 500 crores

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Tier 1– can absorb losses without a bank being required to cease lending.

Tier 2– absorb losses in the event of winding up

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

BEFORE GIVING UP AN EFFORT JUST ANALYZE HOW CLOSE YOU ARE TO THE RESULT.

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Security Market in India

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

Insurance in India

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B E F O R E G I V I N G U P A N E F F O R T J U S T A N A L Y Z E H O W CL O S E Y O U A R E T O T H E R E S U L T .

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