Paper I - Theory (80 Marks)
1. Understanding Economics
- Definition of Economics: Explore definitions by Adam Smith, Alfred Marshall, Lionel Robbins, and Paul Samuelson, focusing on scarcity and resource allocation.
- Micro and Macro Economics: Definitions, differences, and key concepts like utility, price, wealth, welfare, money, market, investment, income, and the business cycle.
- Basic Economic Problems: Issues of what to produce, how to produce, and for whom, using the Production Possibility Curve to explain scarcity and resource allocation.
- Types of Economies and Economic Systems: Characteristics of developed and developing economies, mechanisms for addressing economic problems, and comparison of capitalism, socialism, and mixed economies.
2. Indian Economic Development
- Introduction: Indian economy post-liberalization, focusing on agriculture, industry, and foreign trade.
- Parameters of Development: Definitions of per capita income and Human Development Index (HDI), with reference to India’s HDI rank.
- Planning and Economic Development in India: Brief history of India’s Five-Year Plans and the role of NITI Aayog.
- Structural Changes Post-Liberalization: Liberalization, globalization, privatization, and disinvestment.
- Current Challenges: Poverty (absolute and relative), poverty alleviation programs, rural development, agricultural marketing, human capital formation, unemployment, and policy measures.
- Economic Growth vs. Development: Differences between economic growth and development.
- Sustainable Development: Effects of development on resources and the environment, including global warming and the importance of sustainability.
3. Statistics
- Definition, Scope, and Limitations: Importance of statistics in economics.
- Collection, Organization, and Presentation of Data:
- Sources of data (primary and secondary), methods of collection, organization of data, and types of variables.
- Presentation techniques like bar diagrams, pie charts, line graphs, histograms, polygons, and ogive curves.
- Measures of Central Value: Types of averages (arithmetic mean, median, and mode) for ungrouped and grouped data, with calculations.
- Measures of Dispersion: Methods including range, standard deviation, quartile deviation, mean deviation, and coefficient of variation, with relevant numericals.
- Correlation: Introduction to correlation, scatter diagrams, and Karl Pearson’s and Spearman’s coefficients, with calculations.
- Index Numbers: Simple and weighted index numbers, types, purposes, and issues in constructing price index numbers, with calculations for Laspeyres, Paasche, and Fisher’s methods.
- Mathematical Tools: Understanding the equation of a straight line and slope in economic analysis.
Paper II - Project Work (20 Marks)
Students are required to complete two projects on any topic covered in theory, each worth 10 marks. The project assessment breakdown includes:
- Overall Format: 1 mark
- Content: 4 marks
- Findings: 2 marks
- Viva-voce: 3 marks
Suggested Project Topics
- Consumer Awareness: Conduct a survey on consumer awareness among households.
- Productivity Awareness: Report on productivity awareness among enterprises using statistical data.
- Study of Cooperative Institutions: Compare organizational and financial structures, production, and marketing strategies of two cooperative institutions.
- SAARC’s Impact on Indian Economy: Examine the impact of SAARC on India.
- Poverty Alleviation Programs: Analyze poverty alleviation and employment programs, with a focus on MNREGA.
- Comparison of Women’s Status: Compare the status of women in your state with national data over the last decade.
- Forest Cover in India: Report on forest cover, highlighting states with high and low coverage, causes of forest loss, and government measures for reforestation.
This syllabus provides a comprehensive overview of key economic principles, statistical tools, and the current economic challenges facing India, enabling students to understand both theoretical and practical aspects of economics.
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