Economics Statistics: Data and Index Numbers

Statistics for Economics

• Focuses on the meaning, scope, functions, and significance of statistics within economics.

Data Collection, Organization, and Presentation

• Data can be primary or secondary in nature.
• Sampling is a key concept in basic data collection.
• Variables are categorized and have distinct meanings.
• Data can be presented through frequency distribution.
• Diagrammatic presentation includes geometric forms like bar and pie diagrams
• Frequency diagrams are histograms, polygons, and Ogive
• Arithmetic line graphs are used for time series.
• Measures of central tendency include arithmetic mean, median, and mode.
• Dispersion is measured, including correlation with its properties and scatter diagrams.

Introduction to Index Numbers

• Covers the meaning and types of index numbers.
• Includes wholesale price index, consumer price index, and index of industrial production.
• Index numbers are used for various purposes, including tracking inflation.

Introductory Microeconomics

• Focuses on fundamental concepts, including microeconomics and macroeconomics.
• Positive and normative economics are defined.
• Addresses central problems of an economy, such as what, how, and for whom to produce.
• Production possibility frontier and opportunity cost are explored.

Consumer's Equilibrium and Demand

• Consumer's equilibrium involves understanding utility.
• Marginal utility and the law of diminishing marginal utility are key.
• Consumer's equilibrium conditions are analyzed using marginal utility.
• Indifference curve analysis includes the consumer's budget line.
• Consumer preferences (indifference curve) and equilibrium conditions are studied.
• Demand, market demand, and determinants of demand are examined.
• Demand schedule, demand curve, its slope, movements, and shifts are analyzed.
• Price elasticity of demand is a key concept.

Producer Behaviour and Supply

• Production Function relates to Short-Run and Long-Run.
• Total Product, Average Product, and Marginal Product are important measures.
• Concepts of returns to a factor cost are covered.
• Forms of Market and Price Determination are analyzed.
• Determination of market equilibrium and effects of shifts in demand and supply are studied.

Introductory Macroeconomics

• Deals with fundamental concepts like consumption goods and capital goods.
• Covers final goods, intermediate goods, stocks, flows, gross investment, and depreciation.
• Explains the circular flow of income in a two-sector model.
• Methods for calculating National Income include Value Added, Expenditure, and Income methods.
• Key aggregates related to National Income are GNP, NNP, GDP, and NDP.
• These aggregates are measured at market price and factor cost.
• Real and Nominal GDP as well as GDP and Welfare are examined.

Money and Banking

• Meaning and supply of money
• Currency held by the public and net demand deposits held by commercial banks
• Money creation by the commercial banking system
• Central bank and its functions.
• Control of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate.

Government Budget and the Economy

• Government budget: meaning, objectives and components.
• Classification of receipts: revenue receipts and capital receipts
• Classification of expenditure: revenue expenditure and capital expenditure.
• Measures of government deficit: revenue deficit, fiscal deficit, primary deficit their meaning.

Indian Economic Development

• Encompasses development experience from 1947-90 and economic reforms since 1991.
• Studies the Indian economic system and the goals of Five Year Plans.
• Main features, problems, and policies of agriculture, industry and foreign trade.
• Economic Reforms since 1991, Concepts of demonetization and GST.

Current Challenges Facing Indian Economy

• Poverty- absolute and relative
• Main programs for poverty alleviation: A critical assessment
• Role of human capital in economic development
• Growth of Education Sector in India Rural development: Key issues - credit and marketing
• Growth and changes in work force participation rate in formal and informal sectors
• Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment and global warming

Comparison of India, Pakistan and China

• Economic growth, population, sectoral development and other Human Development Indicators.
• Post- Independence era; Banking: Commercial Banking; Functions of Commercial Banking

Role of Commercial Banking in Economic Development

• Co-operative Banking : Primary Co-operative Societies; Central Cooperative Societies; State Co-operative Societies
• Micro Financial Institutions -Role of Public Sector Banks -Reserve Bank of India (RBI) -Role and functions of RBI in Economic Development

The Global Economy

• Benefits of globalization.
• Drivers of globalization and why nations trade.
• Types of trade protection.
• Arguments for and against trade control/protection.
• Economic Integration and trade agreements

Balance of Payments

• Balance of payments account - meaning and components; balance of payments deficit meaning.
• Foreign exchange rate - meaning, components
• Foreign exchange – meaning, determination of exchange rate (Flexible).

Economic Development

• Measuring development.
• Barriers to economic growth and development.
• Economic growth and development strategies.
• Characteristics and types of foreign direct investment.
• Motives for FDI

Prescribed Books include:

• Statistics for Economics (NCERT)
• Indian Economic Development (NCERT)
• Introductory Microeconomics (NCERT)
• Macroeconomics (NCERT)
• The Global Economy (NCERT and IB)