Important Topics in Economics for Group 4

Economics is the easiest section in the group 4 exam. Why? Since Group 4 is of SSLC standard, no difficult concepts are needed to be studied.Only basic concepts are enough,i will cover what are they.

1.Five Year Plans (I will make a article on this soon)

2.Nature of Indian economy: Indian economy is an agrarian because most of the people depend on agriculture for their livelihood. It can also be said as service economy since most of the revenue comes from service sector. Actually there are four types of economies : Capitalist ,Socialist ,Communist and Mixed economy. Capitalist economy is a private economy in which government has no control. Everything is in the control of private companies. They own the land and there are unregulated. Socialist economy is a state economy in which state regulates everything. Communist economy is a state economy in which state regulates and owns everything in the country. No one in the country can claim to own something. Simply everything is under the control of government including individual  properties. Mixed economy is mixture of private and state economy in which government has regulatory role. Even government can have monopoly in mixed economy. So Indian economy is mixed economy

3.National income: Nation’s income can be calculated by various ways such as GDP and GNP. GDP is simply the value of all the goods and services produced in the country. GNP is the sum of GDP and external income. external income means ‘income from other countries’. Simply external income=export-import. If a country exports more goods,then its GNP is higher than GDP and If a country imports more goods,then its GDP is higher than GNP.

4.Basic concepts: Try to understand the meaning of inflation, deflation and basic banking terms. Soon i will write a article on this topics.

5.Green revolution and land acquisition reforms (i will write a article on this topics)

6.Rural oriented schemes. refer recent schemes current affairs(polity)

7.Social sector problems:refer about Rangarajan committee in  current affairs(polity)

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