Economics is a core subject. The objective of including Economics in CA CPT is to develop a basic understanding of the concepts and the framework of the Indian economy. And secondly, it is allotted a full 50 marks. The paper for Economics is clubbed with that of Quantitative Aptitude (QA) in CPT exams. Many students find it difficult to score in QA, and if you are one of them, it is especially important that you score well in Economics to maintain the balance and score 50% in the aggregate. Economics is basically a Theory subject with Mathematics & Statistics in it. The best way to learn such a subject is to make points. This is a scoring subject for students coming from Commerce background. If the students not belonging to commerce background pay some attention to this subject, then they can also score good marks in this subject. In the CA CPT, this is comparatively, an easier subject and the Macro Economics part of it is more mark-fetching if you have made clear conception in the theory. It is about the study of national economics and of the government policies taken up for affecting the economic performance of a nation.
Includes 78 docs, 66 videos & 60 tests
Here are few guiding tips to help you prepare for Economics for CA CPT exam:
1. Clear your basics:
The key point to consider while preparing the Economics section for CA CPT is strengthening the basics.
Once the basics are clear then the candidate will also be able to comprehend and attempt those questions that are at a slightly higher level. Start with the basic concepts and move step-by-step forward. This will help you gain the knowledge of Economics subject in an easy to understand way.
The difficult topics should always be dealt with later or else they would end up hampering the confidence of the candidates in this section. Always focus on the basic first and then, work on the difficult parts.
2. Prepare a Schedule:
It is very important to make a schedule for good results. The candidate should study enough hours before the exam with a proper time-table. Always remember that inconsistency is a roadblock in the path of success. Dedicate time to all topics so that you do not miss anything during preparation. It is not the number of hours but the substance which matters. Moreover, the concentration power also varies from student to student. Thus, you should not think over these minor issues, rather be focused in your approach and methodology. Follow the prepared time table strictly and you will see good results.
3. Write and learn:
Making notes for every chapter you study will be very helpful during the preparation. Make concise and comprehensive notes which you can refer to at the time of final revision. One advantage of making notes while studying is that you tend to remember much better when you write things. They stay in your mind for a longer period of time. Beware of the current economic trends relevant to your attempt. Practice diagram /graph by yourself on the basis of explanation given to clarify the concept and the logic behind the diagram. Revise with these notes to save time.
4. Practice a lot:
One needs to use the time really efficiently and one way to do that is practicing as much as possible. Regular practice will increase your speed and accuracy. It will help you save a considerable time during the exam, which can further be utilized in other sections.
Practice will contribute in making the student comfortable with various topics in Economics for CA CPT.
5. Evaluate yourself with CA CPT Mock tests and CA CPT Previous year papers:
After you are confident regarding the concepts of Economics covered under CA CPT Syllabus, start attempting CA CPT mock tests and CA CPT Previous year question papers on a regular basis. With this, you will be able to identify your weak and strong points and further work on that. You will get familiar with the exam pattern and the type of questions you can expect in Economics for CA CPT.
Includes 42 tests
Introduction to Microeconomics
(a) Definition, scope and nature of Economics
(b) Methods of economic study
(c) Central problems of an economy and Production possibilities curve.
Theory of Demand and Supply -
(a) Meaning and determinants of demand, Law of demand and elasticity of demand â”€ Price, income and cross elasticity
(b) Theory of consumer’s behaviour–Marshallian approach and Indifference curve approach
(c) Meaning and determinants of supply, Law of supply and Elasticity of supply.
Theory of Production and Cost
(a) Meaning and Factors of production
(b) Laws of Production – The Law of variable proportions and Laws of returns to scale
(c) Concepts of Costs- Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs
Price Determination in Different Markets
(a) Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
(b) Price determination in these markets
Indian Economic Development:
Indian Economy – A Profile
(a) Nature of the Indian Economy
(b) Role of different sectors – Agriculture, Industry and Services in the development of the Indian economy, their problems and growth
(c) National Income of India – Concepts of national income, Different methods of measuring national income, Growth of national income and per capita income in various plans.
(d) Basic understanding of tax system of India – Direct and Indirect Taxation
Select Aspects of Indian Economy
(a) Population – Its size, rate of growth and its implication for growth
(b) Poverty – Absolute and relative poverty and main programs for poverty alleviation
(c) Unemployment – Types, causes and incidence of unemployment
(d) Infrastructure - Energy, Transportation, communication, Health and Education
(f) Budget and Fiscal deficits
(g) Balance of payments
(h) External debts.
Economic Reforms in India
(a) Features of economic reforms since 1991
(b) Liberalisation, Privatisation and Disinvestment
Money and Banking
(a) Money – Meaning and functions
(b) Commercial Banks – Role and functions
(c) Reserve Bank of India – Role and functions, Monetary policy
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