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Feb 23, 2016 13:20 IST

    Economics is the most important subject in the whole IAS Exam preparation. The candidates find it difficult to understand the Economics topics and their concepts. The Economics terminology is evolving day by day but the new plans and policies are very much depends on the recent economic theories and researches and reports.

    To understand various economics researches and publications, the candidates needs to know the basic concets of the Economics so that they can relate theresearch and publication with their preparation of the UPSC IAS Exam.

    Understanding Economic Development is the vital book which explains the basic concepts of the economics and makes the concepts simpler for thecandidates. The book focuses on the basic economics concepts which are considered very important to understand the basic working of the Plans and Policies of the government.

    The Candidates can expect at least 5-7 questions from this NCERT Book. The questions can be direct or indirect but they will appear from this book, it is forsure.

    Chapter 1: DEVELOPMENT

    Development has many aspects. The purpose of this chapter is to enable students to understand this idea. They have to understand that people have different perspectives on development and there are ways by which we can arrive at common indicators for development. To do this, we have used situations that they can respond to in an intuitive manner; we have also presented analysis that is more complex and macro in nature.

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    An economy is best understood when we study its components or sectors. Sectoral classification can be done on the basis of several criteria. In this chapter,three types of classifications are discussed: primary/secondary/tertiary; organised/ unorganised; and public/private. You can create a discussion about these types by taking examples familiar to the students and relate them to their daily life. It is important to emphasise the changing roles of sectors.

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    Chapter 3: MONEY AND CREDIT

    Money is a fascinating subject and full of curiosities. It is important to capture this element for the students. The history of money and how various formswere used at different times is an interesting story. At this stage the purpose is to allow students to realise the social situation in which these forms were used. Modern forms of money are linked to the banking system. This is the central idea of the first part of the chapter.

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    Most regions of the world are getting increasingly interconnected. While this interconnectedness across countries has many dimensions — cultural, political, social and economic — this chapter looks at globalisation in a more limited sense. It defines globalisation as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs). As you will notice, the more complex issues of portfolio investment have been left out.

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    Chapter 5: CONSUMER RIGHTS

    This chapter proposes to discuss the issue of consumer rights within the context of the ways markets operate in our country. There are many aspects of unequal situations in a market and poor enforcement of rules and regulations. Hence, there is a need to sensitise learners and encourage them to participate in the consumer movement. This chapter provides case histories – how some consumers were exploited in a real life situation and how legal institutions helped consumers in getting compensated and in upholding their rights as consumers.

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