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IAS Exam NIOS Economics Study Material

Feb 11, 2016 09:19 IST

    For the Civil Services aspirants the available NIOS readings are much important. The NIOS textbooks contain precise study material available in all major subjects like History, Geography, Political Science, Economy, Accountancy, Business Studies, Sociology Psychology, Environment and Ecology etc. The IAS aspirants need to prefer such textbooks which required less time to cover the whole UPSC IAS syllabus. NIOS textbooks are equally important for UPSC IAS Prelims Exam as well as for IAS Mains Exam.

    Most of the Civil Services Aspirants find difficulties to cover the whole syllabus due to unavailability of proper study resource materials consequently they bound to prefer such study materials which may inappropriate in perspective of IAS Exam.

    Here, we have provided the NIOS study material for the subject Economics, one of most important subject in terms of number of questions asked in IAS Prelims Exam in recent years. The scope and importance of this subject growing year by year because the most of the developed and developing countries of the world are engaged to cater with the economic issues and challenges which have emerged as a global concern for the world.

    The Economy

    1.Economy and Its Processes

    All of us are engaged in various types of activities. As student you are primarily engaged in your studies. Some of you may also be working to earn.  And those of you who are not earning will ultimately try to do some work that will fetch you income.

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    2.Basic Problems of an Economy

    In the previous lesson you have studied about an economy and its vital economic processes. In this lesson you will study about these problems, why they arise and why they are called the central basic problems of an economy.

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    3.Economic Development and Indian Economy

    You have learnt in the previous lesson that every economy tries to produce more and more goods and services for its people. In this lesson you will study about the meaning of economic development and characteristics of economies. You will also study the main characteristics of the Indian economy.

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    Statistical Data and Methods

    1.Statistics: Meaning and Scope

    Every day we come across different types of quantitative information in newspapers, magazines, over radio and television. For example, we may hear or read that population of India had increased at the rate of 2.5% per year (per annum) during the period 1981-1991, the number of admission in National Open School had gone up by say, 20% daring 1996-97 as compared to 1995-96, etc. We wou1d like to know that what these figures mean.

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    2.Making Statistical Data Meaningful

    In the previous lesson, you have learnt about the meaning and statistics and its Economics. In this lesson you will learn about the techniques of collecting, organising and condensing of data. These techniques are necessary for making the statistical data meaningful.

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    3.Presentation of Statistical Data

    In the previous lesson, you have learnt the method of organising and condensing data in the form of arrays and frequency distributions. It is first step towards analysis of data. Another step in this direction is presentation of data to highlight and compare significant facts.

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    4.Statistical Methods

    In the previous lesson, you have learnt about the certain aspects of collection and presentation of statistical data. With the help of systematic presentation we reduce the meaningless mass of statistical data into meaningful tables, bar charts, charts and frequency distributions.

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    5.Index Numbers: Meaning and Its Construction

    In our daily life we come across remarks like ‘prices are rising these days’. It means that the average prices of various commodities that we use in our daily life are rising and we have to pay more for the same goods and services. Index number is a method to find out this average change.

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    6.Index Numbers: Problems and Uses

    In the previous lesson you have learnt about the meaning, characteristics and methods of construction of index numbers. We have to face several problems when we attempt to construct an index number, for example n selection of items weights base period etc. This lesson attempts to explain the nature of these problems in the construction of an index number.

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    National Income

    1.Income Flows

    Most or you must have heard or read about nation income. It is very important economic concept. However, it has, specific meaning in Economics. I: consists of two words 'national’ and 'income’. Each of these words have specific meaning in Economics. In this lesson you will know about the meaning of ’income' and the process of income generation.

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    2.National Income: Concepts

    In the previous lesson you have learnt about the meaning of income, different types of income and how this income is generated. You have also learnt about the different types of flows between different sectors. In this lesson, you will learn the meaning of ‘national’ in the context of national income.

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    3. National Income: Measurement

    In this lesson, you will learn how national income is measured. In lesson No.10, you have learnt that national income is a flow. This flow can be looked at from three different angles. Hence, there are three different methods of measuring national income. Each one of these method is explained in details in this lesson.

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    4.Uses of National Income Estimates

    You have also Studied that national income is basically a measure of the factor incomes accruing in the process of production and it can be looked at from three different angles: (a) as a sum total of value added by production units; (b) as sum total of factor incomes paid by the production units and (c) as sum total of expenditure on final products.

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    Micro Economics

    1.What Micro Economics is all about

    You have already learnt about the basic economic process through which an economy functions, the problems faced by an economy, the basic features or Indian economy and some important economic concepts and variables relating to national income.

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    2.What Affects Demand

    Goods and services arc needed by consumers to satisfy their wants and by producers to produce goods and services. In other words, both consumers and producers demand goods and services. The word demand has a specific meaning in economics. In this lesson you will study the meaning of the word 'demand’ as used in Economics. You will also study the various factors that influence demand.

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    3.What Affects Supply

    In the previous lesson you have studied the meaning of demand, the factors affecting demand and the law of demand we can’t buy a commodity unless it is available in the market. So supply of a commodity is also important. In this lesson you will study the meaning of supply, the factors that affect the supply of a commodity and the law or supply.

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    4.Price Determination

    You will study how the price of a commodity id determined and how changes in demand and supply of a commodity affect its price. You should keep in mind that such a study does not cover those commodities whose prices are determined by the government, such as in India the price or petrol, diesel etc. The price or commodities fixed by the government are called administered prices.

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    5.Cost

    You have already learned some of the important concepts used in micro economics. In lesson No. 15, you have studied the relationship between price and quantity demanded of a commodity per unit of time.  In lesson No. 16 you have learnt the relationship between price and quantity supplied or a commodity per unit or time. In lesson No. I7, you noted that the equilibrium price of a commodity is determined at that level at which the market demand for the commodity equals market supply of it.

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    6.Revenue

    In the previous lesson you have learnt the various concepts of cost as used in micro economics. In this lesson you will learn about the concept of revenue. Let us remind ourselves that we are studying the concepts of cost and revenue because the aim is to know how profit is calculated in micro economics. You know by now that the aim of a producer generally is to earn maximum possible profit. It is in this context that we study the various measures of revenue.

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    Government budgeting and Economic Planning

    1.Profit Maximisation

    A producer generally wants to earn maximum profits. We have to find out the position of maximum profit for a producer. It was in this context that the concepts of costs were explained in lesson No. 18 and the concepts of revenue were explained in lesson No. 19. with the help of the knowledge about costs and revenue, we will try to find out the position of maximum profit for a producer.

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    2.Government Budgeting

    You may be knowing that government’s budget in India is normally presented in the month of February every year in the Parliament. You must have also observed that many days before the budget is presented, there are speculation all round by the People about the expected changes in taxes.

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    3.Money Supply and Its Regulation

    Money has always been the most sought commodity. We want money because by this we can buy goods and services. Each one of us keeps some amount of money in our pockets, money-drawers safes and in banks. How much do we keep depends on our needs in terms of day to day spending possibility of some emergency expenditure or merely for the feeling of economic security. The reasons may differ but all individuals, firms and institutions hold some amount of readily available money.

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    4.Need for Planning in India

    You have so far studied some of the important concepts used in economics, tools of economic analysis as well as their applications without reference to any specific economy. In lesson No.3, you were familiarised with the characteristics of the Indian economy. In this lesson you will learn about the state of the Indian economy, the need for growth in the economy and the means adopted to ensure that economy moves on a path of rapid economic growth.

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    5.Achievements of Planning in India
    In this lesson you will learn about the achievements of economic planning in India. You will be familiarised with some of the achievements in terms of increase in per capita income, reduction of inequalities improvement in technology, industrial and agricultural growth. You will also learn how the economy has failed to achieve some of the objectives of economic planning along with the factors responsible for the same.

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    6.Recent Economic Reforms and the Role of Planning

    The year 1991 will remain a year of notable and widespread changes in the policy for economic development in India. In this year the economy faced an economic crisis which was unprecedented. This crisis put into doubt the effectiveness of economic planning in India. It was felt that some of the measures of policy that were followed so far needed a change. The changes that were made in economic policy gave a different direction to the policy as compared to the policy that was followed so far. As such these changes have been given the name of economic reform by some writers. We shall learn in the present lesson the role of economic planning in India after these economic reforms.

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    Agriculture and Industry

    1.Agriculture

    In this lesson you will read about the importance of the agricultural sector in the Indian economy. You will also read about the various problems faced by this sector and the measures taken to solve these problems.

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    2.Industry

    Industries produce a wide range of goods from safety pins to aeroplanes. In this lesson you will learn about the role or industries in the Indian economy. You will also study the types of industries, the performance of various industries in India, factors on which industrial growth depends and the policy of the Government of India towards industries.

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    3.Interdependence of Agriculture and Industry

    Industry and agriculture are the lifeline of an economy. Agriculture meets people's demand for food. Industry meets people’s demand for both goods like clothes, houses, electricity, shoes, books, transport vehicles etc. Both food and non-food items are essential for living of human beings. As such both industry and agriculture are must for any society. Industry and agriculture are complementary as far as satisfaction of wants of people are concerned,

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    4.Transport and Communication

    You must have seen buses, bullock carts, trains, ships, boats, aeroplanes, etc. all around you. Bullock carts, buses, trucks, etc. run on the roads, trains on the railway trucks, boats and ships sail on water while the aeroplane flies in the air.

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    5.Energy

    Heating lighting movement of men and materials all require energy. Can you think of a household without any means to heat. All cooking depends on heating. Similarly to overcome darkness we need lighting. These activities require energy. Energy may come from differ sources and it may be used for different purposes. For instance, electricity may be used for lighting. It is also used for heating.

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    6.Financial institutions

    In a broad sense, finance refers to funds needed to carry out production activities. Funds are needed for meeting current requirements or day to clay expenses and for buying capital goods. A business unit - factory or workshop - needs funds for paying wages and salaries, for buying raw materials. Institutions that n all such requirements or finance are called financial institutions.

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    7.Social Infrastructure: Housing, Health and Education

    The human resource of an economy, particularly of an underdeveloped economy, can be improved by providing education medical facilities and other facilities like housing, sanitation etc. In this lesson we talk about these various aspects which improve the quality of life namely Housing, Health and Education.

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    Foreign trade and Population

    1.Direction and Composition of India's Foreign Trade

    All countries need goods and services to satisfy wants of their people. Production of goods and services requires resources. As you have read in lesson No.1, every country has only limited resources. No country can produce all the goods and services that it requires.

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    2.Foreign Exchange Rate

    In the last lesson, you have read about exports and imports of goods and services constitute foreign trade of a country. A country makes payments for what it imports receives payments need conversion of currencies.

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    4.Balance of Trade and Balance of payments

    Foreign trade refers to a country’s trade with other countries. It consists of exports and imports. A country receives payments from other countries for its exports and makes payments to other countries for its imports.

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    5.Inflow of Capital: Foreign Capital and Foreign Aid

    In earlier lesson, you have learnt the meaning of economic development. You have also studied, that apart from other factors, capital plays the most significant role in economic development of underdeveloped countries.

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    6.New Trade Policy and Its Implications

    Trade policy of a country aims at flow of imports and exports in accordance with the requirements of the economy. When an underdeveloped country launches programmes for its economic development, the volume as well as composition of its trade changes.

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    7.Population and Economic Development

    Population is the resource of labour force. The larger the size of population, the larger will be the labour force. Higher the rate of increase in population, the larger will be the potential labour force. Labour alone cannot produce anything.

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    8.Population of India: Structure, Problems and Measures

    You have studied in the previous lesson that population of a country constitutes its human resource. It is important to know the various characteristics of human resource of a country such as its size, its growth rate, its sex composition, age composition, its level of literacy etc.

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