Economics (EC 1123) - Grade 11
|Unit 1||Some Basic Concepts||05||Read more|
|Unit 2||Development Process||05||Read more|
|Unit 3||Development Issues||10||Read more|
|Unit 4||Development Indicators||20||Read more|
|Unit 5||Indian Economic Development||10||Read more|
|Unit 6||Project Work||05||Read more|
|Unit 7||Basis of Trade||05||Read more|
|Unit 8||Foreign Exchange and Balance of Payments||20||Read more|
|Unit 9||Barriers to Trade||10||Read more|
|Unit 10||Reforms in Trade||10||Read more|
Some Basic Concepts
- get familiar with some basic concepts essential for the study of development economics.
- conclude that the outcome of the development process is „income‟.
- recognise the need to be familiar with the concept of national income and the aggregates woven around it.
- Stages of growth; Balanced Vs. Unbalanced Growth. Development and population Growth.
- identify from the experiences of developed countries how the process of development proceeds stage by stage depending upon the different angles from which we can look at these stages: from the angle of change from one economic system to another; from the angle of change in the relativ importance of different sectors; or change from nature of production etc.
- recognise the implication of the simultaneous development of all the sectors of the economy (balanced growth) as compared to the development of certain selected sectors first and the rest latter (unbalanced growth).
- analyse how growth rate of population is affected when economic development takes place.
- analyse how economic development is affected as population increases.
- Unemployment; Poverty; Inequalities and its indicators (Gini coefficient and Lorenz Curve);
- infer that raising standard of living of the people requires attacking unemployment, inequalities and poverty while framing
- 3.2 Environment: Kyoto Protocol, Globalization.
- understand the nature of unemployment, how to measure the extent of inequalities and the poverty in the country.
- infer that there is degradation of environment during the process of development.
- read more on how to keep this in checkand at the same time have economic development too.
- get familiar with important aspects of this issue being debated among countries continuously.
- infer that increasing economic contacts between the countries of the world (globalisation) promote trade, and through trade, development.
- Percapita Income
- understand the overall achievement of a country when deliberate attempts are made towards economic growth.
- identify the criterion which should be adopted to development.
- Human Development Index
- explain the alternative criteria present in use, like per capita real income and Human Development Index.
Indian Economic Development
- Pre New Economic Policy (1947-1990)
- learn the conceptual aspects of economic development, the learner gets familiar with the actual development process that has taken place in India since Independence.
- Post New Economic Policy (1991-onwards)
- explain the dramatic changes in economic policies followed since 1991.recognise the need for such drastic changes.analyse whether the desired results have been achieved.
- Comparison between two countries
- select any two countries and make a comparison of their achievements in different aspects of economic development during a specified period. (The data can be obtained from UNDP‟s Human Development Reports, World Bank‟s, World Economic Indicators, etc.)
Basis of Trade
- Internal trade vs. external trade; Why do countries trade? Basis of trade:
- Recabsolute advantage basis
- Comparative advantage basis; Gain from trade; Advantage and factor endowment
- recognise the crucial differences between internal trade and external trade.
- analyse why there is at all need for trading with other countries.
- find answers to some such questions: why should a country export rather then sell all it produces within the country? What is it that prompts the countries to trade with each other?
- recognise the basis of trade.
- show how trade between the two countries is gainful to both .
- analyse how relative availability of factors of production determine what acountry should import and what it should export.
Foreign Exchange and Balance of Payments
- Foreign Exchange: Meaning,After fixed vs. flexible exchange rates, managed floating exchange rate, determination of exchange rate.
- get familiar with the terms foreign exchange and foreign exchange rate.
- identify that there are two alternative ways of determining what an actual exchange rate would be:
- Fixed by government
- determined by the foreign exchange market.
- analyse relative disadvantages of fixed and market foreign exchange rates.
- explain the conceptual process of how the market exchange rate is determined through the forces of demand and supply of foreign exchange.
- relate how the government can influence the market exchange rate (managed floating rate).
- get familiar with the term „balance ofpayment‟, an account showing the flow of foreign exchange rate.
- explain the structure of balance of payments accounts.
- Enumerate the different components of the account and items that find place in this account.
- Balance of payments: Meaning, structure of account and its components, meaning of deficit in balance of payments.
- identify what indicates “deficit” in the balance of payments.
- differentiate between autonomous and accommodating transactions in this context
Barriers to Trade
- Natural barriers vs. man made barriers
- identify what prevents free flow of trade between countries.
- differentiate between „natural barriers‟, like high transport cost, and „man made barriers‟, i.e. restrictions placed by government.
- explain how these barriers work
- Trade defence instruments: Tariffs, quotas, foreign exchange controls, custom restrictions
- explain the trade defence instruments such as tariffs, quotas, exchange controls and custom restrictions.
Reforms in Trade
- Role of World Trade Organization (WTO).Role of International Monetary Fund (IMF).
- analyse the role of two international level institutions – WTO and IMF in minimizing the barriers to trade between countries leading to economic globalization of the world