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Introduction and Basic Concepts (in Hindi)
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Chapter 1

Aartee Mishra is teaching live on Unacademy Plus

Aartee Mishra
Delhi University Topper Post Graduated in History Founder - Rank secure IAS Academy 4 Years Experience Use code : RANK10 for Mentorship

Unacademy user
khtarnak Definition
hello mam, this is my first time on unacademy . i never studied economics in my entire schooling and in my graduation also . your lectures are good but i am confused that how to make precise short notes from this or i have to write all the points as you mentioned in your lecture. Please suggest me.
Aartee Mishra
2 years ago
Please make short notes out of my slides.
Abhijit Roy
8 months ago
thank you mam I also make notes from it
Abhijit Roy
8 months ago
from Sundarban, West Bengal.
aarti mishra means happiest human and kind human. thanks a lot mam.
Thank you Its really great course .Must be watched by all aspirants.
Aartee Mishra
2 years ago
Your welcome. Best of luck
Ravutraya Teli
2 years ago
Thank you.
VIKASH kumar
2 years ago
yr class has always been fantastic.👍...thanku ma'am fr such beautiful lesson....
Aartee mam.. pls pls make this course in English
Thanks mam to present this lesson in Hindi ✌
  1. Daily Lecture Series Ramesh Singh's A brief Summary of Indian-Economy Overview Hindi unacadeny By Aartee Mishra

  2. l am Aartee Mishra Graduated from Delhi University, Topper in all my semesters, Pursuing P.G and preparing for CSE. You can findall my courses at https:/ Also by Downloading the Unacademy Learning app from the Google Playstore

  3. ECONOMICS: THE DESCIPLINE Economics is the studv of how societies use scarce resources to produce valuable commodities and distribute them among different people Economics studies how individuals, firms, governments, and other organizations within our society make choices and how these choices determine a society's use of its resources Which activities of mankind are economic activities? The activities which involve profit, loss, livelihood, occupation, wage, employment, etc., are economic activities. Economics studies all these activities. Today, economics has many branches and studies highly diverse subject matters, right at the global, macro and micro levels PROFESSION ECONOMIC ACTIVITIES EMPLOYMENT The main challenge of any economy is to fulfil the needs of its BUSINESS population. Every population needs to be supplied with some goods and services for its survival and well-being

  4. Macroeconomics VS. Microeconomics MACRO MICRO

  5. Distribution Network Models In the arena of distribution network, we have three historically existing models- state, market and state-market mix 1. In the first type of distribution system, the state (i.e., the government) takes the sole responsibility of supplying goods and services required by the population with no payments being done by the consumer-the former Soviet Union and Communist China being the best examples 2. In the second category comes the market mode of distribution which functions on the basis of price mechanism. In this system, goods and services are made available in the market and on the basis of their demand and supply, their prices are determined in the open market and finally they get distributed to the population. This was the distribution system of the capitalist economies-the whole of Euro-America

  6. Distribution Network Models 3. The third and the most prevalent mode of distribution, the state-market d out of the experiences of the former two systems. This mix, distribution system has certain goods and services which might be made available to the population freely or at the subsidised prices by the state and some might be supplied by the market for which consumers need to pay Almost all economies of the world today follow one or the other kind of distribution system. As the socio-economic composition of the population of an economy changes, the mixture of the goods and services to be supplied by the state and the market get redefined in the economies from time to time

  7. Capitalistic Economy-Private Sector Max Role Need of competition Profit Motive- E.g USA, Japan, Singapore The capitalistic form of economy has its origin in the famous work of Adam Smith-Wealth of Nations (1776) He raised his voice against the heavy-handed government regulation of commerce and industry of the time which did not allow the economy to tap its full economic worth and reach the level of wellbeing Stressing 'division of labour' and an environment of 'laissez faire' (non-interference by the government), he proposed that the 'invisible hand' of 'market forces' (price mechanism) will bring a state of equilibrium in the economy and a general well-being for the countrymen For such an economy to function for public well-being, he acknowledged the need of competition in the market Different names-Private Enterprise System, Free Enterprise System or Market Economy

  8. Capitalistic Economy- Drawbacks Enequality Injustice Gap Widens Environment Harm Different Names: Private Enterprise system or Market Economy Monopsony: a market situation in which there is only one buyer. Inequality Economic instability Monopsony Problems of capitalism Monopoly power Immobilities Short- termism Environmental costs Immobilities: There are two main types of factor immobility Occupational (a cause of unemployment and market failure) Geographical immobility (refers to barriers people moving from one area to another to find work)

  9. State Economy Rooted in the ideas of historical change proposed by the German philosopher Karl Marx (1818-1883), more specifically, this kind of economic system first came up in the erstwhile USSR after the Bolshevik Revolution (1917) and got its ideal shape in the People's Republic of China (1949) Govt maximum role & welfare motive This form of economic system also spread to other countries in Eastern Europe. Here we see two versions of the state economy-in erstwhile USSR known as the socialist economy and in pre-1985 China as the communist economy While a socialistic economy emphasised collective ownership of the means of production (property and assets), it also ascribed a large role to the state in running the economy, while communist economy, on the other hand, advocated state ownership of all properties including labour with absolute power to state in running the economy Such economies were also known as Centralised Economy, Centrally Planned Economy or Non-market Economy

  10. State Economy Communism State ownership of all properties including labour Absolute power to state Oppose capitalism Socialism Accept government and capitalism can co exist Eg. USSR, Cuba Transitional For Marx, Socialism was a transitional stage to communism, it never happend in reality Different Names: Centralised economy, centrally planned or non-market economy Drawbacks: Red Tapism, Corruption & lack of choices