NCERT Economics Notes for UPSC Preparation

Economics deals with resource scarcity on the planet and how the individuals distribute it among each other. There is a role of needs and wants in this distribution.

Taking a more practical example, the distribution of income throughout India between different sections of societies is a part of the Indian Economy. There are many other situations where economics become very important.

That is why the UPSC exam focuses on this subject in UPSC Prelims, UPSC Mains and as an Optional Subject in UPSC. Having a good understanding of the subjects helps candidates to be more efficient managers of resources. That is why it is important to know this subject from scratch.

Let’s take a look at some important UPSC Economics Topics.

NCERT Economics Notes for UPSC

1. Marshallian and Walrasian Approaches to Price Determination
2. Alternative Theories of Distribution With Formula – Economics Theories
3. Modern Welfare Criteria – Hicks and Kaldor Welfare Criteria, Scitovsky’s Paradox, Arrow’s Impossibility Theorem
4. Economic Development and Structural Transformation Of Countries
5. Balance of Payments Adjustment Theories
6. Economic Growth and Development Theories
7. Protectionism Types, Advantages, and Limitations
8. International Trade Theories – Old Theories and New Theories
9. Quantity Theory of Money and Keynesian Theory of Money
10. Role of Public Finance In Economic Development

Dataflair UPSC Economics Quizzes

The best way to check your knowledge is to solve multiple papers and quizzes. Dataflair is offering Free UPSC Mock Test Papers for all the candidates across the globe. The UPSC exam requires a lot of practice and the time is very limited.

Thus it becomes exhausting to solve mock papers after every topic. The UPSC quiz here acts as a more convenient option to practice particular topics. It will save your time, give instant results, and is objective in nature. Here is a list of economics quiz for the UPSC exam – 

UPSC Economics Quiz

1. UPSC Economics Quiz 1 – Monopoly Structure and the modern welfare criteria
2. UPSC Economics Quiz 2 – Monopoly Structure and the modern welfare criteria 
3. UPSC Economics Quiz 3 – Marshallian and Walrasian approaches to price determination and the alternative distribution theories of Kaldor, Ricardo, and Kalecki
4. UPSC Economics Quiz 4 – Marshallian and Walrasian approaches to price determination and the alternative distribution theories of Kaldor, Ricardo, and Kalecki
5. UPSC Economics Quiz 5 – Advance macroeconomics and the Demand for money supply
6. UPSC Economics Quiz 6 – Public finance and its role in the open economy and the old and new theories of International Trade
7. UPSC Economics Quiz 7 – General Economics Quiz
8. UPSC Economics Quiz 8 – General Economics Quiz

UPSC Economics Syllabus

Economic for UPSC Prelims Exam

• Rights Issues
• Economic and Social Development
• Sustainable Development 
• Poverty
• Inclusion
• Demographics
• Capital Market
• External Sector
• National Income
• Public Finance
• Inflation
• Money and Banking
• Economics of Agriculture
• Industries and Infrastructure

Economics for UPSC Mains Exam

• Indian Economy
• Issues Relating to Planning
• Mobilization of Resources
• Growth and Development
• Employment
• Inclusive Growth 
• Government Budgeting
• Fiscal Policy
• Deficit Reduction 
• Land Reforms in India
• LPG Policy
• Industrial Policy & Industrial Growth
• Infrastructure
• Investment Models

Economics for UPSC Mains Optional Exam

• Advanced Microeconomics
• Advanced Macroeconomics
• Money – Banking and Finance
• International Economics
• Growth and Development
• Indian Economy in Pre Liberalisation Era
• Indian Economy in PreIndependence Era
• Indian Economy in Post Liberalisation Era

How to Prepare for UPSC Economics Subject

• The current affairs are important for the economics paper. This is because they cover the changing economy of India and the world. Following good newspapers and magazines for UPSC is an important strategy to remain up to date.
• The numbers of graphs are important. The economics uses the graphical representation to explain the concept better and candidates should keep this in mind for sure. 
• The subject is more application based than theoretical. This makes it very important to know the concepts inside out in order to apply them in real-life situations. 
• The reference books are abundant in the market but it is important to follow the reliable ones. NCERT is a good option for the basics but for complex topics, look for other reference books. You can check out the list of Best UPSC Books put together just for you. 
• There are other important elements for preparing for this subject. You can refer to the UPSC Strategy for Economics Subject. This article will lead you with the entire syllabus and a detailed strategy to pursue the subject. 

Conclusion

This article particularly focused on the subject of Economics for UPSC. This article will help you cover some of the most important Economics topics starting from the very basic one to all the important theories.

We have also added some Dataflair UPSC Economics Quiz links to make your UPSC Preparation smoother. Solving them will help you score well in the exam and save time. The subject is a bit tricky and referring to reliable resources is important.

The NCERT by far remains the most trusted reference for competitive exams. Our articles are based on them only to maintain good standards.