Examined on Competition Act 2002, Reserve Bank of India Act 1934, Finance Commission (Miscellaneous Provisions) Act 1951, National Food Security Act 2013, Micro, Small and Medium Enterprises Development Act 2006, Foreign Trade (Development and Regulation) Act 1992. Act 12 of 2003 — anti-competitive agreements, abuse of dominance, combinations; the law behind the market-structure module.
This page is the map of the paper: every syllabus unit, the leading cases with full summaries, and the exam questions the paper actually sets.
Units
- Unit 1 · Foundation of Economics — Module I — nature and significance of economics and its relevance to law; micro and macro; positive and normative; demand, elasticity and supply; market structures; circular flow; national income and its measures; trade cycles
- Unit 2 · Indian Economy — Module II — salient features and structural change; agricultural productivity; poverty; population and the demographic dividend; NITI Aayog; food security; New Industrial Policy 1991; MSMEs
- Unit 3 · Financial Markets and Fiscal System — Module III — money market; capital market; measures of money supply; tax structure; public revenue; public expenditure; Centre–State fiscal relations and the Finance Commission
- Unit 4 · External Sector — Module IV — India's foreign trade since 1991; balance of payments; WTO, SAARC, BRICS; commercial trade policy
Leading cases in this paper
- Worked example 1 — Price elasticity of demand, calculated four ways
- Worked example 2 — Total outlay, tax incidence and why the burden shifts
- Worked example 3 — A price ceiling and a price floor, worked on the two curves
- Worked example 4 — Defining the relevant market with cross elasticity
- Worked example 5 — Natural monopoly: the cost arithmetic, and why the remedy is regulation
- Worked example 6 — Double counting, and the value added method that cures it
- Worked example 7 — Climbing the national income ladder, aggregate by aggregate
- Worked example 8 — Reading the sector-shares table of the Economic Survey
- Worked example 9 — Two poverty lines for one year: Tendulkar against Rangarajan
- Worked example 10 — Reading a trade cycle through its phases and indicators
- Worked example 11 — Classifying an enterprise as an MSME, and pricing a delayed payment
- Worked example 12 — Reading Budget at a Glance and computing the four deficits
- Worked example 13 — Building the monetary aggregates, item by item
- Worked example 14 — Reading a balance of payments statement
- Worked example 15 — The crisis and the reforms of 1991, as an episode
- Worked example 16 — Applying MFN, national treatment and tariff bindings to five measures
Exam questions
- Economics exam question: Trace the development of the definition… · 15 marks
- Economics exam question: Define elasticity of demand and explain… · 15 marks
- Economics exam question: Compare perfect competition with monopoly.… · 15 marks
- Economics exam question: Explain the circular flow of income and, on… · 15 marks
- Economics exam question: Discuss the salient features of the… · 15 marks
- Economics exam question: How is the poverty line constructed… · 15 marks
- Economics exam question: Describe the structure and functions of… · 15 marks
- Economics exam question: Examine the New Industrial Policy of… · 15 marks
- Economics exam question: Describe the features and instruments of… · 15 marks
- Economics exam question: Classify the taxes levied in India… · 15 marks
- Economics exam question: Explain the constitutional scheme of… · 15 marks
- Economics exam question: Explain the structure of the balance… · 15 marks
- Economics exam question: Describe the structural changes in India's… · 15 marks
- Economics exam question: State the principles on which the WTO system… · 15 marks