Economics is a subject that can be an anathema to many UPSC aspirants. However, this is an important part of the IAS prelims and the mains exam where one finds it in the GS paper 3. Far from being a ‘boring’ and ‘confusing’ subject, economics can be fun to learn if you understand it properly. It is extremely important to understand basic economics (whether you are an IAS aspirant or not) because if you think about it, the study of economics is imperative to understand how a country runs. It also explains why certain countries are developed and some are developing. It also helps you appreciate banking, industry, services, agriculture, etc. Economics also helps individuals make decisions in life because, at the atomic level, it deals with the allocation of resources. In this article, we bring you a few basic and important economic terms that are indispensable for your economics study for the UPSC exam.
Here we will have a look at the strategy and resources to prepare for such terms that could be useful from exam point of view. But before delving into this it is advisable to throw a cursory glance at Previous Year Papers of UPSC Preliminary Exam to make an assessment of nature and pattern of questions asked in the exam. After having a look at the questions one should make a note of such questions for future course. However it is veryrare that a repeated questions appear again in the exam. But these notes can help in further preparation.
After delving into previous year papers one should thoroughly scan NCERT book for Macro and Microeconomics. This will give a detailed knowledge of all related terms and their significance in the economics. The basic terms like GDP, GNP, National Income, Fiscal Deficit, Budget related terms and monetary policy and banking terminology can be easily understood. These terms will also help you to consolidate and comprehend your knowledge in future course .Economics is a subject that is more dynamic rather than static in nature. Owing to the dynamicity of subject Current Affairs and issues become immensely important for this. Daily news paper can further give a push to your existing knowledge of economy terms. Apart from this current affairs based magazines and online resources could also be helpful in this regard. Websites like GS Score can be also helpful for your quest of knowledge as they are being updated on daily basis. The blogs and daily current affairs section could be very informative and can serve a beacon of knowledge for your Prelims Exam.
However keeping a tab on multiple resources and consolidation of knowledge could be a hectic task for most of the aspirants. To ease such cumbersome process Prelims Sampoorna could be your one stop solution. The fact files and yearly compilation on important issues could be your savior. The Prelims Sampoorna Fact file On Economy Terms is a compendium of all important economic terms that has been formed after rigorous research and study. This fact file has been prepared by a team of scholars having extensive experience in the field of civil services content prepration. Conceptual clarity has been focused upon which will ultimately help you to address unpredictable questions of UPSC Examination.
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