📚 MACROECONOMICS SYLLABUS (DETAILED)

Unit 1: Introduction to Macroeconomics

• Meaning and Definition of Macroeconomics
• Nature and Scope of Macroeconomics
• Importance of Macroeconomic Study
• Microeconomics vs. Macroeconomics
• Central Problems of an Economy (What, How, For Whom to Produce)
• Circular Flow of Income (Two, Three, and Four Sector Models)

Unit 2: National Income Accounting

• Concepts of National Income:
  Gross Domestic Product (GDP)
  Gross National Product (GNP)
  Net Domestic Product (NDP)
  Net National Product (NNP)
  Personal Income (PI) & Disposable Income (DI)
  Per Capita Income (PCI)
• Methods of Measuring National Income:
  Production Method
  Income Method
  Expenditure Method
• Difficulties in Measuring National Income:
  Double Counting
  Non-Market Transactions
  Illegal Activities
  Lack of Reliable Data
• Importance of National Income Data: Economic planning, policy-making, comparison of economic performance.

Unit 3: Money and Banking

• Money:
  Definition and Evolution of Money
  Types of Money: Commodity Money, Fiat Money, Bank Money
  Functions of Money: Medium of Exchange, Store of Value, Unit of Account, Standard of Deferred Payment
• Banking:
  Commercial Banks: Functions, Credit Creation
  Central Bank (Reserve Bank of India): Functions, Monetary Policy Tools (CRR, SLR, Repo Rate, Reverse Repo Rate)
  Financial System: Role in Economic Development

Unit 4: Inflation and Unemployment

• Inflation:
  Meaning and Types: Demand-pull, Cost-push, Hyperinflation
  Causes and Effects of Inflation
  Control Measures: Monetary and Fiscal Policies
• Unemployment:
  Meaning and Types: Frictional, Structural, Cyclical, Seasonal
  Causes of Unemployment
  Measures to Reduce Unemployment
  Relationship between Inflation and Unemployment (Phillips Curve)

Unit 5: Economic Growth and Development

• Difference between Growth and Development
• Factors Affecting Economic Growth: Capital, Labor, Technology, Natural Resources
• Stages of Economic Development (Rostow's Model)
• Indicators of Development: HDI, Per Capita Income, Standard of Living
• Sustainable Development: Meaning and Importance

Unit 6: Fiscal and Monetary Policy

• Fiscal Policy:
  Meaning, Objectives, and Tools: Government Spending, Taxation, Borrowing
  Budget Deficit and Surplus
  Fiscal Deficit and its Implications
• Monetary Policy:
  Meaning, Objectives, and Tools
  Inflation Control, Exchange Rate Stability, Economic Growth
  Role of the Central Bank

Unit 7: International Trade and Balance of Payments

• International Trade:
  Importance of Foreign Trade
  Comparative and Absolute Advantage Theories
  Free Trade vs. Protectionism
• Balance of Payments (BoP):
  Structure: Current Account, Capital Account
  Causes of BoP Deficit and Surplus
  Measures to Correct BoP Disequilibrium
• Exchange Rates:
  Fixed, Floating, and Managed Exchange Rates
  Impact of Exchange Rate Fluctuations

✔️ Recommended Activities:

• Case Studies of Indian Economy
• National Income Estimation Workshops
• Discussion on Union Budget & RBI Policy Reviews
• Inflation Trend Analysis
• Group Debates on Globalization and Trade Wars