1. Introduction to Macroeconomics
Definition of Macroeconomics
Importance and scope of Macroeconomics
Differences between Microeconomics and Macroeconomics
2. National Income
Definition and significance of National Income
Methods of calculating National Income:
Production Method
Income Method
Expenditure Method
Concepts related to National Income:
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net National Product (NNP)
Per Capita Income
3. Aggregate Demand and Aggregate Supply
Definition of Aggregate Demand (AD) and its components:
Consumption
Investment
Government Spending
Net Exports
Definition of Aggregate Supply (AS) and its determinants
Equilibrium in the AD-AS model
4. Money and Banking
Definition and functions of money
Types of money: Commodity money, Fiat money, Digital currency
Role of banks in the economy:
Central Bank functions (e.g., Reserve Bank of India)
Commercial banks and credit creation
Concept of the money supply and its measurement
5. Inflation
Definition and types of inflation:
Demand-Pull Inflation
Cost-Push Inflation
Causes and effects of inflation on the economy
Measures to control inflation
6. Unemployment
Definition and types of unemployment:
Frictional Unemployment
Structural Unemployment
Cyclical Unemployment
Measurement of unemployment rates
Causes and consequences of unemployment
7. Fiscal Policy
Definition of Fiscal Policy and its objectives
Components of Fiscal Policy:
Government Revenue (Tax and Non-Tax)
Government Expenditure (Capital and Revenue)
Budget concepts:
Balanced Budget
Surplus Budget
Deficit Budget
8. Monetary Policy
Definition and objectives of Monetary Policy
Tools of Monetary Policy:
Open Market Operations
Cash Reserve Ratio (CRR)
Statutory Liquidity Ratio (SLR)
Repo Rate and Reverse Repo Rate
9. Economic Growth and Development
Definitions of Economic Growth vs. Economic Development
Indicators of economic development (e.g., HDI, poverty levels)
Factors affecting economic growth
10. International Trade
Importance of international trade for an economy
Balance of Payments: Components and significance
Exchange rates: Definition and types (fixed vs. floating)
11. Business Cycles
Definition and phases of business cycles:
Expansion
Peak
Contraction
Trough
12. Globalization
Definition and impact on national economies
Advantages and disadvantages of globalization