JKSSB Paid Notes Class 1 – Economics | JKSSB Mock Test
📌 Definition of Economics
- Economics is the study of how scarce resources are allocated to satisfy unlimited human wants.
- Also called the Science of Choice (because of scarcity).
📌 SSC CHSL 2021: "Economics is called the science of ___?" — Choice
👨🏫 Fathers of Economics
- Adam Smith – Father of Economics – Book: Wealth of Nations (1776)
- John Maynard Keynes – Father of Modern Economics – Book: The General Theory Of Employment, Interest And Money (1936)
- Alfred Marshall – Father of Microeconomics – Book: Principles of Economics (1890)
- Ragnar Frisch – Coined terms Microeconomics & Macroeconomics in 1933
💡 SSC CGL 2020: "Who is called the Father of Modern Economics?" — J.M. Keynes
✍️ Origin of the Word 'Economics'
- From Greek: Oikonomia
- Oikos = House, Nomos = Law/Management
- Literal Meaning: Household Management
- Earlier called Political Economy
🧠 SSC MTS 2022: "What is the origin of the word Economics?" — Greek word Oikonomia
📚 Ancient Indian Economic Thinkers
- Kautilya (Chanakya) – Author of Arthashastra (~300 B.C.)
- Focus: Wealth, polity, taxation, trade, governance
📌 SSC GD 2023: "Who wrote Arthashastra?" — Chanakya
💰 Branches of Economics
- Microeconomics – Study at Individual Level
Focus: Demand, Supply, Price, Market, Consumer Behavior - Macroeconomics – Study at Aggregate Level
Focus: GDP, Inflation, Employment, National Income
📌 SSC CGL 2022: "Study of individual economic units is called?" — Microeconomics
🌍 Types of Economy (Based on Trade)
- Open Economy – Free trade allowed (India after 1991 LPG Reforms)
- Closed Economy – No or very limited foreign trade
- Mixed Economy – Combination of Private and Public sectors (India follows this model)
💡 RRB NTPC 2022: "What type of economy does India follow?" — Mixed Economy
📦 Economic vs Non-Economic Goods
- Economic Goods – Scarce, have price (Example: Food, Clothes)
- Non-Economic Goods – Free goods (Example: Air, Sunlight)
- Public Goods – Non-excludable, non-rival (Example: Street Lights)
🧠 SSC CGL 2023: "Street light is an example of?" — Public Good
🧠 Important Years to Remember
- 1776 – Adam Smith’s Wealth of Nations
- 1933 – Ragnar Frisch coined Micro & Macro Economics
- 1991 – India adopted LPG Reforms
- 1951 – First Five-Year Plan started in India
📌 RRB Group D 2022: "When did India launch the First Five-Year Plan?" — 1951
