10 July Economics

ECONOMICS QUIZ Afterschoool – developing change makers CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – OPEN FOR ALL FREE FOR ALL

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

ECONOMICS Dr. T.K. Jain. AFTERSCHOOOL Centre for social entrepreneurship Bikaner M: 9414430763 [email protected] www.afterschool.tk www.afterschoool.tk www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who said that economics is the science which studies human behaviour as a relation between ends and scarce means – with alternative uses?  Robbins

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who said that economics deals with attaining wealth and well being?  Alfred

Marshall

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who said that economics is a science which deals with wealth?  J.B.

Say

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who said that economics studies dynamic growth and development?  Paul

A. Samuelson

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is micro economics?  The

branch of economics which deals with individual firm and its decisions

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is macro economics?  It

studies economic behaviour of aggregates such as overall economy – for example total production , total consumption in the nation etc.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is normative science?  It

tells you what should be done (not what is done).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is positive science?  It

talks about the facts which are present (not what is ideal – which is advocated by normative science).  Economists – Robbins are in favour of this.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is inductive / deductive?    

When we proceed from general to individual - it is deductive When we proceed from individual to general – it is inductive. Everyone dies – therefore Ramendu will also die – is example of deductive Remendu died, Mahendu died, Someshwar died – therefore everyone dies – is example of inductive reasoning.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is PPC?  Production

Possibility curve  It gives you all the possibilities of production with given inputs of raw material and resources. (alternative production possibilities in an economy).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is the shape of PPC?  CONCAVE

www.afterschoool.tk

TO THE ORIGIN

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is capitalist economy?       

It is also called free market economy. Complete freedom to private sector Minimum government intervention Very high competition, Inequality of income Right to private property. Freedom to enterprises as well as to consumers. Example: USA

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is socialist economy?  No

freedom  Price, quantity and all factors are decided by government  It is centrally planned economy  Collective ownership of goods and services  Example: estwhile Russia (before 1990). www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is mixed economy?  Mixture

of both economies – capitalist +

socialist  Example: India  Some government intervention but freedom to private sector also

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is income elasticity of a house hold – whose income rises by 12% and their consumption of goods rises by 24%?  Income

elasticity = % change in consumption / % change in income  = 24/12 = 2. answer.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is CAC, When did it start in India?  Capital

account convertibility. (foreign exchange).  It was started in 1994.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is NRO account?  Non

– Resident Ordinary Account.  NRIs can remit upto $ 1 million out of their NRO accounts every year.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is CCS when was it abolished?  Cash

Compensatory Scheme – it was abolished in 1991. (for exporters).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is EPCG scheme?  Export

Promotion Capital Goods scheme – it encourages import of capital goods for export oriented units – it was liberalised in 1992.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is economic cost?  Accounting

cost + implicit cost

 Implicit

cost is the cost where there is not money payment - yet it is considered cost in economics – for example the salary of entrepreneur, charges for free resources of society etc.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What kind of unemployment is most in India?  Structural

www.afterschoool.tk

unemployment

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is BASEL II?  It

is banking standard – it is to be implemented from March 2007.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Which of the following is correct? Marginal cost is always less than average cost. 2. Marginal cost is always more than average cost. 3. Marginal cost is always equal to average cost at its minimum point 4. Marginal cost is always equal than average cost. Solution: Option C is best. 1.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Which of the following is not the reason of industrial sickness in India?

(industrial sickness means constantly loss making companies) 2. Outdated technology 3. Labour problems 4. Faulty location 5. Lack of CAC Solution: option 4th is the best. www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A firm’s average fixed cost is 200 at 100 units of output, what will be AFC at 20 units of output?  Total

fixed cost = 200*100 = 20000  AFC at 20 units of output:  20000/20 = 1000 answer.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A firm’s average variable cost is $ 200 at 100 units of output, what will be AVC at 20 units of output?  Variable

cost is always per unit so AVC will be $200 at any level of output. (unless some other information is given).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A firm has total variable costs of Rs. 5000 at 10 units of output. Its fixed costs are 20000 at 100 units of output. What will be total costs and average costs at 200 units of output?  Variable

cost per unit: 500.  Fixed cost is : 20000  Thus total cost = (200*500) +20000  = 100000+20000=120000  Average cost =120000/200 = 600 answer. www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A firm is producing 100 units with average total cost of 120 per unit. Its fixed cost is 4000. What is average variable cost at 50 units of output?  Total

cost = 12000  Total variable cost = 12000 – 4000  = 8000  Thus average variable cost is 8000/100 = 80.  Thus its average variable cost is Rs. 80 – it will be Rs. 80 at 50 units of output level also. www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Economics is ? Science 2. Art 3. Partly science partly art 4. None Solution option C is the best. 1.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

My income rise by 2%, my consumption of Bajra reduced by 10%. What is income elasticity here?  -10%

/ 2%  = -5 answer.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

When will PPC shift inward? Workers get high skill training 2. Agricultural Revolution II starts 3. There is war with Pakistan and in that process both countries suffer heavy losses of manpower and resources 4. IITs develop new technology, which will bring down costs and increase output. Solution: option 3rd is the right option. (production will fall in this case – in all other cases production will increase). 1.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

ABO UT A FTERSCH OOO L Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Why such a programme? 







To promote people to take up entrepreneurship and help develop the society To enable people to take up franchising and other such options to start a business / social development project To enable people to take up social development as their mission To enable people to promote spirituality and positive thinking in the world

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who are our supporters?  Afterschoolians,

our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.  You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

About AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs     





Most flexible, adaptive but rigorous programme Available in distance learning mode Case study focused- latest cases Industry oriented practical curriculum Designed to make you entrepreneurs – not just an employee Option to take up part time job – so earn while you learn The only absolutely free course on internet

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Workshops from AFTERSCHOOOL         

IIF, Delhi CIPS, Jaipur ICSI Hyderabad Branch Gyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management, Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Flexible Specialisations:          

Spiritualising business and society Rural development and transformation HRD and Education, Social Development NGO and voluntary work Investment analysis,microfinance and inclusion Retail sector, BPO, KPO Accounting & Information system (with CA / CS /CMA) Hospital management and Health care Hospitality sector and culture and heritage Other sectors of high growth, high technology and social relevance

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Salient features: The only programme of its kind (in the whole world)  No publicity and low profile course  For those who want to achieve success in life – not just a degree  Indepth knowledge and expertise  Professional approac: World class approach  Strong intellectual and business capabilities  Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes  Scholarships for those from poor economic background  Latest and constantly changing curriculum – keeping pace with the time  Placement for those who are interested  Admissions open throughout the year  Latest and most advanced technologies, books and study www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS material 

Components              

Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) Meditation, spiritualisation, and self development Essential softwares for business Business plan, Research projects Participation in conferences / seminars Workshops on leadership, team building etc. Written submissions of research projects/articles / papers Interview of entrepreneurs, writing biographies of entrepreneurs Editing of journals / newsletters Consultancy / research projects Assignments, communication skill workshops Participation in conferences and seminars Group discussions, mock interviews, self development diaryng Mind Power Training & writing workshop (by Dr. T.K.Jain)

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Pedagogy          

Case analysis, Articles from Harvard Business Review Quiz, seminars, workshops, games, Visits to entrepreneurs and industrial visits Presentations, Latest audio-visuals Group discussions and group projects Periodic self assessment Mentoring and counselling Study exchange programme (with institutions out of India) Rural development / Social welfare projects

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Branches  AFTERSCHOOOL

will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Case Studies  We

want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Basic values at afterschoool        

Share to learn more Interact to develop yourself Fear is your worst enemy Make mistakes to learn Study & discuss in a group Criticism is the healthy route to mutual support and help Ask fundamental questions : why, when, how & where? Embrace change – and compete with yourself only

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk social entrepreneurship for better society

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS