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DEPARTMENT 01

Economic Thinking and Economic Systems

The economic way of thinking, from scarcity to systems. No prerequisites.

Entry Level: L1CBSE 11CUETUPSC

Syllabus Modules & Canonical Topics

4 Modules comprising 20 Canonical Topics.

01.1

The Economic Problem

6 Canonical Topics

Scarcity, choice and opportunity cost

Needs, wants and resources

Central problems of an economy: what, how and for whom

Production possibility frontier

Microeconomics and macroeconomics

Positive and normative economics

01.2

Thinking Like an Economist

5 Canonical Topics

Models, assumptions and ceteris paribus

Marginal thinking

Incentives and unintended consequences

Efficiency and equity

Correlation, causation and counterfactuals

01.3

Economic Systems

5 Canonical Topics

Traditional, market, command and mixed economies

Capitalism, socialism and India's mixed economy

The price mechanism and the invisible hand

Property rights, contracts and the rule of law

Comparing systems: efficiency, equity and freedom

01.4

Exchange and Specialisation

4 Canonical Topics

Division of labour and specialisation

Barter and the double coincidence of wants

Gains from exchange

The circular flow: households and firms

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