UPSSSC LOWER PCS 2026 | ALLAHABAD HIGH COURT ECONOMICS CLASS | BASIC OF INDIAN ECONOMY | JYOTSNA MAM

Added: 2026-05-31

[00:00:03]Hey guys hello everyone this is Jyotna Tiwari and welcome to Sanskriti Rojgar YouTube channel yes kids welcome all of you to Sanskriti Rojgar YouTube channel where I Jyotna Tiwari your Economics faculty welcome you all to today's wonderful session, okay so all the kids come live and as you know this batch is of UP Triple SC Lower PCS Plus Allahabad High Court RO ARO.

[00:00:31]You know it, right? And finally today your Economics classes have started here.

[00:00:36]Ok? Which is today's topic Basic of Indian Economy Theory Plus MCQs. Absolutely. So here we will discuss the basics of Indian economy in which we will study the theory as well as MCQs. So all the children will come live quickly and after that we will discuss today's wonderful session which is going to be very important for your upcoming exams.

[00:01:04]Ok?

[00:01:06]All the children, come live quickly and give me just 1 minute. I went to U and UI.

[00:01:35]Ok. So finally I am live again.

[00:01:37]So all the children will come live soon. And without wasting any time let us discuss today's session. As you know, this is your Economics class of UP Triple SC Lower PCS Plus Allahabad High Court RO ARO in which today we will study the basics of Indian Economy.

[00:01:54]Ok? So before that let us see that there is a foundation batch for all of you regarding UP Triple SC Lower PCS. Ok? Let us discuss what facilities you will get in this foundation batch.

[00:02:05]Ok? So as you know, here you will get more than 300 hours of classes.

[00:02:09]Your validity will be 1 year.

[00:02:12]Experienced faculties will be available. There will be daily practice papers and your syllabus will be completed on time. Talking about its price, its price is only Rs 2599.

[00:02:21]Ok? And also what do you have to do to get this? So the simple thing to do is either download the official app of Sanskriti IS or go to its official website and by going there you can do this course? You can purchase. Ok? So let's move ahead without wasting time. Ok? If yes then see, plus you have another batch which is UP Triple SC Excise Constable 2026, okay, in which you will get the complete batch, its price is only 199, so you can purchase this course also, okay, so let's start today with a motivational thought, a good thought, because when you start with a motivational thought, then no doubt your day goes very well, isn't it? It is written that difficulties in life do not come to destroy us, rather they help us in bringing out our hidden powers.

[00:03:11]Absolutely see, if you are facing a lot of issues in life or you are facing a lot of problems or your life is becoming problematic, then do not think at all that my luck is bad. Isn't it?

[00:03:22]Or why is God doing this to me only. Don't think like that at all. Look, whenever any problem comes in life, anything can happen. Trouble can happen in any name.

[00:03:31]So whenever any problem arises in your life, always remember one thing that now something much better is going to happen.

[00:03:39]Okay, right? Always remember one thing, if I talk about it personally, I strongly believe that whatever happens, happens for good.

[00:03:47]If you have a concept in your life that whatever happens is for good.

[00:03:52]So just remember that whatever happens to you will be for your good. Ok? Well, let's move on.

[00:03:57]So as you know let's discuss. First of all let us talk about economics. So as today we are studying Basic of Indian Economy. So here we will discuss what is economics? What is economy? First of all, these are two very different things. What is Economics and What is Economy? Ok? These are two different things. So first of all let us discuss. First of all we will talk about economics. So where did the word economics originate from? Where did this word come from? And what else is there in our life? Ok? So as you know, bringing the word Economics makes many children feel that if the word Economics has come then it is wrong for us.

[00:04:37]This should not have happened. This is a very tough subject. It is a very difficult task to do this. Isn't it? but it's not like that.

[00:04:43]Economics is a very easy subject. You people unnecessarily consider it so tough or you make it problematic. That is actually not the problem. Isn't it? That is not a problem at all. But if you make it problematic, it is not. It is a very easy subject and you will study it with me in an even easier way. Isn't it? Because if I don't teach Economics easily then I am not Jyotna Ma'am. Isn't it? Is it or not? Let's move on.

[00:05:08]So, as you can see, the word Economics, if I talk about this particular word Economics, then it is made from a Greek language.

[00:05:16]Okay, right? It is a Greek word. There's a Greek word called oikonomus and what's your name from that? Economics in which Okyo means a house and Nomus means management of that house, so if I say in short then home management means economics, home management means economics, now how is this home management, let us take an example, suppose there are three people in your house, one is your mother, one is your mother, one is your father, right?

[00:05:54]Ok? This is Father. Ok? And they have two children at home. Ok? This is my daughter.

[00:06:04]Ok? And this became their son.

[00:06:09]Is it clear? So how many people are there in the total family at home? There are four people. Isn't it? Let us assume that how many people are there in the total family in the house? There are four people. Is it clear? So how many people are there in the house? There are total four people. Ok? Now if I talk, here we will first talk about mother. Isn't it? Who will we talk about here?

[00:06:40]Increase its size. Ok? First of all we will talk about mother here. Ok?

[00:06:45]Now see, mom knows this thing.

[00:06:47]Suppose your mother is at home. Ok? Now the mother knows that the father earns ₹100.

[00:06:52]Meaning for example the father is earning an amount. Ok?

[00:06:57]Who is earning an amount, say ₹50? Your father earns. Ok? You dad are earning ₹50 and who is earning ₹50? The daughter is earning. Isn't it? So mom knows that whatever I have is going to come in ₹100 per month.

[00:07:11]Ok? Now mom knows that I am going to get ₹100 every month.

[00:07:16]Ok? And mom also knows how and where to spend these ₹100.

[00:07:21]Okay, right? Now mom knows that these ₹100 will come to me and out of these ₹100, I will spend ₹50 on basic needs. On what? Basic need pay. Now what is the basic need? Do you know what is the normal basic need of a human being? Food, clothing, shelter. This is the basic need. Ok? So, this is your basic need. Now after that ₹50 were spent on this.

[00:07:45]How many are left? ₹50. Mummy decided that ₹20, now as you know that Mummy's father, that is, her husband, also works. That means our father and mother's daughter also works.

[00:07:55]But his son is also studying. Isn't it? So mom decided that she would spend ₹20 on her son's education.

[00:08:03]Ok? How many are left now? ₹30. Out of those ₹30, mom decided where she would spend the remaining ₹20? I will spend that for emergencies. Isn't it? God forbid, if someone in the house meets with an accident, someone falls ill or a guest comes to the house suddenly or there is a need to give something to someone, then ₹20 is left for emergency and ₹10 is left, so saving is also important in today's time, isn't it or not? So mom said I will spend ₹10 on the remaining savings.

[00:08:32]So mom knew that this much amount would come to me and I would spend that amount here. What do you call this? A. House Management. Isn't it?

[00:08:44]Management of a house or home management, either management of a house or what do we call it? Home management. So basically the word economics is derived from a Greek word called oikonomos in which oikonomos means a house and nomos means the management of that house. So home management is economics. Okay, right? What will you call this? Economics Okay, right? Well, in other words, if I talk in Hindi, if I take it too much into Hindi, then do you know what economics means?

[00:09:20]See what does scripture mean? To study something. Isn't it? We say that this is written in the scriptures. So why is it written in the scriptures? Because in those scriptures some particular thing has been studied. Isn't it? And one thing has been studied. Okay, right? So study or what can you call it?

[00:09:40]In short study. Isn't it? This is called the scriptures. If you look, I have always been telling you one thing.

[00:09:46]I have told in every class that the meaning of any word is hidden in its name. Isn't it? I always tell you that the meaning of any word is hidden in its name.

[00:09:58]So if we break down economics, then Shastra means to study. And what does meaning mean? Wealth.

[00:10:07]Ok? Wealth. So what does studying money entail? Economics Isn't it?

[00:10:12]What is the study of money called?

[00:10:13]Economics Now you will say that till now ma'am we have heard about medical studies, right?

[00:10:19]People are studying diseases.

[00:10:21]Studying plants and trees. Ok?

[00:10:23]Studying the human brain.

[00:10:25]We have heard all this. What is this study of money? It's a simple thing, isn't it? Understand it at a very small level. Understand. Now what does the study of money mean? Suppose I have money. Ok? Suppose I have money and how much money I am earning.

[00:10:41]Where am I spending it? Where am I investing and where is my income coming from? So my source of income. Ok? Where am I doing to him? I am making the expenditure for that.

[00:10:52]Ok? How much of that am I consuming? I am concocting it. So consumption will come and in that what will happen to you that where am I investing. Isn't it?

[00:11:01]So what are you thinking about all these things? About me. And all these things you are thinking about my money. Isn't it? Where is my money coming from, where is it being spent, how much is being invested, all these things. So what are you all this discussion about now?

[00:11:15]About money. And what does a discussion about money even mean?

[00:11:20]Economics Isn't it? The study of money. Money is being studied. Meaning economics.

[00:11:34]Amit Verma, look, I cannot tell you the exact date.

[00:11:36]Look, no one can tell the date. Only the government can tell that.

[00:11:40]But I am telling you that brother, if I talk about the date of your exam, then most probably it is fine. I am not giving you any assurance. I am just making an assumption that most probably it will happen within one to two months, that is, the date etc. will come. Ok? Let's move on.

[00:11:59]So here you came to know what economics is? Now look what is the economy? So what happened to economics? Studying money. And the economy becomes the management of that money. Isn't it? What happens to the economy? That you are making arrangements. You are making arrangements for money.

[00:12:17]Where and how much will it cost?

[00:12:19]Where and how to set it? So you must know that the study of money means economics and making arrangements for money. Managing it is the economy. Ok? Two things happened. Is this clear to everyone? Let us now see, if we talk here then first of all let us see what is the meaning of economics? What is the actual meaning of economics? So now we have understood in our language what is the meaning of economics? Now let us try to understand this with a little bookish knowledge.

[00:12:46]Ok? Bookish knowledge is understood in knowledge. So first of all let us see what is the meaning of economics? Economics is a branch of social science. Look, here he brought a word that economics is a branch of social science.

[00:13:02]Now how about social science? As you can see, there are different standards for taking subjects in different states. Isn't it? If I talk about UP, then after 9th there is an option in UP that you can choose a particular subject from 10th class.

[00:13:18]What do you want? Which stream do you want to study basically? You want to study science, you want to study arts, you get this option from commerce, right? But this option is available in MP after 10th. After Ninth gets you in UP.

[00:13:32]But in MP this option is available after 10th class. Isn't it? So everyone has different options. But some things are common in those options. Of which there are many subjects. In which, for example, let me take Uttar Pradesh only. This is ninth class, right? So you must have had common subjects in ninth class. Isn't it? In which one of your subjects will be Math, one will be English, one will be Hindi, one will be Science, one will be Social Science and one will be Sanskrit etc. Isn't it? So you must have noticed that when you study social science, if I talk about high school, when you study social science in high school, then you have a big thick book of social science. But you must have noticed one thing that there are many subjects in that book.

[00:14:13]When you're in high school. Isn't it? When you are in high school, there are some subjects in it, one of which is your environment. There is one, you get some chapters on politics in it.

[00:14:25]You get some history.

[00:14:26]You get some from the environment.

[00:14:28]You get some chapters of Geography and some chapters of Economics also. Isn't it? So what basically happens?

[00:14:35]All these things happen within social science.

[00:14:38]That is why one line has been said here that economics is a branch of social science. Isn't it? This is the branch. So economics is a branch of social science.

[00:14:48]What is economics basically? There is a branch.

[00:14:50]Whose is it? Social science under which you talk about production. Isn't it?

[00:14:55]Production means how much production took place within a country.

[00:14:58]Whether we talk about wheat, rice or other things.

[00:15:02]So how much production of something took place in a country and how much was its consumption? You mean, how much of what was produced did you consume? How much did you use it?

[00:15:12]Ok? Next is your exchange.

[00:15:14]How much was the exchange? What does exchange mean? Suppose you are a shopkeeper.

[00:15:19]Ok? Now you are selling wheat. Let us take an example. You are selling wheat.

[00:15:23]I am buying wheat. So what will I give you in return? When I am buying wheat from you, I will give you money in return and what will you give me in return? You will give me wheat in exchange for that.

[00:15:34]So what happened? This exchange is a kind of exchange and distribution means how much of that particular goods is reaching the common people. Isn't it? How much of that particular stuff is reaching? So what will we say to him? Distribution means whether the goods are reaching the people as per their needs or not. So basically it is said that economics is based on four things.

[00:15:59]Production, consumption, exchange and distribution. What will happen?

[00:16:04]Production, consumption, exchange and distribution. Your economy depends on these four things. Isn't it? This is what the definition of economics says. Ok? Now your second one is Modern Economics. Look, whatever is the definition of everything, there is some modern definition of it also. Okay, right? There should be a modern definition for everything that has a definition. It is said that what have we become now compared to the times of our parents? There have been some advances. Isn't it? Whatever our parents' times were, what have we become of them now? Ma'am how lower can the cut off go?

[00:16:35]Hey Rao Saheb, son, let the exam be over then we will predict the cut off. Let the paper be over first.

[00:16:46]We have predicted the cut off of UP Lekhpal. So let the paper be over first.

[00:16:48]When the paper is held, see how the cut off is predicted as to how your exam went. For example, we counted 100 children.

[00:16:58]What percentage of those 100 children said that they have scored so many to so many marks. The cut off is predicted on the basis of how the students' exams went. Son, there has been no exam here.

[00:17:07]So how could you tell me what the cut off for Lower PCS would be? So leave it now. Isn't it? Let us go.

[00:17:14]So as I told you, everything that has been in an ancient. well maybe.

[00:17:28]Look, it is a simple thing in the stomach. First you will have to tell me Rao Saheb ji, how many exams, that is, how many marks you have in your stomach. Isn't it? You have to tell me how many marks you have on your stomach.

[00:17:40]Ok?

[00:17:41]Yes. So first you tell me what are your marks in the stomach. Ok? Let's move ahead anyway.

[00:17:45]Now let's talk about modern economics. So as I told you that economics basically works on four pillars. It has four pillars.

[00:17:56]Production, consumption, exchange and distribution. Isn't it? Meaning production, consumption, exchange and distribution. Isn't it?

[00:18:03]Economics runs on these four things. Now let us come to its modern definition.

[00:18:07]What is modern economics?

[00:18:10]What is modern economics? So some more things get added in the modern economy.

[00:18:13]Okay, right? Such as your revenue study. Ok? Meaning, how much money is coming to the government?

[00:18:21]What is the revenue coming in? About that.

[00:18:23]What is being spent on public welfare? About that. International Trade: How much international trade is taking place? How is it going? That foreign currency means your foreign reserve or foreign currency is foreign exchange and banking, right? Because it is a simple thing, if you are talking about revenue, it means money and money means economics, secondly, if money is going into welfare also, then somewhere or the other, what does the government do for it, it provides some kind of subsidy etc., so in short, what is that also, it is the study of money, okay, just give me one minute, yes, so in short, what is that also, it is the study of money, international trade, if you are doing business with any other country, then there too money is being exchanged, so this will also become a kind of economy. Ok? Talking about foreign currency, international trade or foreign exchange, you know that in foreign exchange there are top five currencies in the whole world whose value never falls and which are maintained under the foreign exchange reserve. Isn't it? So, whose part does this also become? Economics itself is of course and banking. Money is coming and going in banking and wherever money is coming and going, what is all that? It is economics. Is it clear to everyone?

[00:19:39]So Rao Saheb, why are you getting tensed?

[00:19:42]You have to give Lower PCS. When 99 is your percentile then think for yourself.

[00:19:49]Now there is nothing to think about in this.

[00:19:51]Of course you have to give 73 then definitely you will give Lower PCS.

[00:19:57]Ma'am, you are asking about me. I did not even appear for the PAT exam.

[00:20:03]I didn't need it. Isn't it? At present So let's talk about it, here you must have come to know what is economics and what is economy. Ok? Let me give you an example.

[00:20:13]One question always asked in your exam.

[00:20:15]Okay, let me tell you some more things, then we will come to that. Now you know that different economists have given different definitions of economy. Ok?

[00:20:26]Different definitions of economy have been given by different economists.

[00:20:28]Like Adam Smith, what is he called? He is called the Father of Economics. Isn't it? What is Adam Smith called? He is called the Father of Economics. Isn't it? Is n't it economics? Meaning the father of economics.

[00:20:52]Father of Economics.

[00:20:53]Ok? So who is called the Father of Economics? To Adam Smith. And he has said that economics is the science of wealth.

[00:21:04]This is a very famous book of his which is often asked in exams. It is important for you to remember its name is Wealth of Nation. Wealth of Nation. So this is a very famous book which is often asked in exams. Whose name is Wealth of Nation. Isn't it? So always remember this book. This is a frequently asked book in the paper. Is it clear to everyone? Let go.

[00:21:26]So basically Adam Smith who is called the Father of Economics and his famous book is named Wealth of Nations. Ok?

[00:21:32]So if you look at these two, what are they basically? Well, the things that I am repeating to you again and again. Remember mark my word please it is my humble request to all of you that please mark my word that the things which I am telling you repeatedly those things will 100% come in your exam. Ok? You can take an example of this. It's a simple thing.

[00:21:51]Recently UP Lekhpal exam was held. Ok? UP Lekhpal exam was also held recently. There were two questions of Economics in that exam because it was a Lekhpal exam.

[00:22:00]That is why you will get more number of questions when you appear for RORO or Lower PCS exam, right? So two questions came from Economics and I had also shared with you the screenshot of this that both the questions were the same which I had taught in the class. Isn't it? So that's why I am saying that everything is going well for us ma'am. Everything is going absolutely fine. No doubt. Let's move ahead.

[00:22:24]So you will see that, focus a little on the things that I am telling you because whatever I am telling you will definitely come in your exam. Isn't it? So remember two things here that Adam Smith is called the Father of Economics and plus his famous book which is often asked in exams is called Wealth of Nations. Ok? Let's come to the next one.

[00:22:44]So Alfred Marshall is also a well-known economist. He has said that economics is welfare.

[00:22:51]Meaning, the more people will do welfare.

[00:22:53]How does welfare happen now? NGOs etc. are open.

[00:22:55]What does it take to be in an NGO? It costs money.

[00:22:57]Either other companies invest in it or the government does. Meaning, if we look at these shorts, then these shorts are just exchange of money. Isn't it? So what happens to you? Alfred Marshall has said that economics is welfare.

[00:23:12]Secondly, let me talk about Lionel Robbins. So he has said that economics means shortage.

[00:23:17]If there is a shortage of something in the economy of a country, then economics arises from there. This is what they say. Next is development. Paul Samuelson, who is a very famous economist.

[00:23:28]What he has said is that economics is a development. So these are the four main economics. Ok? These are the definitions. Well, I remembered it from economics.

[00:23:36]Tell me one thing. I am asking a very simple question. Now you know about the Nobel Prize in India. You will say, Ma'am, why are you talking about Nobel Prize? Just like that, an exam question came to my mind so I thought of asking. You know that Nobel Prize is given all over the world.

[00:23:53]Ok? You may also know that it is given in total six categories. I know this too. Ok? What are the categories? Don't do Physics, Chemistry, Medicine or Bio.

[00:24:04]Ok? Physics, Chemistry, Medicine, Literature, Peace and Economics, right? Total is given in six categories. In which you will know that in the remaining categories, I think it was given for the first time in 1901 or 1902.

[00:24:19]I don't remember exactly. But it was probably 1901 or 1902. But if I talk about Economics, the first Nobel Prize in Economics was awarded in 1967. Please understand that it was constituted, sorry instituted, in 1967. It was thought that yes, we should say yes.

[00:24:37]Ideas were also given. But when was it given for the first time? In 1969. Isn't it in economics? Meaning, he felt that apart from Physics, Chemistry, Medicine, Literature and Peace, Economics is also a part of human life. Ok? So it was given for the first time in Economics. Is it clear to everyone? Okay, that's great. Now look, let me tell you a very simple thing. The question is, my question is whether India has received any Nobel Prize in Economics till now or not? And if you have got it then how many times and if you have not got it then why you did not get it, you will tell me this. Ok? Okay Rao Saheb ji, thank you very much. Ok? So here you come to know that different things have been said by different economists.

[00:25:19]As I told you, Adam Smith was a Scottish economist.

[00:25:25]Scottish Economics. Ok? If I talk, he is called the father of economics, which I have told you.

[00:25:31]Father of Economics. One more important thing to remember. Father of Capitalism Father of Capitalism Sorry, what is he called? He is also called the Father of Capitalism. If I talk about him, then his famous book is named An Inquiry into the Nature Causes of the Wealth of Nations, that is Wealth of Nations, in short you have to remember An Inquiry into the Nature Causes of the Wealth of Nations, which I have told you, and this entire book never comes in the paper, only this much word is asked that whose famous book is Wealth of Nations, so you never get the name of the entire book in the paper, only this much comes, Wealth of Nations, hence you should remember only this much, okay, let us talk further, if we see, then he was also a well-known economist. Ok?

[00:26:22]Ok. Now if I look at him, he had given a theory. If we look at it basically, he had told about the principal. First of all see which is his book? There will be no Principal of Economics.

[00:26:36]What is its English in Hindi? Firstly, the Hindi of Economics is very tough. Let me tell you in advance. Isn't it? There is Principles of Economics, so this will be the principles of economics, right? So Principles of Economics means principles of economics, this is his famous book, right? After that comes Lionel Robbins, right? His book is The Great Depression, right? Do n't understand the meaning of depression as when a person's mind is not under control, then you call it depression, this is not that kind of depression, rather here depression means recession. And when does a recession occur? Recession occurs in a country when two things are going on there. One is your recession and the other is unemployment.

[00:27:26]When there is unemployment and recession in any country, we say that there is a recession in that country.

[00:27:31]And the Great Depression tells about And what does this The Great Depression talk about? About the USA.

[00:27:39]When there was recession in USA and big banks all over the world were shut down.

[00:27:44]Those banks were locked.

[00:27:47]Your The Great Depression tells about that.

[00:27:49]Ok? Let's talk further. Next up is your Paul Samuels. The name of his book is Economics. That's it. There is nothing more than that. If you look here, what was their basic foundation of economic analysis in 1947? There has been a contribution.

[00:28:06]Ok? Let's talk about the country.

[00:28:08]Now here we come. Here you saw a word which is microeconomics. Isn't it? There is talk of economic classification. Isn't it? There is talk of economic classification. So one paper which you mean a question which is often asked in your exam is if I talk about Economic Classification. Is n't it a classification? So there is a word which is often asked in your exam that what is the meaning of Economic Classification? It's a simple thing. One becomes your microeconomics.

[00:28:43]Sorry, there is your microeconomics which you call microeconomics.

[00:28:50]What do you say? Micro economics. Isn't it? And one is your Mac Economics. Isn't it?

[00:29:02]What do you call Mac Economics? You call this macroeconomics.

[00:29:11]Ok? So one is your microeconomics which you call microeconomics. There is your Maceconomics, what do you call it?

[00:29:20]Macroeconomics. Ok? So who classified them as micro and mac? This is your frequently asked question in the paper.

[00:29:29]Rao Saheb is saying Amartya Sen and Abhijit Banerjee. Very good, absolutely correct answer. Amartya Sen and Abhijit Banerjee are the two people who have so far received the Nobel Prize in Economics in India.

[00:29:42]Okay, right? These are two people who have received the Nobel Prize for Economics in India.

[00:29:48]Amartya Sen and Abhijit Banerjee. Ok?

[00:29:50]Absolutely correct. Let's move ahead. So as I told you who classified microeconomics and macroeconomics? This is a frequently asked question in your exam.

[00:30:00]Remember his name will be Ragnar Fridge.

[00:30:08]Ok? So Ragnar Frisch is the person who divided economics into two parts.

[00:30:13]Okay, right? Ragnar Frisch is the person who divided economics into two parts. Into which parts was it divided? So he was the one who told what is Macroeconomics and what is Microeconomics, what is Microeconomics and Macroeconomics? Okay, right? What's your name Golu Mathur my name is Jyotsna Tiwari. Now tell me what you got after knowing it. Read it, son. I have nothing in my name.

[00:30:38]Read it, it is very important. Ok?

[00:30:40]So now see, Ragnar Frisch is the person who classified economics into two parts. What is microeconomics and what is microeconomics? Now the question is what is microeconomics and what is microeconomics? First of all let us see what does micro mean? It's a small thing. Isn't it? You must know this much English.

[00:31:05]Ma'am we study economics.

[00:31:08]Why is it? What do you mean? Wait, let me open your comment. Because there is a problem with this laptop. I don't know what the problem is.

[00:31:18]But everything that comes on our YouTube is visible only in English, including your comments. And I do n't exactly understand what you are trying to ask.

[00:31:26]So just wait a minute.

[00:31:30]Ma'am why do we study economics? Oh ho ho why do we study economics?

[00:31:35]Because son, questions from this will not come in your exam.

[00:31:37]Ok? And if you do not attempt its questions in your exam, then you must have seen examples of many people who say, friend, I got stopped by five marks, otherwise I would have been selected, friend, I got stopped by one mark, otherwise I would have been selected, these are the same people who take Economics lightly.

[00:31:57]Ok? What do they think it is?

[00:31:59]What is economics? There's nothing. They get beaten up right there. Because Economics in itself, let me tell you, this subject is such that it is tricky as well as tough.

[00:32:10]If you find someone who can give you the right explanation, like me, then it is very easy.

[00:32:15]Ok? And important, if I say why do we study in general life? It is necessary. Look, it's a simple thing.

[00:32:23]If we all are here today. We are getting two meals a day. You all are getting breakfast and dinner in the morning and evening.

[00:32:31]You have a house with a roof to sleep in. There is a bed. There is no bed. You must be sleeping on the floor with a mattress, right? I will not be sleeping on the ground at all. So where is all this coming from? It's all coming from money. And wherever there is talk of money, the word economic will be there. Ok? Wherever there is talk of money, the word economic will be there. Have to remember. Ok? Okay, so as Golu Mathur rightly said, what does micro mean? Now let's talk about microeconomics. So what does micro mean? Small Ok? So remember this when studying the small things in a country's economy. Isn't it? What will we call it when small things in a country's economy are studied? Microeconomics.

[00:33:13]Now how about studying the small things? Please understand.

[00:33:16]Suppose you want to know about me.

[00:33:18]Ok? You want to know where Jyotsna ma'am gets her money from? What are the sources of income of Jyotsna Mam? Where does Jyotna ma'am spend her money? Ok? Two things happened. Then your third question arises that where did Jyotna ma'am spend the money?

[00:33:37]Economics like a sweet juice. Just drink in a one hour per day. very nice. very nice.

[00:33:48]Thank you Rao Sahib. Thank you. Ok? So now look, it is a simple thing. What does micro mean? Studying the little things.

[00:33:54]What does it mean to study small things? Like you want to know about me, what are my sources of income?

[00:34:00]Where is my money coming from?

[00:34:02]Where am I spending it?

[00:34:04]Where am I investing? You just want to know this about me.

[00:34:07]Not about anyone else. So what will it be? We are talking about the study of only one person.

[00:34:12]Meaning what will happen?

[00:34:13]Microeconomics. Like the example I give you here. For example, what will happen to you? Like per capita income.

[00:34:22]But it is per capita income, right? Per capita income is the part of microeconomics which we call per capita income in Hindi.

[00:34:32]Per capita income. This is the part of microeconomics. Ok? After that a firm. Suppose my father has a company.

[00:34:40]Ok? My father's company is a bus. Let's say my father has a small business.

[00:34:44]Now you are studying that business, brother, from where did the money come, where will it be spent? Will certain things happen? You are just studying about it. So what will happen to you?

[00:34:56]Microeconomics. Studies are being conducted at a small level.

[00:34:59]You are talking about someone's business. So A will become firm. A factory.

[00:35:04]Ok? What will happen to you with all this? This is the part of microeconomics. One thing is being studied. Ok? Now let's come to Mac Economics. Look what does Mac mean? Ok? Now see what will happen here? I will write the definition in Hindi.

[00:35:21]When there is a study of minute details in the economy of a country, what do we call it? It is called microeconomics. Ok? This is your definition. Ok? This is your definition. Ok?

[00:35:50]What will MacEconomics mean now? It's the complete opposite, right? When there is a large scale study somewhere. When there is a large scale study in the economy, what happens to you? That becomes Maceconomics. Now how to study on a large scale? For example, suppose there is someone in your house. Ok? You have a small child in your house and the world drives small children crazy. Is it or not? Listen to everything carefully.

[00:36:33]Listen to everything carefully because I am explaining everything in great detail.

[00:36:37]Okay, right? Now suppose there is a small child in your house.

[00:36:39]Now the world makes the child crazy. You said, Chhotu, do one thing, go and bring me chocolate.

[00:36:47]You paid ₹100 and you know that a dairy milk costs ₹20. You told him to go Chotu and bring me a full dairy milk worth ₹100.

[00:36:54]Now you know that a dairy milk costs ₹20, then how much will he buy in total for ₹100? Will bring five dairy milks. 20 * 1 = 20 20 * 5 = 100 right? What is 20 * 5? It is 100. So you know five dairy milks will come. Ok? But the shopkeeper thought, he is a child, let us fool him.

[00:37:13]And he gave four dairy milks.

[00:37:15]Ok? And when he brought it, you said it was for five annas, why did you get four, then he said that sister I got it for only this much and you slapped him twice, why did you think that he had bought it for an expensive one, but can we say from this that inflation has come in the country, we can say this, no, he was a child, you fooled him, it does not mean that inflation has come in the country, but but if we talk about today's date, the price of petrol is increasing, the price of diesel is increasing, our daily vegetables, that is, you think of a simple thing that earlier, if you talk about four years ago, six years ago, then when you used to go to the market with ₹100, then in that ₹100 you used to buy a bag full of vegetables for the whole week, and the situation today is such that the way the rates of vegetables are increasing continuously, if you buy ₹100, then it is difficult to buy full vegetables for one time. So you can leave it for a week. then what is it? Is this just for you? Are you thinking that if you take ₹100 with you, you will not be able to buy vegetables for even a whole day? This happens with everyone.

[00:38:23]And what does that thing that is with everyone mean? There is inflation. As you may remember, it was a few years ago. Onion prices had risen sharply across the country. The price of onion had increased a lot. So what do you say about that now? Have the prices of onions increased in your area? No. They grew everywhere. And what does it mean to grow everywhere? Dearness And if we use the word inflation, it is inflation. Ok? When we use the word inflation or price rise, it is not used for any one person but for the entire country.

[00:38:56]And when it comes to the entire country, what will work there?

[00:39:01]McEconomics.

[00:39:02]When a large scale study is done on the economy of a country, when big things are studied, then what do we call it? McEconomics. Like you have seen an example in which I just gave you an example of what it meant, which meant inflation, inflation means what will happen to inflation, okay inflation means what will happen to inflation, its second example will be your GDP Gross Domestic Product, like see, let's talk simply, suppose I am inside a studio right now, now you know that I have a light in this studio. There are not just one but many lights installed above. Ok? There is a big screen LED TV in front in which I am watching your comments. Ok? There is an AC installed on the side. There is a board in front which is a digital board. There is also a camera in front so that your class can be telecast live.

[00:39:59]Ok? So these are all the things. Now first understand the meaning of GDP.

[00:40:04]What happened to all this? Things happened. If I add all of these together. So their total is ₹5 lakh. Suppose if I add up the prices of all these, how much did each item cost? How much will it sell for today? So the total amount of all this is ₹5 lakh. For example, after that I am teaching you.

[00:40:21]Ok? These are the goods. Now I am providing you service. Ok? I am teaching you.

[00:40:26]Meaning, this is a kind of service I am providing you. Now you know that I am teaching you. You cannot touch this thing.

[00:40:32]This is untouchable. Isn't it? It is untouchable. I mean, what does untouchable mean? It is intangible. What you cannot see, cannot touch. You can just feel that yes I am teaching, you are studying. So what is this? This is a service. Now I said that if I add the total value of the goods then it will be ₹5 lakh. Now suppose my salary is ₹1 lakh. So how much service have I done now? Now I am teaching inside this studio, so my service is also done.

[00:40:57]So what is the total value of all the goods plus the value of the service? ₹6 lakh. So I can say that this ₹6 lakh is the GDP of this studio. Isn't it?

[00:41:11]What is the GDP inside this room? ₹6 lakh. Similarly, this is what I said.

[00:41:15]Now let us come to some country.

[00:41:18]When the economy of a country covers the entire boundary of that country within a financial year.

[00:41:26]Like wherever the boundaries of our India were being touched till now.

[00:41:30]All the goods and services that are produced within that entire boundary.

[00:41:34]Okay, right? Whatever goods and services are produced, the value that comes out of them in monetary terms, what do we call that? That is what we call GDP.

[00:41:50]Gross Domestic Product. So what did I tell you? When all the goods and services within a country's economy are valued in monetary terms, it is GDP. Now look, remember one word here, I said country, meaning country, meaning we are talking about the entire country.

[00:42:07]Meaning, the discussion is happening on a large scale.

[00:42:09]And if the discussion is happening on a big level, will you be able to participate? Of Maconomics.

[00:42:15]Ok? Let us look at another example. So in the second example, you have an employment.

[00:42:22]Ok? And you became unemployed.

[00:42:26]Now look, if I say there is employment in the country, it means we are talking about the entire country. If I say, there is a lot of unemployment in India.

[00:42:33]So, we are not talking about one person not having a job, in which maximum youth are not having a job. We are talking about them. Meaning we are talking on a large scale. And when it comes to a bigger level, who will eventually get a part? of McEconomics. So tell me here whether you understood the difference between Micro and Mac or not? I will tell you quickly. Did you not understand the difference between micro and macroeconomics? What is microeconomics and what is macroeconomics? I will tell you quickly.

[00:43:09]Ma'am, there is a race between petrol and gold. It has hit me exactly.

[00:43:14]Well, what is printed on my hand? Brother, what will you do after knowing? These are tattoos. They are on everyone's hands. I also have it on my hands. There is nothing printed. That's a tattoo. Ok? And if you have done it then tell me now whether you finally understood what is the difference between micro and macroeconomics?

[00:43:37]If it is clear then tell me quickly, yes ma'am everything is clear. If it is clear to you then quickly tell me that yes ma'am I understood it. Okay, right? So this happens whenever we study the minute details of a country's economy.

[00:43:53]Ok? Please understand again.

[00:43:55]Whenever we study the micro things in the economy of any country, we call it microeconomics. And if this study is done on a large scale there, then what do we call it? We call it macroeconomics. Isn't it? When this study is done on a large scale, what do we call it? That is what we call Macroeconomics. Is it clear to everyone? Let it be absolutely clear. Isn't it? Yes, I understand it completely and I want to understand, can this happen? Hey, what's the matter Golu Mathur ji, thank you very much. Ok.

[00:44:30]So we understood in our language what does microeconomics mean? And mechanoeconomics means what macroeconomics means. Ok? Now let us look at this with a little bookish knowledge. Isn't it? Which is called in book language. So you will see that it is written here that economics is generally classified into two parts.

[00:44:52]Micro and Macroeconomics. Let me tell you once again who has classified it into two parts? So your answer will be Ragnar Frisch. He is the person who has classified it into two parts.

[00:45:05]Talking about it, it is being said that under microeconomics, the economy is studied at a small level.

[00:45:12]At a very microscopic level or at a small level. Like we are talking about one person, I gave you an example that if you talk about my income. We are talking about one firm or one person's income.

[00:45:23]So what happens?

[00:45:24]Microeconomics.

[00:45:26]Ok? And what does Maceconomics mean? When things are studied on a large scale.

[00:45:31]Ok? All these economies study their problems. Also, on a larger scale, it is the branch of economics concerned with general economic factors. As you know, look, yes, remember one thing, John Maynard Keyes or we also know him as J.M. Keyes. So who is this JM Keys? He is called the father of economics and microeconomics. Meaning, when the economy of a country is studied on a large scale, then we call it Macroeconomics.

[00:46:03]For example, I told you that there will be inflation, inflation will become your GDP. I have told you about Gross Domestic Product.

[00:46:09]National Income. Yes, write one more thing here. If I talk about the income of any particular person here. Isn't it? I said brother, I am earning this much. I have so much money coming to me. So this is about my income.

[00:46:25]But when we talk about national income, that is, national income means we are talking about the income of the entire country and the income of the entire country means we are talking about the entire big economy and if we talk about the big economy, it will be on a large scale, then this is the part of macroeconomics, right? So, what will all these be, they will be examples of microeconomics in short, if I see, then see here, when we will talk about any individual market, it is individual market, right?

[00:46:56]Here I will write it in Hindi, when we will talk about any individual market, then what will this be for you, microeconomics, we are talking about on a small scale, whole economy means the entire economy and the entire economy will be there where there will be GDP, right? The entire economy will be there where there is GDP effect on price of a good, right? I told someone, like you sent your brother. The shopkeeper fooled him. So, the increase in the price of any one item is microeconomics. And when inflation increases in the entire country, what part does it play? That becomes a part of microeconomics. Ok?

[00:47:44]After that individual labor market means microeconomics. Employment or unemployment is economics. Individual Consumer Behavior.

[00:47:54]Talking about one person, microeconomics is talking about the demand of the entire country, microeconomics is the supply of goods, it means what will happen to you, the supply of goods means microeconomics and the productive capacity of the entire country, that is, the production capacity is being talked about here.

[00:48:13]Now the production capacity will not be of any one person but of the entire country. So this is the part of microeconomics.

[00:48:21]So I hope you understand the difference between a micro and a Mac. Isn't it?

[00:48:28]Ma'am my income is ₹10 per day. That too is given by the mother.

[00:48:33]Yes. So it doesn't matter, right? Right now you are in the student phase. You are currently in student fuzz. When I was in Student Fuzz, you know you were still getting ₹10 daily.

[00:48:44]I couldn't even get those.

[00:48:46]Ok? So no problem. Right now this student is your fuzz. Isn't it? When you will get a job tomorrow, your income phase will also come. Is it or not? Ok? So in short you must have come to know what is the difference between micro and macroeconomics. Isn't it?

[00:49:00]You should see these things. So here you must have understood the difference between micro and macroeconomics.

[00:49:06]If everything is clear then tell me quickly that yes ma'am all clear and after that we will end this session today. We will discuss its part two tomorrow. In which we will see which are the sectors of economics? There will be areas of economics, we will discuss them.

[00:49:22]What are the types of economy? What is the difference between a developed and a developing country? We will discuss all these things tomorrow.

[00:49:29]Ok? So let's just do that for now.

[00:49:31]Bye-by take care. Hail India. Thank you so much. Thanks A,