Dear students, SSC CGL Tier-2 will be conducted in the month of November (10,11) 2017 tentatively. SSC Adda and Adda247 has started CGL Tier-2 campaign for all the CGL Aspirants. There are total four papers in CGL tier-II Exam. Paper-1 (Quantitative Abilities) and Paper-2 (English Language and Comprehension) are compulsory for all candidates, but Paper-3 (Statistics), Paper-4 (General Studies Finance & Economics) are optional. Paper IV is only for those candidates who apply for the post of Assistant Audit Officer (AAO). We will provide Finance & Economics study notes and quizzes on all important topics. These study notes will prepare you completely for the CGL Tier-2 Exam.
Assistant Audit Officer (AAO) in CAG through SSC CGL Exam is one of the most sought after posts advertised from 2016 onward. This is the only gazetted post so it is in demand very much. Since this is a gazetted post, it requires some specialized knowledge and skill of Accounts & Finance. So, Paper 4 General Studies (Finance and Economics) has been added to test the important knowledge required for the job. Here are a few tips which one can follow- We will provide material at SSC ADDA, apart from these notes, NCERT books for Accountancy and Economics will be very beneficial. For Accountancy, follow Class 11th NCERT book for the subject. It has covered 90–95 % of the syllabus of accounts part. For Microeconomics, one can refer class 12th NCERT book on the subject where all the concepts have been explained in a lucid manner.
Central Problems of an Economy
Production, exchange and consumption of goods and services are among the basic economic activities of life. With these, society has to has to face scarcity of resources. This scarcity gives rise to the problem of choice. And the problem of choice is the basic problem of an economy. The Central Problems of an economy are as follows:
(a) What is produced and in what quantities?
The first major problem faced by an economy is what types of goods and services to be produced. As resources are limited, we must choose between different alternative collection of goods and services that may be produced. It may also imply whether to produce capital/producer goods or consumer goods. Moreover, we have to decide about the quantity of the goods to be produced in the economy.
(b) How are these goods produced?
The next problem is the problem of how to produce the desired goods in the economy. Thus, the question of techniques to be used in the production comes in the mind. Whether we should use labour-intensive technique or capital – intensive technique. Labour-intensive method of production implies more use of labour per unit than capital whereas; capital-intensive technique indicates more use of capital per unit than labour. The choice depends on the availability of resources. A labour surplus economy can well use the labour–intensive technology.
(c) For whom are these goods produced?
Once we have decided what goods to be produced and what techniques to be used in the production of goods, we are encountered with another problem, i.e., the problem of distribution of goods in the economy. This is the problem of sharing of national income.The allocation of scarce resources and the distribution of the final goods and services are the central problems of any economy.
Economics Glossary
1.Economic Activities: Any human activity which is performed in exchange for money or money's worth is called an economic activity.
2.Non-Economic Activities: Activities, which are performed not to earn money but to get some satisfaction, are called non-economic activities.
3.Primary Activities: Economic activities concerned with the exploitation of naturally occurring resources are called Primary Economic Activities.
4.Secondary Activities: Activities in which natural products of primary activities are processed and changed into other forms are called Secondary Activities.
5.Tertiary Activities: Activities which by themselves do not produce a good but they are an aid in the process of production is called Tertiary Activities.
6.Goods: we mean physical, tangible objects used to satisfy people’s wants and needs while the ‘services’, captures the intangible satisfaction of wants and needs.
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