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How to Prepare CPT Economics in 30 Days

How to Prepare CPT Economics in 30 Days. In the previous articles, we have given articles about How to Prepare CA CPT Accounts, Mercantile Law, and Quantitative Aptitude in 30 days. Today we are providing the article on How to prepare CA CPT economics in 30 days. In this post, you will get Nature & Importance of CPT Economics, Recent trends in question papers, challenges that you will face in this subject and how to face them?, How to Pass CPT Economics in this Last Few Days? and in which type of MCQ’s you should be more careful. This article has given by a private institute ” Master Minds ” for the benefit of CA CPT students. Read below.

How to Prepare CPT Economics in 30 Days

Micro Economics

Nature and Importance of this Subject:

a) This is a scoring subject for students coming from Commerce background. If MPC (Science) students pay some attention to this subject, then they can also score good marks in this subject.

b) In majority cases, MPC students are performing well when compared to MEC/CEC students because of over confidence and negligence of MEC/CEC students.

c) On the basis of previous examination trends, you may get around 25 MCQs from Micro Economics. Out of them nearly 20 MCQs will be very easy and direct questions.

d) In the main exam you must finish answering MCQs of this subject very quickly so that you can find some time to answer MCQs in QT because you will get lengthy MCQs in QT subject.

e) If you are thorough with this syllabus then you can comfortably attempt your B.Com 1st year also. The same preparation will be useful for CMA Foundation also.

f) We need to focus on all the chapters – You can’t find some few chapters having huge weightage in the exam. Even from the most important chapter we will get only 2 to 3 marks.

How to Prepare CPT Economics in 30 Days

Recent trends in question papers, challenges that you will face in this subject and how to face them?

a)
  • Increase in MCQs based on Problems.
  • Those MCQs will kill lot of time. Students will stuck at those MCQs and they will also get disturbed psychologically.
  • Don’t ignore MCQs based on Problems.
  • You can find lot of such MCQs in our material. Pay more attention on them.
b)
  • Calculation mistakes while solving MCQs on Problems or applying wrong formula.
  • Calculator practice.
  • Do complex calculations atleast twice before answering.
  • EVERYDAY spend 15 minutes of time to memorise formulae in various chapters of micro economics, given in our fast track material.

How to Prepare this Subject in this Last Few Days ?

a) No need to read question and answers given in the main material. Simply, read FAST TRACK NOTES given for theory in fast track material.

b) Pay more attention on chapters which are not there in Intermediate.

c) Diagrams are very important in this subject. You may not get direct questions on diagrams. But diagrams help to get command over the subject. So, pay special attention on diagrams given in all the chapters.

d) In some chapters there will be problems. Focus on problems and their related formulae. In the recent examinations, MCQs of that model are increasing. Especially in the chapters of Elasticity of Demand and Cost analysis.

e) Definitions and Author names are not required from exam point of view. If you can remember
them then it is your wish.

f) Chapters to be concentrated more: Will be covered in Macro Economics.

Analysis Of Each Individual Chapter – Micro Economics

  • A category –2, 4, 6, 7, 9, 10
  • B – 3
  • C – 1, 5, 8
No. Chapter Expected Marks Most Repeated Models in the Exam Complicated Models to be Focused More
1 Analysis of
Demand
0 to 2 Change in quantity demand and change in
demand, Exceptions to law of demand
Expansion, Contraction and increase ,
decrease in demand
2 Elasticity of
Demand
2 to 3 Methods of measurement of Price elasticity
of demand; types or Degrees of price
elasticity of demand
Determinants of Price elasticity of demand
3 Supply &
Elasticity of
Supply
1 to 3 Measurement of Elasticity of Supply Determination of supply and exceptions to
law of supply
4 Theory of
Consumer’s
Behaviour
0 to 4 Indifference curve analysis especially on
MRS and properties of Indifference curves,
law of diminishing marginal utility; Theory of
consumer’s surplus
Assumptions of MU analysis, Properties of
I.C Analysis, Consumer’s equilibrium
diagram.
5 Production 0 to 1 Functions of an Entrepreneur Capital formation – definition, stages and its
determinants
6 Production
Analysis
1 to 3 Law of Variable Proportions , Law of
Returns to scale
Difference between short-run and long-run,
economies of scale.
7 Cost Analysis 4 to 7 Calculation on ATC, AFC, AVC and MC.;
Short run cost curves especially relationship
between AC and MC curves; Concepts of
costs especially opportunity cost, explicit
and implicit costs, economic costs, fixed &
variable costs.
Long – run average cost curve (LAC) –
reasons for ‘U’ shape, profit Economic
8 Markets 0 to 1 Effects of changes in demand and supply on
Equilibrium price; Relationship between AR,
MR and Elasticity demand
Relationship between AR,MR and Elasticity
of demand
9 Price and
Output
Determination
Under
Different
Markets
4 to 5 Perfect Competition : features, conditions of
equilibrium of firm in short run and long run,
shape of AR and MR curves under
Monopoly : features and price discrimination
in Monopoly; Oligopoly especially kinked
demand curve hypothesis; Monopolistic
competition especially features and long run
equilibrium (excess capacity)
Long run equilibrium of a firm and industry in
perfect competition, kinked demand curve
10 Nature &
Scope of
Economics
3 to 4 Economic systems: especially features of
Capitalism, Socialism and Mixed Economy;
Micro – Macro Economics; Production
possibilities curve
Merits and demerits of Capitalism, Socialism
and Mixed Economy; Method of study :
especially steps in deductive and inductive
methods.

Be Careful with the MCQ’s of Following Types :

  • “WHICH OF THE FOLLOWING IS CORRECT / INCORRECT?”
  • TRUE OR FALSE STATEMENTS
  • MCQs based on case studies & Practical Questions

Macro Economics

Nature and Importance of this Subject :

a) This is a scoring subject for students coming from Commerce background. If MPC students pay some attention on this subject then they can also score good marks in this subject.

b) In majority cases, MPC students are performing well when compared to MEC/CEC students because of over confidence and negligence of MEC/CEC students.

c) Weightate of MCQ’s Based on Facts and Figures :

June attempt – 49%, December attempt – 45%

Of course in the recent attempts questions based on facts and figures have decreased a lot which is advantage to all students. We can’t assure the same in future. So, don’t neglect. (June 2013 attempt – just 4, Dec 2013 attempt – just 3 questions based on facts & figures)

d) In the public exam you must finish answering MCQs of this subject very quickly so that you can find some time to answer MCQs in QA because you will get lengthy MCQs in QA subject.

e) Concentrate more on chapters – 2, 4, 6, 7, 9, 10 with special focus on 4, 6, 7 & 9 chapters.

f) If you are thorough with this syllabus then you can comfortably attempt your B.Com 1st year also. The same preparation will be useful for CMA Foundation also.

g) We need to focus on all the chapters – You can’t find some few chapters having huge weightage in the exam. Even from the most important chapter we will get only 1 to 2 marks.

h) In majority questions right answer will be directly there in the options itself and we need not do any calculations. But all the options will look to be similar and as a result we will get confused. Have complete command on Facts & Figures in Macro Economics and you can easily come out of this confusion.

On the other hand read all the options carefully and use common sense for identifying the right answer.

i) First identify the MCQ i.e., whether it is given from Micro Economics or Macro Economics

  • If the MCQ is from MICRO Economics then remind theory to answer,
  • If the MCQ is from MACRO Economics then remind facts & figures or common sense to answer the same, based on Indian Economy.

How to Prepare this Subject in this Last Few Days ?

a) Sufficient to prepare the content given under this heading ‘THEORY FOR CLASSROOM DISCUSSION’ in our material. At this moment of time it is not required to refer the content given under the heading THEORY FOR SELF STUDY.

b) In every chapter, Facts and figures are very important. Pay special attention on that area. EVERYDAY spend 30 minutes of time to memorise the numerical data given in FAST TRACK NOTES, irrespective of syllabus for each examination.

c) Out of 50 questions nearly 48 questions can be handled by all the students as they will come from our material itself. But the remaining 2 questions can be either very tough or from current affairs or even out of syllabus. Those 2 questions will be rank deciding questions. For answering those 2 questions you have to be through with nook and corners of Macro Economics i.e. Facts & figures + Current affairs material + Latest Economics Survey Report.

d) Concentrate more on 2011 census, most recent data of 2012, 2013, 2014, etc.

e) Chapters to be concentrated more:

  • Micro – Chapters 7 & 9
  • Macro – Chapter 6 & 7 (especially Monetary policy)

You may get around 23 to 25 marks from these 4 chapter alone.

Analysis Of Each Individual Chapter – Macro Economics

  • A Category –2, 3, 4, 5, 6, 7, 11, 12, 13
  • B – 8, 10
  • C – 1, 9
No. Chapter Expected Marks Most Repeated Models in the Exam Complicated Models to be Focused More
1 Nature of Indian
Economy
 0 to 2 India –

India – A Developing Economy

 India – A Mixed Economy
2 Population  1 to 3 Demographic trends in India Growth of Population in India and Its effects on economic development
3 Unemployment &
Poverty
 1 to 3 Meaning & types of Unemployment;
Government Programs for Poverty
alleviation like, (MGNREGS), (SGSY),
(SJSRY) etc.
Measurement of Unemployment and Poverty Estimates – NSSO and Planning Commission
4 Infrastructural
Challenges
 1 to 3 Energy, Transportation like Rail, Road,
Water ways and Air ways
Health especially different health schemes; Education especially primary, secondary and higher education
5 Role of Different
Sectors in Indian
Economy
2 to 5 Problems of Agricultural Sector In India;
Problems of industrial development in
india
Factors Underlying The Service Sector Growth, Reasons for industrial sickness.
6 Commercial Banks
& RBI
2 to 5 Credit Controlling measures of RBI ,
Functions of RBI , Monetary policy
Progress of Commercial Banks after
nationalization, Monetary policy
7 Money & Inflation 2 to 4 Meaning & Types of Inflation; Money
Stock In India
Measures to Check Inflation; Price
Trends In India
8 Basic
Understanding of
Tax system in India
1 to 2 Tax Structure In India, Difference
between Direct and Indirect taxes.
Features of Tax Structure In India;
Evaluation of the Indian Tax System
9 Budget & Fiscal
deficit
 0 to 1 Meaning of Budget & Fiscal Deficits Trends In India’s Budget & Fiscal Deficits
10 Balance of
payments and
External debt
 1 to 2 Trends In Bop of India : Meaning of BOP
& BOT
 External Debt
11 Liberalization,
Privatization,
Disinvestment and Globalization
3 to 4 Main Organisations for facilitating
Globalisation (IMF, IBRD & WTO);
Meaning of Liberalisation, Privatisation,
Disinvestment
Measures towards Globalisation; Effect of
Globalisation on Indian Economy
12 Economic Reforms
in India
2 to 3 Reforms in External Sector Background of Economic Reforms
13 National Income in
India
2 to 3 Basic Concepts in National Income,
methods of measuring N.I
Trends In India’s National Income Growth
& Structure

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