70th BPSC Pre 2024 | Fundamental of Economy | BPSC 70th Economics Full Concept | Basics of Economy
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𝐅𝐨𝐫 𝐕𝐢𝐝𝐞𝐨 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐟𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐚𝐭 -------
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Welcome to IAS PCS by The Officer's Academy!
In this video, we cover the Fundamentals of Economy for the 70th BPSC Prelims 2024. Understanding the basics of the economy is essential for the BPSC exam, as economics plays a key role in both the Prelims and Mains stages.
In this session, we break down important economic concepts such as GDP, inflation, fiscal policy, monetary policy, economic growth, and development, providing a strong foundation for your exam preparation. Whether you are new to economics or looking to revise key concepts, this video will guide you through all the essentials required for BPSC.
Key Concepts Covered:
What is an Economy?
Types of Economies: Capitalist, Socialist, and Mixed Economy
GDP and National Income: Understanding growth and production in an economy.
Inflation and Deflation: Causes, effects, and control measures.
Fiscal Policy: Government spending, taxation, and its impact on the economy.
Monetary Policy: Role of RBI, interest rates, and money supply.
Economic Development vs Economic Growth: Key differences and their significance.
Poverty, Unemployment, and Human Development Index (HDI).
Why This Video is Important for 70th BPSC Prelims 2024:
The Economy section is critical in the BPSC Prelims GS Paper 1, and having a solid understanding of its basics will help you answer both theoretical and analytical questions confidently. This session will help you grasp the key concepts in an easy-to-understand format.
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