SSB Odisha Economics Syllabus PDF with Model Questions [Updated]

Economics Syllabus for SSB Odisha 

Unit – I: Micro and Macro Economics 

Consumer Theory: Demand and supply, Elasticity of demand and elasticity of supply; Consumer’s Surplus and Producer’s Surplus; Preferences –Indifference curves and their Properties, Optimisation and Equilibrium, Change in equilibrium – Income Offer Curve and Engel Curve, price, income and substitution effects.

Production and Cost Functions: Production with one variable input (labour) and with twovariable inputs; Returns to Scale; Four Simple Production Functions (Linear, Fixed Proportions, Cobb-Douglas, CES); Isoquants and Producer’s Equilibrium; Costs, Cost Functions and Cost Curves; Objectives of a Business Firm and Validity of Profit maximisation hypothesis.

Markets and Equilibrium: Pure and perfect competition, Supply decision of a competitive firm, Equilibrium in Short and Long Run; Monopoly and Price Discrimination; Monopolistic competition and Equilibrium; Oligopoly – Price leadership, Cournot Equilibrium, Kinked demand curve.

Distribution, General Equilibrium and Welfare Economics: Marginal productivity theory, Theories of Rent, Wages, Interest and Profit; General Equilibrium (2X2X2) model, Efficiency of General Equilibrium; Marshallian and PigovianWelfare economics;Pareto optimality; Compensation Principle; Social welfare function.

Game Theory: The Payoff Matrix of a Game; Nash Equilibrium; Mixed Strategies ;The Prisoner’s Dilemma; Repeated Games; Enforcing a cartel; Sequential Games; A Game of entry deterrence.

Macroeconomics and National Income Accounting: Macro vs. Micro-Economics; National Income Concepts; Real and Nominal GDP;Output, Income and Expenditure Approaches to measuring national income; National Income Identities in a simple 2- sector economy, and with government and foreign trade sectors; Circular Flows of Income; National Income and Economic Welfare; Green Accounting.

Money: Demand for and Supply of Money; Measures of Money Supply in India;Quantity Theory of Money; Value of Money and Index Number of Prices;Inflation, Deflation, Depression and Stagflation and measures to control them; Inflation, Unemployment and Expectations; Trade Cycles- Hawtrey’s Monetary Theory, Hayek’s Over-investment Theory and Keynes’ views on Trade Cycles.

Banking: Functions of commercial banks and Central Bank, Instruments of credit control and monetary policy, Non-Banking Financial Intermediaries.

Open Economy Macroeconomics: The basic Mundell-Fleming Model.

Determination of National Income: The Classical Approach; The Keynesian Approach; Consumption Function &Absolute, Relative, Permanent and Life-Cycle Hypotheses; MEC, MEI and Theories of Investment;Income Determination in a Simple 2-Sector Model; Derivation of Aggregate Demand and Aggregate Supply Curves in the IS-LM Framework and Determination of Equilibrium; Investment Multiplier; Income Determination in a 3-Sector Model and Fiscal Multipliers; Relative efficacy of monetary and fiscal policies; Crowding out effect.


Introduction to public finance : Public Finance and private finance; public good vs. private good; Market failure and role of government;Criteria for public investment- Social Cost-Benefit Analysis; Maximum Social Advantage.

Public Expenditure: Classification, principles, cannons, causes of growth of public expenditure Wagner’s law and Peacock-Wiseman hypothesis and effects of Public Expenditure.

Public Revenue: Sources of Public Revenue; Taxation - cannons and classification, impact and incidence of taxes;The benefit and ability to pay approaches;Taxable capacity;Effects of taxation;Characteristics of a good tax system;Major trends in tax revenue of central and state governments in India.

Public Budget: Kinds of budget- Economic and Functional classification, Balanced and unbalanced budgets; Balanced budget multiplier; Budget as an instrument of economic policy; Concepts of Deficits.

Public Debt: Sources and effects; Debt burden- inter-generational shifting of burden and inter-generational equity;Methods of debt redemption;Debt management;Tax vs. debt.

Trade Theories: Absolute advantage; Comparative advantage and opportunity cost; Heckscher-Ohlin theory oftrade.

Trade and Economic Growth: Terms of trade;Reciprocal demand and Offer curve; Gains from trade; International Trade and Growth;Free trade and policy of tariffs in relation to economic growth.

Exchange Rate: Types of Exchange Rate (bilateral vs. trade-weighted exchange rate, cross exchangerate, spot, forward, futures); Demand for and Supply of foreign exchange; Exchange Rate Determination- Purchasing Power Parity Theory, The Monetary Model of Exchange Rates, Asset or Portfolio Model of Exchange Rates; Fixed vs. Flexible exchange rate.

Balance of Trade and Payments: Concepts and components of balance of trade and balance of payments; Equilibrium and disequilibrium in balance of payments and measures to correct deficit in BoPs; Foreign trade multiplier.

International Economic Institutions: IMF,World Bank, WTO and Asian Development Bank— their achievements and failures; Forms of economic cooperation; Reforms for the emergence of international monetary system and trading blocsat the global level.

Unit – III: Development and Environmental Economics

Study of economic development:Economic growth and economic development; Characteristics of underdeveloped countries;Obstacles to economic development; Measures of economic development – national and per capita income, basic needs approach, capabilities approach, three core values of development, PQLI, HDI, HPI, MDPI, GDI.

Theories of Economic Growth and Development: Classical, Marxian and Schumpeterian theories; Rostow’s stages of economic growth; Balanced vs. unbalanced growth; Low level equilibrium trap and Critical minimum effort theories; Modeling Economic Growth-The Basic Harrod- Domar Model, Joan Robinson and the Golden Rule of Capital Accumulation, The Basic Solow Model, The Rudimentary A-K Model of Endogenous Growth.

Poverty, Inequality and Development: Concepts of poverty and inequality; Measuring poverty– Lorenz curve and Kuznets’ inverted U hypothesis; Growth, poverty and inequality linkage; Poverty groups- rural poverty, women and poverty, indigenous population and poverty;Dualism, Regional inequalities and economic development.

Institutions and Economic Development: Role of institutions in economic development; The role of democracy in economic development; Role of state; Role of markets and market failure; Limitations of markets in LDCs; Corruption and economic development.

Financing Economic Development: Saving, capital formation and economic development; Foreign finance, investment and aid – controversies and opportunities; Private foreign investment and private portfolio investment.

Globalisation, International Trade and Economic Development:Trade and economic development; Export led growth; Trade liberalisation and growth of exports; Terms of trade and economic growth – the Prebisch Singer Hypothesis; Trade vs. aid.

Economy and Environment: Environment and Economy interaction; Environment as a public good- National versus global public goods; Market failure-Environmental degradation and externalities; The nexus involving environment, development and poverty;Population, resources and the environment; Poverty, economic growth, rural development, urban development and the environment; Common property resources as public goods and the free-rider problem.

The Economics of Pollution and Climate change: Pollution as externality; The market Approach to optimal pollution,Property rights and market bargain theorems, Coase theorem;Taxation,Subsidies and optimal pollution; Pollution permit trading; Climate change – concept, causes, effects and management; Climate change and Agriculture.

Valuation of Environmental Damage: Methods and difficulties of environmental valuation,Direct and Indirect Valuation of Environmental Goods - The hedonic price approach,Contingent valuation,Travel cost approach; Willingness to pay vs. Willingness to accept; Mechanism for environmental regulation in India- Environmental policy and legislations.

Natural Resources and Sustainable Development: Environment and sustainable development, Concept and indicators of sustainable development; Resource scarcity, Renewable and exhaustible resources; Optimal use of renewable resources – fishery and forest; Tragedy of commons; People’s Participation in the management of common property resources.

Unit – IV : Indian Economy

Basic Characteristics of Indian Economy: Indian Economy in the Pre-British Period; Colonialism, Economic Consequences and theory of drains; Present status of the Indian economy.

Population and Human Development: Demographic issues – Sex and Age Composition of population; Dynamics of Occupational structure; Population policy; Demographic Dividend; Urbanisation and Migration; Human Resource Development.

National Income in India: Trends in national and per capita income;Changes in sectoral composition of national income; Regional disparities in Growth of Income; Savings and Investment in India.

Economic Planning in India: Rationale, Features, Objectives, Strategies, Achievements and Assessment of Planning in India; From Planning to NITI – Transforming India’s Development Agenda.

Indian Agriculture: Role of agriculture; Green Revolution and Land Reforms; Agricultural Finance; Agricultural Marketing.

Industrial Development in India: Role of Industrialisation; Trends in industrial output and productivities; Small Scale & Cottage Industries- Role, Problems and Remedies; Industrial Policies; Problems of Industrial Development in India; Industrial finance and industrial sickness.

Service Sector in India: Trend of Growth & Contribution to GDP; ICT and IT – Spread and Policy; Sustainability of services led growth.

External Sector in India: Trends, Composition & Direction in exports from and imports of India; Present balance of payments position of India – Need for and rationale of trade reforms in India including partial and full convertibility of rupee; Recent export and import policies in India; Export Promotion vs. Import Substitution; Foreign Trade Policy of India; FDI flow and regulatory framework; WTO and India.

Economic and Social Infrastructure of India: Growth of transport sector and development of its sub-sectors; Indian Telecom Industry- spread and competition; Irrigation; Energy- forms of energy, conservation and government policy; Education- finance for education, education policy; Healthhealth care structure in India, National Health Policies; Housing- rural and urban housing schemes in India; Sustainable Development Goals.

Financial Markets in India: Commercial Banking in India& Nationalisation of Banks; RBI – Functions, Monetary Policy and Techniques of monetary control; Development Banking; Micro finance institutions in India- Problems and prospects; Policy issues in banking sector- Non-performing assets;Indian Stock Market and SEBI; Banking and financial sector reforms in India.

Indian Public Finance: Public Expenditure-Growth and Composition, Tax Revenue of Central and State Governments; The GST debate; India’s Fiscal Policy.

Economic Reforms, Globalisation in India: Genesis of Reforms, Macroeconomic Stabilisation, Structural Reforms, Impact of Economic Reforms on the Indian Economy; IMF, World Bank, WTO and Asian Development Bank—Their Role from the point of view of India.

Current Challenges: Poverty and Poverty Alleviation Programmes; Inequality – Measures and trends in India; Unemployment and Employment Policy.

Unit – V : Quantitative Methods

Functions and differentiation: Types of functions- constant, polynomial, rational, exponential, logarithmic; Rate of change and derivative; Rules of differentiation for a function of one variable; Partial differentiation techniques; Partial derivatives in Economics; Elasticity of a function – demand and cost elasticity, cross and partial elasticity; Technique of higher order differentiation; Second order derivative and curvature of a function; Concavity and convexity of functions; Points of inflection, Derivative of Implicit Function.

Integration: Indefinite Integrals; Rules of Integration; Techniques of Integration: Substitution Rule, Integration by parts, and Partial Fractions; Definite Integral – Area Interpretation.

Optimisation: Relative maximum and minimum; Necessary versus sufficient conditions - First and Second derivative tests (Using Hessian Determinants); Economic applications thereof, First and second order condition for extremum of multi variable functions; Effects of a constraint; Finding stationary value – Lagrange-Multiplier method: First and second order condition; The Bordered Hessian determinant.

Measures of Central Tendency and dispersion: Mean, median, mode, geometric mean, harmonic mean, their relative merits and demerits; Measures of Dispersion: absolute and relative - range, mean deviation, standard deviation, coefficient of variation, quartile deviation, their merits and demerits; Measures of skewness and kurtosis.

Correlation and regression: Karl Pearson’s correlation coefficient and its properties, Spearman’s rank correlation coefficient; Two variable linear regression analysis - estimation of regression lines (Least square method) and regression coefficients - their interpretation and properties, standard error of estimate.

Probability theory: Basic concepts, addition and multiplication rules, conditional probability.

Sampling: Meaning and types of Sampling; Probability Sampling verses Non-Probability Sampling; Simple Random Sampling and its selection, Systematic Sampling, Multi-stage Sampling, Quota Sampling; Error: Sampling and Non-sampling

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