COMPLETE Foundations of Economy for UPSC - McDonalds, Pakistan, Black Sea, RBI, Repo Rate Inflation
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- Опубліковано 6 сер 2024
- 00:00:00 - Instructions and Introductions
00:04:15 - Introductory Video
00:06:05 - Unfiltered Views from MisFitters
00:08:30 - Drawing Insights to UPSC PYQ's
00:09:35 - Breaking down the concept of Monetary Policy with MisFitters
00:12:05 - Addressing what is Monetary Policy
00:14:30 - Understanding the boodies that control the supply of money in the Economy
00:16:40 - Expansionary Fiscal Policy and MNREGA
00:19:33 - What is Inflation?
00:21:56 - Effect of Inflation on MGNREGA
00:24:50 - Why Tomatoes are Expensive and the McDonald's Story
00:27:08 - Government's control over inflation and the MisFits Story
00:29:25 - FCI [Food Corporation of India], MSP, Food Inflation and AP's Market Intervention Scheme
00:33:33 - What would you do to curtail the rise in prices of the rice?
00:34:11 - The main purpose of the Government
00:36:35 - Banning of rice varieties and the challenges from WTO and IMF
00:40:15 - Introducing Supply-Side Inflation and the Impact of Foreign Policy on People
00:47:06 - Understanding the Black Sea Grains Deal Initiative and its purpose
00:51:40 - Recap of Fiscal Policy playing with Inflation and tips for UPSC Preparation
00:55:10 - Role Play| PM V/S RBI's Governor
00:56:30 - How is the money supply controlled in the Economy?
00:59:50 - RBI and its responsibility
01:01:57 - How does Money Supply affect inflation?
01:04:44 - Repercussions of the Inflation| Pakistan and Revolutions across History
01:08:18 - How does RBI control the Money Supply? An iPhone story
01:11:16 - Economics Made Easy| Tips and Facts
01:13:53 - Exceptions| Changing the Interest Rates Failed to serve as an ideal tool for regulating Money Supply
01:15:40 - Understanding Repo Rate
01:15:55 - What are Commercial Banks?
01:18:05 - Case study of Federal Reserve's actions during COVID-19 | Unconventional Tool through Policy Interventions
01:20:40 - What are the Government Securities?
01:22:38 - Independent Monetary Policy Explained
01:23:20 - Solving Previous PYQ's(2022) |Question 1
01:29:00 - Solving Previous PYQ's(2022) |Question 2
01:32:40 - Solving Previous PYQ's(2021) |Question 3
01:36:00 - Addressing Doubts
01:38:45 - Closing
***
How to Prepare for Economics for UPSC, What books to read, and most importantly why study economics?
We have covered some of those answer in this video. We will upload detailed episodes in future. Do subscibe to the Channel, and let us know what you think about this.
Economics can seem intimidating or unapproachable to some, particularly to those not majoring in business or economics. Here are some common misconceptions:
1. "Economics is all about money and markets": While economics does study the production, distribution, and consumption of goods and services (which often involves money and markets), it's also about understanding human behavior, decision-making, and the allocation of resources. Economic concepts can apply to various aspects of life and society, not just the financial world.
2. "You need to be good at math to study economics": Although economics does involve some math, particularly at advanced levels, the fundamental principles of economics can be understood and applied without advanced mathematical skills. Introductory economics courses typically focus on conceptual understanding, and while some basic math may be involved, it usually doesn't go beyond high school-level algebra.
3. "Economics is only for business people or policymakers ": The concepts and skills learned in economics can be beneficial to anyone. Understanding economics can help people make better decisions in their personal lives, such as planning their finances or careers. It can also provide insights into social issues and public policies.
4. "Economics is too theoretical and not applicable to real life": While economics does involve theory, those theories often aim to explain real-world phenomena. Moreover, economists regularly use empirical data to test theories and make predictions. Economic principles can be applied to a wide range of real-world situations, from personal finance to public policy.
5. "Economics is a 'dismal science' and is all about scarcity and limitations": This misconception comes from a nickname for economics that originated in the 19th century. While economics does study how societies deal with scarcity, it's also about finding efficient and creative solutions to problems. Economics can be a tool for understanding and improving the world, not just highlighting its limitations.
Remember, studying economics can provide a useful framework for understanding and analyzing the world, even if your primary interests lie elsewhere.
How to study Economics for UPSC?
The Union Public Service Commission (UPSC) examination, commonly known as the Civil Services Examination (CSE), is one of the most competitive exams in India. Economics is a significant component of the syllabus, and it's important for candidates to have a solid understanding of this subject. Here's a g
We will release Episode 3 - when this video hits 1500 Likes.
Here's a link to the previous episode :
1. Episode 1 (Economics): ua-cam.com/video/yzqE2fMacRM/v-deo.html
2. You can subscribe to this page for consistent upload of clips from MisFits: ua-cam.com/video/pd4GZr1J1ts/v-deo.html
How to Prepare for Economics for UPSC, What books to read, and most importantly why study economics?
We have covered some of those answers in this video. We will upload detailed episodes in the future. Do subscribe to the Channel, and let us know what you think about this.
Economics can seem intimidating or unapproachable to some, particularly to those not majoring in business or economics. Here are some common misconceptions:
1. *"Economics is all about money and markets":* While economics does study the production, distribution, and consumption of goods and services (which often involves money and markets), it's also about understanding human behavior, decision-making, and the allocation of resources. Economic concepts can apply to various aspects of life and society, not just the financial world.
2. *"You need to be good at math to study economics":* Although economics does involve some math, particularly at advanced levels, the fundamental principles of economics can be understood and applied without advanced mathematical skills. Introductory economics courses typically focus on conceptual understanding, and while some basic math may be involved, it usually doesn't go beyond high school-level algebra.
3. *"Economics is only for business people or policymakers ":* The concepts and skills learned in economics can be beneficial to anyone. Understanding economics can help people make better decisions in their personal lives, such as planning their finances or careers. It can also provide insights into social issues and public policies.
4. *"Economics is too theoretical and not applicable to real life":* While economics does involve theory, those theories often aim to explain real-world phenomena. Moreover, economists regularly use empirical data to test theories and make predictions. Economic principles can be applied to a wide range of real-world situations, from personal finance to public policy.
5. *"Economics is a 'dismal science' and is all about scarcity and limitations":* This misconception comes from a nickname for economics that originated in the 19th century. While economics does study how societies deal with scarcity, it's also about finding efficient and creative solutions to problems. Economics can be a tool for understanding and improving the world, not just highlighting its limitations.
Remember, studying economics can provide a useful framework for understanding and analyzing the world, even if your primary interests lie elsewhere.
How to study Economics for UPSC?
The Union Public Service Commission (UPSC) examination, commonly known as the Civil Services Examination (CSE), is one of the most competitive exams in India. Economics is a significant component of the syllabus, and it's important for candidates to have a solid understanding of this subject. Here's a general guide on how to prepare for the economics portion:
*1. Understand the Syllabus:*
The first step is to understand the syllabus thoroughly. The economics syllabus for UPSC mainly focuses on Indian Economy and includes topics such as planning, economic development, liberalization, budgeting, and agriculture, among others.
*2. Choose the Right Study Material:*
At www.misfits.bet we are building a series of Episodes that will cover all the foundations of Economics.
*3. Keep Up with Current Affairs:*
A significant part of the economics questions in UPSC exams is based on current affairs. Regularly read newspapers like The Hindu or Indian Express, and continue watching episodes on MisFits Portal.
*4. Practice Answer Writing:*
Answer writing is a crucial aspect of UPSC main preparation. Practice writing answers regularly, keeping in mind the word limit and the need to incorporate key points succinctly.
Remember, understanding the concepts and being able to relate them to current issues is more important than rote memorization. Link the static part (i.e., the basic concepts from textbooks) with the dynamic part (i.e., current affairs) for a comprehensive understanding of the subject. This approach is highly rewarding in the UPSC examination. And we do that in every Episode at MisFits.
there are several common mistakes to avoid:
1. Neglecting the Basics: Starting your preparation with advanced books or focusing too much on current affairs without having a strong understanding of basic economic concepts is a mistake. Start with basic resources like NCERT textbooks to build a strong foundation before moving on to more advanced materials and current affairs.
2. Rote Memorization: Economics is not a subject that can be mastered by rote learning. Understanding concepts, theories, and their application to real-world situations is essential. Instead of trying to memorize every detail, focus on grasping the core principles and how they apply to various economic scenarios.
Thankyou so much sir
❤Best explanation by Naman sir I have haver seen!... thank you sir for ur gratitude n socio-economic experience sharing.
I am not a UPSC aspirant, but i am watching it, because of the methodology of teaching employed and the quality of content.
Kudos to Naman for making such videos.
I don't understand why this channel does not have 1 million subscribers. Good for us that we get to experience such incredible episodes of such an englightned personality. Thank you, Naman Sir!
Because most people (Indians) don't understand his advanced English communication.
people just want to be either Modi bhakt or anti Indian.
These videos are my rewards in breaks after i am done studying , makes me fall in love in the process of learning and helps me to learn how to interconnect things , see the whole picture ❤ thanks
Probably the best investment of 100 minutes! Thank you so much for such powerful content
Watched the entire video...I liked the discussion by questioning concepts and interlinking with current affairs.
This is really how aspirants must study
Economics class in its simplicity, loved it
I love to watch Naman sir videos 😅😅 it's give one chance to think in all perspectives rather thn just focusing on learning core subjects based on old methods 😊😊
This is indeed a precious gift thankyou naman sir😊
Thank u naman sir for this outstanding lecture ❤
Content is the king... thank you sir
Thank you sir.
loved it
Hie sir i watched ur Economics lectures 1...it was really superb fantastic videos..but Ep.3 has been for only members..plz list this videos publicly...it gets our knowledge boost .thank u❤
My only suggestion & request for You sir is. somehow penetrate our education system even a small amount your wisdom will make a big change.
I don't have money right now for the misfits course .
Currently I am preparing for banking exams and if everything goes well , then sir I will definitely enroll in your course after getting a job.Believe me sir I am really dying to enter in this community. But ya it's ok I know that I have to wait for 2 to 2.5 year currently I am 22 years old.
Im going to download it before it gets deleted
Guys, dont forget to like. I want episode 3
Sir why can't upload this lectures in youtube, we really required this content but due some economic conditions we stepping back to utilise this content
So please provide full recorded classes in UA-cam which beneficial candidates like me
Sacch me iss bar ki diwali bahut fikki thi..
Greetings sir,
I am currently a cbse 10th grader, aspiring to be a civil servant. I often enjoy watching your videos in my liseure time. I am looking forward to your guidance and advice that you would like to give me regarding my journey ahead.🙏
On what standard is the money counted apart from gold ?
57 Minutes the lady didnt listen carefully, but stil Naman carried that in a better way.
Please write about HRD situation in india.
people should have food on their table but how does it reaches a person in a remote place
Can i get subjectwise recorded cohert by paying?
Cervical pain loading.
Haha downloaded it.
Pakistan is also in the Grey list
Money supply in my understanding can be seen in US based not on gold and the whole world currency is shaking
19:33 I have 0 background in economics. Inflation is an English word (a balloon or tyre inflates). Inflation rate is the speed at which the prices inflate or increase.
Sir, why are you doing this
Thought yours is an innovative approach of teaching.
Hesitating to enroll now
Please everyone who are watching this video press like button that will help candidates like ( economically backwarden) to access third episode