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S.P.V.V.S's

G.P.Porwal Arts, Commerce & V.V.Salimath Science College, Sindagi

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Department of Economics




The department of Economics was started in the year 1972.

Aims and Objectives:
• To impart higher education of Economics to the rural students of our drought prone area to abolish poverty and misery.
• To prepare students to be able to evaluate Govt's economic policies.
• To generate employment opportunities
• To motivate students to make use of modern technology to solve food and poverty problems.

Stratergies:
• Arranging guest Lectures/ Seminars / Group discussions
• Exchanging of mutually useful materials from near by colleges
• Providing question bank
• Developing interest in research at higher education level
• Providing objective questions in tests
• Preparing them for Indian Economic service examination

Economics is the study of the way we try to satisfy our material wants with the limited means available to us. The subject covers earning and spending an income, and the production and consumption of goods and services. From these areas of study emerge topics such as saving and investing, inflation, unemployment, trading with other people and other nations, paying taxes and being governed. People in all societies have recognized the need to obtain goods and services to satisfy their wants. They must choose which wants to satisfy, how to produce the goods and services to satisfy these wants and how to share (distribute) among the members of the community. Students will study these Economics problems, and develop the knowledge and skills about various systems that can enable them to solve or overcome them. Economics builds on learning from Economic studies, which focuses on developing and understanding the interaction between producers, consumers, government, financial institutions and other organizations as they conduct their business both locally and globally.
The study of economics is becoming increasingly significant to many countries in the present year. This is not surprising, as economic problems and issues affect the day-to-day lives of every one of us. Economics increases students’ understanding of a range of issues, such as population policy, agricultural and industrial development, trade and aid. It equips them for the many different employment opportunities that are available in the formal and informal sectors of the economy. Economics trains people to use the economic method, tools, processes and policies to think and act logically on economic problems. It provides students with a framework that encourages them to identify and analyze economic issues, such as ecological sustainability and income distribution, which affect individuals and groups in societies. Economics provides students with concepts, models and skills to analyze the workings and predict the outcomes of an economic system and to evaluate the impact of inter dependence at individual, regional and global levels. The study of Economics enables students to develop knowledge and understanding, skills, attitudes and values using subject matter and methodology that suits their interests. It benefits students when they pursue further education and training, employment and active participation in their community.
Traditional Economy
This strand deals with the idea that the economic problem, expressed as resources that are limited and wants that are unlimited, is ever-present and involves choice and opportunity cost. Economic systems have been developed by societies to deal with the economic problem and have evolved over time because of social pressure for change. This change is particularly evident in the study of economies in transition, and students can reflect on the way in which economic systems have operated in the past, challenge the way in which systems operate currently, and develop preferred scenarios for the future. Students develop skills to recognise, predict and critically evaluate economic change and apply these skills to economic decisions made for both short-term and long-term outcomes, recognising the implications for future generations. Economic decisions are unavoidable and the outcome of an economic decision involves costs and benefits. The costs may affect those not involved in the making of the decision and are known as external costs; these may impact negatively on the environment. The full costs of economic decisions in different places may become evident in the future and are often not considered at the time when decisions are made. Students investigate, analyse, evaluate and make judgments about economic decisions in terms of sustainable development.

Modern Economy
This strand deals with the idea that different economic systems reflect the diverse values of individuals, communities, and societies. Economic decisions have outcomes that may be inconsistent with the social, ethical, or moral values held by society. These outcomes may be modified so that they conform more closely to the values held. This strand recognises that government has the major role in changing outcomes. Students critically evaluate this role of government in a wide range of situations, including changing income distribution both nationally and globally. Trade between nations means that there is reliance or interdependence between them, and this provides important links between different cultures. Students are involved in investigating economic issues in society and recognise the role of power groups in the economy in determining economic decisions and outcomes. All individuals are part of an economic system and economic decisions are made at individual, regional and national levels. The strand encourages students to examine critically the range of processes and institutions that operate within an economic system to enable decisions to be made. In doing so, students develop an understanding of the role of the individual in the decision-making process. Students also become aware of their own roles in the economic system as consumers of goods and services and as resource providers. Students analyse the roles and relationships of people and groups Economics in an economic system through the use of models such as the circular-flow model. Students have opportunities to distinguish between fact and opinion and explain cause and effect. To become more effective participants in society, students are encouraged to make forecasts, evaluate change, and consider the consequences of a range of actions before deciding on their own response and action.

Aims
Economics aims to enable students to:
 Understand the economic problems of choice and opportunity cost, and how individuals, groups and societies have organised economic systems to deal with these problems
 Develop knowledge, understanding and skills of application of the concepts, models, and terminology used in the study of Economics
 Investigate and analyse economic events and to evaluate and predict the impact of economic change locally, nationally and globally
 Be aware of the impact of economic decisions and their outcomes that may be inconsistent with social, moral, and ethical values
 Be engaged as informed citizens to promote economically, ecologically, culturally and socially just and sustainable futures
 Help develop skills in entrepreneurship, language and oral and written communication, information, management, problem solving and decision making
 Apply knowledge and skills in practical settings
 Discuss a range of issues affecting on Indian economy and the global community.


 Investigate the complexity of the economic problem and apply economic decision-making tools and processes to deal with the problem
 Demonstrate an understanding of the role of economic systems in relation to economic problems
 Distinguish between the approaches adopted by a range of economic systems to allocate resources.
 Describe the meaning, measurement and trends of economic growth in the country like India
 Evaluate the costs and benefits of pursuing economic growth in the country.
 Analyse and evaluate the effectiveness of the market system in determining prices
 Describe and use the main tools of micro-economic management
 Describe and analyse a chosen local industry in terms of its contribution to the local economy.
 Explain the nature and operation of government macro-economic policy and evaluate its effectiveness in achieving the macro-economic objectives of the government
 Describe the weaknesses in the market economy and illustrate the reasons for government intervention and regulation in the market
 Identify the range of macro-economic issues currently impacting on the economy of India and link appropriate macro-economic management strategies to those issues.
 Use trends in balance of payments, terms of trade and exchange rates to identify key issues facing the domestic and external economy
 Discuss the likely effects of these issues on the domestic economy and propose appropriate micro-economic and macro-economic strategies to manage these issues
 Describe and illustrate the impacts of globalisation on the economy.

The learning outcomes for Economics identify the knowledge, skills, attitudes and values all students achieve or demonstrate at the end of course. These learning outcomes are listed below Students can:

 Demonstrate an understanding and application of concepts, principles, models, skills, and terminology used in the study of Economics
 Demonstrate an understanding of the role of economic systems in providing solutions to economic problems
 Analyse economic events, past and present, using economic models and the skills of economic inquiry 4. Predict and evaluate the impact of economic change in local, national and global settings
 Explain and reconcile the way economic decisions involve costs and benefits and have outcomes that may be inconsistent with social, moral and ethical values
 Describe and explain the way outcomes may be changed by individuals, community groups, business and government
 Identify the effects of interdependence at individual, local, national and global levels
 Communicate economic information, ideas and issues in a variety of ways.
 Communicate economic information, ideas and issues in a variety of ways.
 Explain and reconcile the way economic decisions involve costs and benefits and have outcomes that may be inconsistent with social, moral and ethical values


Sl.No Profile Photo Name Qualification Specialization Designation View Profile
1 Dr. Prakash Lamani M.A.,Ph.D,KSET Economics Assistant Professor
2 Prof. Basavaraj Mahajanashetti M.A,KSET Economics Assistant Professor