Paper 3 :
About Business Economics
Business Economics is the study of all problems and questions that affect the consumer and producer. It is a form of applied economics and hence it is important to study so that you get acquainted with basic economic principles such as the theory of demand and supply, price change, markets and money.
CSes are expected to understand business needs and the problems that affect individuals as consumers and producers. It is incumbent upon them to understand basics of Economics which deals with real-time issues of Demand, Supply, Production, Cost and Laws. A CS is regarded as a “Total Business Solution Provider”, and as such, he helps the business with their decision-making process. He is also acquainted with the knowledge to assist business in total.
The topics covered in Business Economics
- Fundamentals of Economics
- Basics of Demand and Supply
- Theory of Consumer Behaviour
- Theories on Productions and Cost
- Analysis of Markets
- Overview on Indian economy, elements on money and banking
The best approach to studying for the Business Economics paper is,
- Practice: Economics is a blend of theory and practical concepts. Understanding theory concepts and implementing the same on practical problems will help in understanding concepts better
- Start early: Considering the volume of syllabus of economics paper, it is highly recommended to start the preparation much earlier to exams (at least 14-16 months before)
- Conceptualise: Business economics deals with practical aspects and issues faced by producers and consumers. Clear conceptualisation helps you easily understand this paper and score high marks
- Study Notes: Making short notes and mapping keywords in every paragraph and graphical presentation of notes will help you recall important points to revise before exam
- Solving Mock Papers: It is very useful to solve mock papers as it familiarises you with the question paper pattern and the approach to solve analytical questions
- Revise: Always remember, it is always the power of re-calling in the exam that helps you excel. You may study once or twice, but your ability to revise and re-call what you have studied is what helps you during exams. Train you brain to re-call concepts as soon as you see the name of the topic. This is one of the best approaches to crack theory paper.