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How to Prepare For CA-CPT Economics in 60 days?

By Admin |
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Hi there! How is it going? How prepared are you for the imminent CPT exams? There’s not much time left in hand.  If you are wondering how to effectively tackle economics for CPT in the last 60 days, you have hopped on to the right page. Our CPT experts are ready with all preparation tips for CPT Economics. Just read on till the end to make sure you don’t miss anything.

So, why is Economics so important for CPT, anyway? To begin with, it is a core subject. The objective of including Economics in CPT is to develop a basic understanding of the concepts and the framework of the Indian economy. And secondly, it is allotted a full 50 marks. The paper for Economics is clubbed with that of Quantitative Aptitude (QA) in CPT exams. Many students find it difficult to score in QA, and if you are one of them, it is especially important that you score well in Economics to maintain the balance and score 50% in the aggregate.

Tips to prepare for CA-CPT Economics in 60 days

  1. 1.    Start preparation with Macro Economics, and then move on to Micro.
  2. 2.    Beware of the current economic trends relevant to your attempt.
  3. 3.    Make concise and comprehensive notes which you can refer to at the time of final revision.
  4. 4.    After studying the chapters, solve MCQs from Modules, Model Test Papers, and Practice Papers.
  5. 5.    Economics involves lots of statistical data.  Although difficult, students need to exactly recollect all such data. Also, the data should be up-to-date and applicable for your attempt.
  6. 6.    Practice diagram /graph by yourself on the basis of explanation given to clarify the concept and the logic behind the diagram. 
  7. 7.    Solve at least one mock test paper before the attempting the real exam.

The Syllabus For CA-CPT Economics at a glance

Economics Contains two sections (i) Micro Economics (ii) Indian Economic Development

(I)  Micro Economics:

1. Chapter 1 – Introduction to Micro Economics - Read this chapter thoroughly because it contains majorly theory and only the last topic Production possibility curve is practical. So, do not skip this chapter.

2. Chapter-2 Demand and Supply - Understand the concepts of demand and supply, what determines demands and supply, get an insight into the law of demand and supply, types of elasticity of demands and supply and also go through important topic marginal utility and its law. This chapter contains many graphs try to understand them clearly.

3. Chapter 3- Production and cost - There are some confusing topics to understand. So, try to understand the concepts and distinguish their features.

 4. Chapter -4 Markets - In this chapter read thoroughly about different types of markets and be clear about in which market makes profit/loss/breakeven point in the long run and short run. Try to understand the different types of markets perfectly.

(II)  Indian Economic Development:

1. Chapter -5 Indian Economy – A profile – Understand the Features classification of the Indian economy, factors of underdeveloped, developing, mixed economy, Roles played & Problem faced by agriculture, industry, and service sector in the growth of Indian economy &  Tax system and Structure of India.

2. Special Aspects of Indian Economy cover very simple topics such as poverty, population, unemployment, infrastructural changes, inflations, budgets and fiscal deficit in India, the balance of payment & external debt – try to learn their concept and they are very scoring topics.

3. In Chapter 7 understand concepts & features of major sectors of economic reforms of country, liberalization, privatization, and disinvestment. Also understand the meaning, pro, and cons of globalization, Measures taken towards globalization & globalization affected the Indian economy. 

4. Last Chapter Money and banking its short, simple and interesting topics to score.

5. Also, do remember the names of few commonly asked things like RBI Governor, Planning Commission Chairman, Central Finance Minister, Headquarters of Who, World Bank, IMF 

Study Planner For CPT Economics:

a) Regular College/Tuitions with Self-Study

Active Self Study Hours- Min. 6 Hours

Study at least 2 hours a day. Study Economics every alternate day.

Total Hours Spent: 2 Hours * 15 days * 2 months = 60 Hours

Divide your course with set targets for each day.

Ensure course completion at the earliest and devote maximum possible time practicing using PYPs and Mock Test Papers.

b) Only Self Study (on preparatory leave)- Strategy: Learning + Practice

Active Self Study Hours- Min. 12 Hours

Study 4 hours a day Economics every alternate day.

Total Hours Spent: 4 Hours * 15 days * 2 months = 60 Hours

Divide your course with set targets for each day.

Ensure conceptual learning with practice. Do practice using questions based on the learned concepts.

Ensure course completion at the earliest and devote maximum possible time practicing using PYPs and Mock Test Papers.

Types of Question to Be Expected in CA-CPT Economics

  •  Correct/Incorrect
  •  True or False statements.
  •  MCQs based on case studies
  •  MCQs based on Practical Questions.

Students must note that sometimes the questions are asked in a roundabout way. At such times, you must exercise enough caution while answering. To avoid silly mistakes, please take some time to read the questions thoroughly. In some questions, one of the options may be “None of these”. Such questions are very tricky and in 90% of the cases, this option will not be the answer. In other instances, you will have “All of the above” as an option. This option has a very high probability of being the correct answer. So, the last and the final tip to score more in CPT Economics is to not be in a rush while choosing options to answer questions.

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