Economics and Development Studies: Concepts and Data Sense
What the examiner expects
Cover micro and macro fundamentals: demand and supply, elasticity, market structures, GDP and GNP, inflation, unemployment, monetary and fiscal policy, and balance of payments. In development studies, know HDI, Gini coefficient, poverty measures, sustainable development, and the SDGs. Understand Bangladesh's development trajectory: remittances, RMG exports, microfinance, and graduation from LDC status. Know the roles of the Bangladesh Bank and the planning commission.
Traps to watch
Examiners swap GDP and GNP, inflation types (demand-pull vs cost-push), and fiscal vs monetary policy tools. In development, distinguish HDI components (health, education, income) from Gini (inequality). Another trap is confusing economic growth with development - growth is quantitative, development is qualitative.
Rule of thumb
For policy questions, ask who acts (central bank = monetary; government = fiscal). For indicator questions, recall the components before the country ranking.
Worked example
Stem: 'Which institution controls money supply in Bangladesh?' Reasoning: monetary policy is the central bank's function. Answer: Bangladesh Bank.