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Fictions of Value
Economics & Business — The Architecture of Choice
The Central Idea
History asks what happened. Politics asks who gets power. Economics asks: Human wants are vast. Resources are limited. How do societies decide what to produce, how to produce it, and for whom? Value is a human construct, but the consequences of assigning value are entirely real.
NEED →
SCARCITY →
CHOICE →
OPPORTUNITY COST →
PRODUCTION →
EXCHANGE →
MARKETS →
MONEY →
FIRMS →
GOVERNMENT →
NATIONAL ECONOMY →
BANKING →
TRADE →
DEVELOPMENT →
GLOBAL ECONOMY
SCARCITY + INCENTIVES + CHOICE + INSTITUTIONS + MARKETS + POLICY + TECHNOLOGY + HUMAN BEHAVIOUR = ECONOMIC OUTCOME
The 19 Economic Realms
Complete Class 6–12 Architecture Matrix
REALM 01
Scarcity, Choice & Opportunity Cost
- Wants vs Needs
- Limited resources
- Choice & Trade-offs
- Opportunity cost
Production, Factors & Economic Sectors
- Factors: Land, Labour, Capital
- Entrepreneurship
- Economic sectors (Primary/Sec/Ter)
- Productivity & Specialization
Demand, Supply & Markets
- Buyers & Sellers
- Demand & Supply
- Price signals
- Market equilibrium
Consumer Behaviour
U
- Utility & Preferences
- Consumer equilibrium
- Budget constraint
- Elasticity of demand
Producer Behaviour & Costs
- Production function
- Fixed & Variable Costs
- Revenue & Profit
- Elasticity of supply
Market Structures
- Perfect competition
- Monopoly & Oligopoly
- Monopolistic competition
- Market power & Barriers
Money, Banking & Credit
B
F
H
- Evolution of Money
- Commercial Banks & Credit
- Central Bank (RBI)
- Digital payments
Government, Taxation & Public Finance
- Public & Private goods
- Market failure & Externalities
- Direct & Indirect Taxes
- Government budget & Deficits
National Income & Economic Accounting
GDP
- Macroeconomics vs Micro
- GDP, GNP, National Income Methods
- Circular flow of income
- Real vs Nominal GDP & Welfare
Income, Employment & Business Cycles
- Aggregate Demand & Supply
- Income & Employment determination
- Multiplier effect
- Business cycles
Inflation, Prices & Monetary Policy
- Inflation & Deflation
- Price Indices (CPI/WPI)
- Interest rates
- Monetary policy (Repo/OMO)
International Economics
- International Trade & Advantage
- Globalization & Supply chains
- Exchange rates
- Balance of Payments
Indian Economy: Historical Evolution & Reforms
- Colonial legacy & Independence
- Five-Year Plans & Mixed economy
- 1991 Economic Reforms
- Structural transformation
Development, Poverty, Inequality & Human Capital
- Poverty & Inequality metrics
- Human Capital (Health/Education)
- Comparative Development
- Inclusive Growth strategies
Agriculture, Food Security & Rural Economy
- Farming Systems & Green Revolution
- Food Security & PDS
- Rural Development & Credit
- Agricultural Marketing
Employment, Labour & Informal Economy
- Labour force & Workforce participation
- Formal vs Informal Sectors
- Types of Unemployment
- Job Creation & Labour Laws
Economic Statistics & Data Laboratory
- Primary/Secondary Data, Census & Sampling
- Classification, Frequency & Graphs (Pie, Bar, Hist)
- Measures: Mean, Median, Mode & Dispersion
- Correlation, Index Numbers & Data Literacy
Environment, Sustainable & Green Economy
🍃
- Environmental functions & Crises
- Sustainable Development Goals (SDGs)
- Green Accounting & Externalities
- Climate Change Economics
Financial Markets, Investment & New Economy
♦
- Stock Markets & Financial Instruments
- Startups & Venture Capital
- Digital/Platform & Gig Economy
- Cryptocurrency & Web3 Economics
The Measurement Engine
ECONOMIC REALITY →
DATA →
STATISTICS →
MEASUREMENT →
MODEL →
THEORY →
POLICY →
OUTCOME