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Important Economic Concepts for JAIIB Exam: Many Bankers appear for the JAIIB exams to get the desired positions. Candidates preparing for the JAIIB must have information regarding the important economic concepts of the JAIIB Exam. In this blog, we have mentioned the direct link to download the free e-book.

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Andean pact:
(Now Andean Community)
• The andean pact was a regional pact to establish a common market link among
south American countries. It started originally in 1969.
• The andean pact was signed through the “Cartagena agreement” in 1969 with its
headquarters in Lima, Peru.
• At present, it has Peru, Ecuador, Columbia, and Bolivia.
• The pact had almost collapsed by the mid -1980s due to regional, economic and
political instabilities and was relaunched in 1990 (the original member Chile was
dropped and the new member Venezuela was added to it).
• Venezuela dropped out in 2006.

Animal spirit:
• Animal Spirits is a term used by the famous British economist, John Maynard
Keynes, to explain financial and buying decisions in conditions of uncertainty. In
Keynes’ 1936 publication, The
• General Theory of Employment, Interest, and Money, animal spirits describe the
human emotion that drives consumer confidence.
• Adam Smith, another famous British economist, believed that if people pursued their
own economic self-interests in a free market economy, there would be no need for
government intervention, John Maynard Keynes understood that people might be
irrationally guided in pursuing their economic self-interests. In his book, The General
Theory of Employment, Interest, and Money, Keynes explained that trying to estimate
the yield of various industries, companies, or activities using general knowledge and
available insight would realize little to nothing. Therefore, the only way people can
make decisions in such an uncertain environment is if they are guided by animal


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