Class 12 Economics Revision Notes
Introduction to Microeconomics Notes
Introduction to Microeconomics — Notes Meaning and scope Microeconomics studies the economic behaviour of individual units such as a single consumer, a firm or a market, and how p…
Theory of Consumer Behaviour Notes
Theory of Consumer Behaviour — Notes Utility and the cardinal approach Utility is the want satisfying power of a good. In the cardinal (Marshallian) approach utility is measured i…
Production and Costs Notes
Production and Costs — Notes Production function The production function shows the relationship between physical inputs and the maximum output of a good. The short run has at leas…
Forms of Market and Price Determination Notes
Forms of Market and Price Determination — Notes Forms of market Markets are classified by the number of sellers and the nature of the product: Perfect competition: many buyers and…
National Income Accounting Notes
National Income Accounting — Notes Basic concepts National income measures the value of goods and services produced by an economy in a year. Key building blocks include the distin…
Money and Banking Notes
Money and Banking — Notes Meaning and functions of money Money is anything generally accepted as a medium of exchange. It removes the problems of barter (double coincidence of wan…
Determination of Income and Employment Notes
Determination of Income and Employment — Notes Aggregate demand and aggregate supply Aggregate demand (AD) is the total expenditure planned in an economy at a given income level;…
Government Budget and the Economy Notes
Government Budget and the Economy — Notes Meaning and objectives The government budget is an annual statement of the estimated receipts and expenditure of the government for a fin…
Balance of Payments Notes
Balance of Payments — Notes Meaning The balance of payments (BoP) is a systematic record of all economic transactions between the residents of a country and the rest of the world…