NCERT Solutions for Class 12 Economics (Macroeconomics and Microeconomics) - FREE PDF Download
FAQs on NCERT Solutions for Economics Class 12 2024-25 (Introductory Macroeconomics and Introductory Microeconomics)
1. What are the Four Aspects of Production in Economics Class 12?
The four vital aspects of Production are –
Land: It refers to natural resources like soil, water, air. A firm pays rent to acquire these services.
Labour: It denotes the mental and physical efforts that are required to perform a task. An organisation pays wages to the people who put their labour like workers, managers, engineers, etc.
Capital: It is a combination of monetary, physical and tangible investments that helps Production to progress. In exchange for these investments, a business receives interest.
Entrepreneur: It is an individual who undertakes risk and facilitates the Production. In return of entrepreneurship, he/she receives profits.
2. According to Economics Class 12 Question Answer what does High Powered Money Mean?
High Powered Money refers to the total liability of the Reserve Bank of India. It includes currency issued by the Government of India and cash deposits and reserves of commercial banks under RBI. Thus, it is expressed as -
H = C+R
Where H = High Powered Money
C = Currency
R = Bank and Government deposits with RBI
It is also called Secured money. Moreover, a crucial portion of this fund is deposited with commercial banks that are responsible for creating credit. Thus studying bank funds are of utmost importance to analyse the economic condition of a country.
3. How to Score Well in Economics Class 12?
First and foremost, students must have a clear idea about the entire syllabus of Class 12 Economics to start the preparation. In this context, they can follow the NCERT Economics book that covers the whole syllabus. Along with that, they need to clear the concepts thoroughly to develop a clear understanding of the same.
Once the syllabus is completed, they should start solving the questions related to each chapter, and for that, they can download NCERT Economics Class 12 PDF solutions. Furthermore, they also leave enough room for thorough revision before the exam schedule to score well.
4. Where can I find NCERT Class 12 Economics Question Answer?
When it comes to board examinations, NCERT Solutions is the most significant study tool you may use. On Vedantu, you can find NCERT Solutions for Class 12 Economics in PDF format. These solutions are available online, and you can also download the Solutions PDF to use offline. The greatest thing is that you can get the NCERT Solutions for Class 12 Economics PDF for free. All of the tasks in the NCERT Solutions for Class 12 Economics are solved by Vedantu experts. This way, if you are stuck on a subject, you may look for NCERT answers to help you grasp the ideas better.
5. What is Economics in Class 12?
Economics is an important field of study that helps students have a thorough understanding of their environment. It goes on to examine the business, market, and government, all of which have a direct influence on the country's economy. NCERT Solutions for Economics Class 12 focuses on the areas that help students have a strong understanding of the topic.
6. How many chapters are there in Macro Class 12 Economics?
To study Economics, you need more practical knowledge. There are six chapters in Class 12th Economics (Introductory Macroeconomics). They are -
Chapter 1 - Introduction
Chapter 2 - National Income Accounting
Chapter 3 - Money and Banking
Chapter 4 - Determination of Income and Employment
Chapter 5 - Government Budget and the Economy
Chapter 6 - Open-Economy Macroeconomics
7. Can I study Economics 12th PDF Solutions on the Vedantu website?
Yes. Students can find the NCERT Solutions for Class 12 Economics on Vedantu, along with other study material such as revision notes, important questions and sample papers as well as previous year question papers. These study materials are curated by highly qualified subject experts, for the reference of students. Hence, students who are preparing for their Class 12 Economics exam should utilise these study materials. The solutions are free of cost and are also available on the Vedantu Mobile app.
8. How is the Economics class 12 syllabus divided?
Microeconomics and Macroeconomics are the two primary components of the Economics Class 12 syllabus. While the former is concerned with people and their financial concerns, the latter is concerned with the behaviour of large-scale economic variables such as government and national productivity.
9. What is the toughest Chapter in Economics Class 12?
The toughest chapter in economics class 12 can vary for different students. Some find chapters like Open Economy Macroeconomics or Microeconomics of Government Intervention challenging due to their complex concepts.
10. Is 12th Economics tough?
Whether 12th economics is tough depends on individual understanding and interest. With regular study and understanding of concepts, it can be manageable for many students.
11. What are good questions to ask about Economics Class 12?
Good questions to ask about economics include understanding how supply and demand affect prices, the impact of government policies on businesses, and how global trade influences national economies.
12. How to score 100 percent in Economics class 12?
To score 100 percent in economics class 12, focus on understanding concepts deeply, practising numerical problems, revising regularly, and referring to NCERT textbooks and solutions. Clearing doubts through discussions and practice tests also helps.
13. Which chapter is most important in Economics Class 12?
The most important chapter in Economics class 12 can be subjective, but chapters like National Income and Related Aggregates, Money and Banking, and Government Budget and the Economy are often considered crucial due to their practical applications.
14. What is GDP in Economics Class 12?
GDP (Gross Domestic Product) in economics measures the total monetary value of all goods and services produced within a country's borders in a specific period, typically annually or quarterly.
15. What is the alternative name for macroeconomics in Economics Class 12 Question Answer?
Macroeconomics is also known as aggregate economics, as it deals with the economy as a whole, analysing national income, employment rates, inflation, and other broad economic indicators.
16. What are the 3 golden rules of Economics Class 12?
The 3 golden rules of economics class 12 are:
(1) Rational behaviour assumes individuals make decisions based on their self-interest.
(2) Decisions involve trade-offs, where choosing one option means forgoing another.
(3) Resources are limited, leading to the need for efficient allocation.
17. What are the 3 natural laws of Economics?
The 3 natural laws of economics from the 12th economics solutions are:
(1) Law of Demand, stating that as prices rise, demand falls, and vice versa.
(2) Law of Supply, indicating that as prices rise, suppliers produce more, and as prices fall, they produce less.
(3) Law of Diminishing Marginal Utility, which explains that the satisfaction derived from each additional unit of a good decreases over time.
18. What are the 7 key concepts of Class 12 Economics Solutions?
The 7 key concepts of 12th economics solutions include:
Scarcity (limited resources vs. unlimited wants), Opportunity Cost (value of the next best alternative), Supply and Demand (interaction determining prices), Production Possibility Frontier (graphical representation of resource allocation), Elasticity (response of quantity demanded or supplied to price changes), Market Structures (different types of competition), and Role of Government (intervention in markets for public welfare).