NCERT Introductory Macroeconomics Textbook In Economics For Class 12th
NCERT Introductory Macroeconomics Textbook In Economics For Class 12th
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NCERT Introductory Macroeconomics is an essential resource for 12th-grade students delving into the fundamentals of economics. Published by NCERT, this comprehensive textbook explores key concepts such as consumer behavior, production theory, and market dynamics. Written in English, it elegantly covers the principles of macroeconomics, enabling students to grasp the intricacies of demand, supply, and market equilibrium. The text combines theoretical explanations with practical applications, making complex economic ideas accessible and relatable.
NCERT Introductory Macroeconomics is an invaluable textbook designed specifically for 12th-grade students, offering a comprehensive exploration of macroeconomic principles fundamental to understanding the broader economic landscape. Published by the National Council of Educational Research and Training (NCERT), this book is an essential resource for students embarking on their journey into the world of economics.
The text begins with an introduction to the basics of an economy, elucidating concepts such as the central problems that economies face and categorizing economic systems into centrally planned and market economies. With clarity and precision, it distinguishes between positive and normative economics along with microeconomics and macroeconomics, setting a solid foundation for students to build upon.
One of the core topics covered is the theory of consumer behavior, where students learn about utility and its measurement through cardinal and ordinal analysis. The book adeptly explains how consumer choices are affected by budget constraints, leading to the concepts of demand, elasticity, and the classifications of goods into normal, inferior, substitutes, and complements.
Furthermore, the textbook delves into production and costs, discussing essential concepts such as production functions, marginal and average products, and the significance of the law of diminishing returns. This part of the text emphasizes the relationship between inputs and outputs, providing students with the tools to analyze how firms operate in different conditions.
Equally important, the book explores the theory of the firm under different market structures, particularly focusing on perfect competition. It covers topics such as revenue models, profit maximization strategies, and the dynamics of supply curves, enabling students to understand how firms respond to varying market conditions.
Market equilibrium is another crucial theme, where students learn about the forces of demand and supply and how they interact to establish equilibria. Through practical examples and applications, the book discusses scenarios like price ceilings and floors, further enhancing students' understanding of government interventions in the market.
With its rigorous yet accessible approach, NCERT Introductory Macroeconomics transforms complex economic theories into digestible content. The book is not only a vital aid for academic learning but also serves as a practical guide for anyone looking to gain insights into economic principles that drive real-world decisions.
What is the target grade level for the NCERT Introductory Macroeconomics textbook?
A1
The textbook is specifically designed for 12th-grade students studying economics.
Q2
Who publishes the NCERT Introductory Macroeconomics?
A2
It is published by the National Council of Educational Research and Training (NCERT), ensuring it aligns with the educational standards of India.
Q3
What topics are covered in this textbook?
A3
The textbook covers a comprehensive range of topics including consumer behavior, production and costs, market structures, market equilibrium, national income, money and banking, determination of income and employment, government budget, and balance of payments.
Q4
Is this book suitable for self-study?
A4
Yes, the NCERT Introductory Macroeconomics textbook is well-structured and accessible, making it suitable for self-study as well as classroom learning.
Q5
How does this book help students understand economic concepts?
A5
The book presents complex economic theories in a digestible format. It includes practical examples, graphs, and illustrations that make the principles of macroeconomics relatable and easier to grasp.
Q6
Does the textbook include exercises or assessments?
A6
Yes, the NCERT textbooks typically include exercises, summaries, and review questions at the end of each chapter to help students test their understanding and reinforce learning.
Q7
Are there any case studies included in the textbook?
A7
Yes, the textbook includes various case studies and practical examples which help illustrate complex concepts, allowing students to see the practical applications of economic theories.
Q8
What is the pedagogical approach used in this textbook?
A8
The NCERT Introductory Macroeconomics employs a student-centered approach, emphasizing active learning through analysis, problem-solving, and real-life applications of macroeconomic concepts.
Q9
What are some practical skills students can develop from studying this book?
A9
Students develop critical thinking, analytical skills, problem-solving abilities, and a strong understanding of economic indicators which can help in both academic and professional contexts.
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1. INTRODUCTION
1.1 A Simple Economy
1.2 Central Problems of an Economy
1.3 Organisation of Economic Activities
1.3.1 The Centrally Planned Economy
1.3.2 The Market Economy
1.4 Positive and Normative Economics
1.5 Microeconomics and Macroeconomics
1.6 Plan of the Book
2. THEORY OF CONSUMER BEHAVIOUR
2.1 Utility
2.1.1 Cardinal Utility Analysis
2.1.2 Ordinal Utility Analysis
2.2 The Consumer’s Budget
2.2.1 Budget Set and Budget Line
2.2.2 Changes in the Budget Set
2.3 Optimal Choice of the Consumer
2.4 Demand
2.4.1 Demand Curve and the Law of Demand
2.4.2 Deriving a Demand Curve from Indifference
Curves and Budget Constraints
2.4.3 Normal and Inferior Goods
2.4.4 Substitutes and Complements
2.4.5 Shifts in the Demand Curve
2.4.6 Movements along the Demand Curve and Shifts
in the Demand Curve
2.5 Market Demand
2.6 Elasticity of Demand
2.6.1 Elasticity along a Linear Demand Curve
2.6.2 Factors Determining Price Elasticity of Demand for a Good
2.6.3 Elasticity and Expenditure
3. PRODUCTION AND COSTS
3.1 Production Function
3.2 The Short Run and the Long Run
3.3 Total Product, Average Product and Marginal Product
3.3.1 Total Product
3.3.2 Average Product
3.3.3 Marginal Product
3.4 The Law of Diminishing Marginal Product and the Law of
Variable Proportions
3.5 Shapes of Total Product, Marginal Product and Average Product Curves
3.6 Returns to Scale
3.7 Costs
3.7.1 Short Run Costs
3.7.2 Long Run Costs
4. THE THEORY OF THE FIRM UNDER PERFECT COMPETITION
4.1 Perfect Competition: Defining Features
4.2 Revenue
4.3 Profit Maximisation
4.3.1 Condition 1
4.3.2 Condition 2
4.3.3 Condition 3
4.3.4 The Profit Maximisation Problem: Graphical Representation
4.4 Supply Curve of a Firm
4.4.1 Short Run Supply Curve of a Firm
4.4.2 Long Run Supply Curve of a Firm
4.4.3 The Shut Down Point
4.4.4 The Normal Profit and Break-even Point
4.5 Determinants of a Firm’s Supply Curve
4.5.1 Technological Progress
4.5.2 Input Prices
4.6 Market Supply Curve
4.7 Price Elasticity of Supply z
5. MARKET EQUILIBRIUM
5.1 Equilibrium, Excess Demand, Excess Supply
5.1.1 Market Equilibrium: Fixed Number of Firms
5.1.2 Market Equilibrium: Free Entry and Exit
5.2 Applications
5.2.1 Price Ceiling
5.2.2 Price Floor
Glossary
CBSE SYLLABUS : NCERT Introductory Macroeconomics Textbook In Economics For Class 12th
Part A: Introductory Macroeconomics
Unit 1: National Income and Related Aggregates
What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods,
intermediate goods; stocks and flows; gross investment and depreciation.
Circular flow of income (two sector model); Methods of calculating National Income -
Value Added or Product method, Expenditure method, Income method.
Aggregates related to National Income:
Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product
(GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and
Nominal GDP
GDP Deflator, GDP and Welfare
Unit 2: Money and Banking
Money – meaning and functions, supply of money - Currency held by the public and
net demand deposits held by commercial banks.
Money creation by the commercial banking system.
Central bank and its functions (example of the Reserve Bank of India): Bank of issue,
Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, Cash Reserve Ratio
(CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open
Market Operations, Margin requirement.
Unit 3: Determination of Income and Employment
Aggregate demand and its components.
Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.
Problems of excess demand and deficient demand; measures to correct them -
changes in government spending, taxes and money supply.
Unit 4: Government Budget and the Economy
Government budget - meaning, objectives and components.
Classification of receipts - revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.
Unit 5: Balance of Payments
Balance of payments account - meaning and components;
Balance of payments – Surplus and Deficit
Foreign exchange rate - meaning of fixed and flexible rates and managed floating.
Determination of exchange rate in a free market, Merits and demerits of flexible and
NCERT Introductory Macroeconomics is an invaluable textbook designed specifically for 12th-grade students, offering a comprehensive exploration of macroeconomic principles fundamental to understanding the broader economic landscape. Published by the National Council of Educational Research and Training (NCERT), this book is an essential resource for students embarking on their journey into the world of economics.
The text begins with an introduction to the basics of an economy, elucidating concepts such as the central problems that economies face and categorizing economic systems into centrally planned and market economies. With clarity and precision, it distinguishes between positive and normative economics along with microeconomics and macroeconomics, setting a solid foundation for students to build upon.
One of the core topics covered is the theory of consumer behavior, where students learn about utility and its measurement through cardinal and ordinal analysis. The book adeptly explains how consumer choices are affected by budget constraints, leading to the concepts of demand, elasticity, and the classifications of goods into normal, inferior, substitutes, and complements.
Furthermore, the textbook delves into production and costs, discussing essential concepts such as production functions, marginal and average products, and the significance of the law of diminishing returns. This part of the text emphasizes the relationship between inputs and outputs, providing students with the tools to analyze how firms operate in different conditions.
Equally important, the book explores the theory of the firm under different market structures, particularly focusing on perfect competition. It covers topics such as revenue models, profit maximization strategies, and the dynamics of supply curves, enabling students to understand how firms respond to varying market conditions.
Market equilibrium is another crucial theme, where students learn about the forces of demand and supply and how they interact to establish equilibria. Through practical examples and applications, the book discusses scenarios like price ceilings and floors, further enhancing students' understanding of government interventions in the market.
With its rigorous yet accessible approach, NCERT Introductory Macroeconomics transforms complex economic theories into digestible content. The book is not only a vital aid for academic learning but also serves as a practical guide for anyone looking to gain insights into economic principles that drive real-world decisions.
1. INTRODUCTION
1.1 A Simple Economy
1.2 Central Problems of an Economy
1.3 Organisation of Economic Activities
1.3.1 The Centrally Planned Economy
1.3.2 The Market Economy
1.4 Positive and Normative Economics
1.5 Microeconomics and Macroeconomics
1.6 Plan of the Book
2. THEORY OF CONSUMER BEHAVIOUR
2.1 Utility
2.1.1 Cardinal Utility Analysis
2.1.2 Ordinal Utility Analysis
2.2 The Consumer’s Budget
2.2.1 Budget Set and Budget Line
2.2.2 Changes in the Budget Set
2.3 Optimal Choice of the Consumer
2.4 Demand
2.4.1 Demand Curve and the Law of Demand
2.4.2 Deriving a Demand Curve from Indifference
Curves and Budget Constraints
2.4.3 Normal and Inferior Goods
2.4.4 Substitutes and Complements
2.4.5 Shifts in the Demand Curve
2.4.6 Movements along the Demand Curve and Shifts
in the Demand Curve
2.5 Market Demand
2.6 Elasticity of Demand
2.6.1 Elasticity along a Linear Demand Curve
2.6.2 Factors Determining Price Elasticity of Demand for a Good
2.6.3 Elasticity and Expenditure
3. PRODUCTION AND COSTS
3.1 Production Function
3.2 The Short Run and the Long Run
3.3 Total Product, Average Product and Marginal Product
3.3.1 Total Product
3.3.2 Average Product
3.3.3 Marginal Product
3.4 The Law of Diminishing Marginal Product and the Law of
Variable Proportions
3.5 Shapes of Total Product, Marginal Product and Average Product Curves
3.6 Returns to Scale
3.7 Costs
3.7.1 Short Run Costs
3.7.2 Long Run Costs
4. THE THEORY OF THE FIRM UNDER PERFECT COMPETITION
4.1 Perfect Competition: Defining Features
4.2 Revenue
4.3 Profit Maximisation
4.3.1 Condition 1
4.3.2 Condition 2
4.3.3 Condition 3
4.3.4 The Profit Maximisation Problem: Graphical Representation
What is the target grade level for the NCERT Introductory Macroeconomics textbook?
A1
The textbook is specifically designed for 12th-grade students studying economics.
Q2
Who publishes the NCERT Introductory Macroeconomics?
A2
It is published by the National Council of Educational Research and Training (NCERT), ensuring it aligns with the educational standards of India.
Q3
What topics are covered in this textbook?
A3
The textbook covers a comprehensive range of topics including consumer behavior, production and costs, market structures, market equilibrium, national income, money and banking, determination of income and employment, government budget, and balance of payments.
Q4
Is this book suitable for self-study?
A4
Yes, the NCERT Introductory Macroeconomics textbook is well-structured and accessible, making it suitable for self-study as well as classroom learning.
Q5
How does this book help students understand economic concepts?
A5
The book presents complex economic theories in a digestible format. It includes practical examples, graphs, and illustrations that make the principles of macroeconomics relatable and easier to grasp.
Q6
Does the textbook include exercises or assessments?
A6
Yes, the NCERT textbooks typically include exercises, summaries, and review questions at the end of each chapter to help students test their understanding and reinforce learning.
Q7
Are there any case studies included in the textbook?
A7
Yes, the textbook includes various case studies and practical examples which help illustrate complex concepts, allowing students to see the practical applications of economic theories.
Q8
What is the pedagogical approach used in this textbook?
A8
The NCERT Introductory Macroeconomics employs a student-centered approach, emphasizing active learning through analysis, problem-solving, and real-life applications of macroeconomic concepts.
Q9
What are some practical skills students can develop from studying this book?
A9
Students develop critical thinking, analytical skills, problem-solving abilities, and a strong understanding of economic indicators which can help in both academic and professional contexts.
CBSE SYLLABUS : NCERT Introductory Macroeconomics Textbook In Economics For Class 12th
Part A: Introductory Macroeconomics
Unit 1: National Income and Related Aggregates
What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods,
intermediate goods; stocks and flows; gross investment and depreciation.
Circular flow of income (two sector model); Methods of calculating National Income -
Value Added or Product method, Expenditure method, Income method.
Aggregates related to National Income:
Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product
(GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and
Nominal GDP
GDP Deflator, GDP and Welfare
Unit 2: Money and Banking
Money – meaning and functions, supply of money - Currency held by the public and
net demand deposits held by commercial banks.
Money creation by the commercial banking system.
Central bank and its functions (example of the Reserve Bank of India): Bank of issue,
Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, Cash Reserve Ratio
(CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open
Market Operations, Margin requirement.
Unit 3: Determination of Income and Employment
Aggregate demand and its components.
Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.
Problems of excess demand and deficient demand; measures to correct them -
changes in government spending, taxes and money supply.
Unit 4: Government Budget and the Economy
Government budget - meaning, objectives and components.
Classification of receipts - revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.
Unit 5: Balance of Payments
Balance of payments account - meaning and components;
Balance of payments – Surplus and Deficit
Foreign exchange rate - meaning of fixed and flexible rates and managed floating.
Determination of exchange rate in a free market, Merits and demerits of flexible and
fixed exchange rate.
Managed Floating exchange rate system
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Classic Literature Reimagined: Discuss modern twists on classic novels.
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