Macro Economics Book and Revision Notes : Class 12 cover

Macro Economics Book and Revision Notes : Class 12

Pioneer in developing Concepts

Instructor: Grooming Education Academy

Language: English

Class 12 Macro Economics student-friendly book designed for self -study of students based on practical examples, past examination questions, revision notes, value-added questions and project work. This book includes Chapters Namely National Income and Related Aggregates, Money and Banking, Determination of Income and Employment, Government Budget and the Economy, Balance of Payments, This book strictly covers topics given in the NCERT book of class 12 Macro Economics.

This is the best student-friendly book designed for self -study of students to impart practical knowledge and inbuilt strong fundamentals from the beginning. This book can also be referred by students of Graduation and Post-graduation having business economics to strengthen the basic understanding of concepts of macroeconomics and business economics. At the end of the book, complete revision notes have been provided to assist the students in revising the complete book in a few hours

Our team has devoted more than three years to complete this book, and it has been made freely available for students so that it can reach the wide number of students and the potential of this book can be utilised to the greatest extent.

The contents of the Book:

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 and Net Domestic Product (GDP and NDP) - at market price, at factor cost; Real and Nominal GDP. GDP and Welfare. 

Unit 2: Money and Banking
Money - meaning and supply of money - Currency held by the public and net demand deposits held by commercial banks. Money creation by the commercial banking system. The 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, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement. 

Unit 3: Determination of Income and Employment
Aggregate demand and its components. 
The 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. Measures of government deficit - revenue deficit, fiscal deficit, primary deficit their meaning. 

Unit 5: Balance of Payments
Balance of payments account - meaning and components; the balance of payments deficit meaning. Foreign exchange rate - meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market. 

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