Theory of Consumer Behaviour Important Questions for Class 12 Economics Concept of Demand,Factors Affecting Demand and Law of Demand 1.Demand It refers to various amounts of a commodity that a consumer is ready to buy at different possible prices of the commodity, during a period of time. 2.Quantity Demanded If refers to the specific quantity of a commodity which is … [Read more...]
Important Questions for class 12 economics Investment, Stock, Flows and Circular Flow of Income
Introduction Important Questions for class 12 economics Investment, Stock, Flows and Circular Flow of Income 1. Investment It is the process of capital formation by a firm or increase in the stock of existing capital stock. 2. Components of Investment (i) Fixed investment In a specific time period (generally in an accounting year), the increase in the stock of fixed … [Read more...]
Important Questions for class 12 economics Foreign Exchange Rate
Foreign Exchange Rate and Balance of Payments Important Questions for class 12 economics Foreign Exchange Rate 1. Foreign Exchange It refers to the reserve of foreign currencies. e.g. INR is Indian currency except that all other currency will be foreign exchange for India. 2. Foreign Exchange Rate It is the rate at which one currency can be exchanged for the other … [Read more...]
Important Questions for class 12 economics Concept and Components of Government Budget
Government Budget and The Economy Important Questions for class 12 economics Concept and Components of Government Budget 1. Government Budget It is a statement of expected/estimated receipts and expenditure of the government over the period of a financial year, i.e. 1st April to 31st March. 2. Types of Budget (i) Balanced budget, i.e. estimated receipts = estimated … [Read more...]
Important Questions for class 12 economics Basic Concepts of Economics
Introduction Important Questions for class 12 Economics Basic Concepts of Economics 1. INTRODUCTION Topic 1 : Basic Concepts of Economics 1. Macroeconomics It studies economic problems at the level of an economy as a whole.It is concerned with the determination of aggregate output and general price level in which are not concerned with an individual rather the economy … [Read more...]