{"id":9795,"date":"2018-02-14T10:27:46","date_gmt":"2018-02-14T04:57:46","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9795"},"modified":"2018-03-16T10:40:35","modified_gmt":"2018-03-16T05:10:35","slug":"government-budget-economy-class-12-notes-economics","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/","title":{"rendered":"Government Budget and Economy class 12 Notes Economics"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/#CBSE_Guide_Government_Budget_and_Economy_class_12_Notes_Economics\" >CBSE Guide Government Budget and Economy class 12 Notes Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/#12_Economics_notes_Chapter_8_Government_Budget_and_Economy\" >12 Economics notes Chapter 8 Government Budget and Economy\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/#Download_Revision_Notes_as_PDF\" >Download Revision Notes as PDF<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/#Government_Budget_and_Economy_class_12_Notes_Economics\" >Government Budget and Economy class 12 Notes Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/#CBSE_Class-12_Revision_Notes_and_Key_Points\" >CBSE Class-12 Revision Notes and Key Points<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>CBSE class 12 Government Budget and Economy class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Class 12 Economics notes on chapter 8 accounting for partnership firm\u2019s fundamentals are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_Government_Budget_and_Economy_class_12_Notes_Economics\"><\/span><strong>CBSE Guide Government Budget and Economy class 12 Notes Economics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 12 Economics text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"12_Economics_notes_Chapter_8_Government_Budget_and_Economy\"><\/span><strong>12 Economics notes Chapter 8 Government Budget and Economy\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 12th revision notes for chapter 8 Government Budget and Economy\u00a0in PDF format for free. Download revision notes for Government Budget and Economy\u00a0class 12 Notes and score high in exams. These are the Government Budget and Economy\u00a0class 12 Notes prepared by team of expert teachers. The revision notes help you revise the whole chapter 8 in minutes. Revision notes in exam days is one of the best tips recommended by teachers during exam days.<\/p>\n<h1 style=\"text-align: center\"><span class=\"ez-toc-section\" id=\"Download_Revision_Notes_as_PDF\"><\/span><a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: center\"><strong>CBSE Class\u201312 economics<br \/>\nRevision Notes<br \/>\nMacro Economics\u00a008<br \/>\nGovernment Budget and Economy class 12 Notes Economics<br \/>\n<\/strong><\/p>\n<p><strong>Budget<\/strong> is a financial statement showing the expected receipt and expenditure of Govt. for the coming fiscal or financial year.<\/p>\n<p><strong>Main objectives of budget are:<\/strong><\/p>\n<p>(i) Reallocation of resources.<\/p>\n<p>(ii) Redistribution of income and wealth<\/p>\n<p>(iii) Economic Stability<\/p>\n<p>(iv) Management of public enterprises.<\/p>\n<p>(v) Economic Growth<\/p>\n<p>(vi) Generation of employment<\/p>\n<p><strong>There are two components of budget:<\/strong><\/p>\n<p>(a) Revenue budget<\/p>\n<p>(b) Capital budget<\/p>\n<p><strong>Revenue Budget<\/strong> consists of revenue receipts of govt. and expenditure met from such revenue.<\/p>\n<p><strong>Capital budget<\/strong> consists of capital receipts and capital expenditure.<\/p>\n<p><strong>BUDGET RECEIPTS:<\/strong><\/p>\n<p><strong>1. Revenue Receipts<\/strong><\/p>\n<p><strong>A. Tax<\/strong><\/p>\n<p><strong>a. Direct Tax<\/strong><\/p>\n<p>i. Income tax<\/p>\n<p>ii. Corporate Tax<\/p>\n<p>iii. Wealth and Property Tax<\/p>\n<p><strong>b. Indirect Tax<\/strong><\/p>\n<p>i. Value added Tax<\/p>\n<p>ii. Service Tax<\/p>\n<p>iii. Excise Duty<\/p>\n<p>iv. Custom Duty<\/p>\n<p>v. Entertainment Tax<\/p>\n<p><strong>B. Non-Tax<\/strong><\/p>\n<p>a. Commercial Revenue<\/p>\n<p>b. Interest<\/p>\n<p>c. Dividend, Profits<\/p>\n<p>d. External Grants<\/p>\n<p>e. Administrative Revenues<\/p>\n<p>f. Fees<\/p>\n<p>g. License Fee<\/p>\n<p>h. Fines, Penalties<\/p>\n<p>i. Cash grants-in-aid from foreign countries and international org.<\/p>\n<p><strong>2. Capital\u00a0Receipts<\/strong><\/p>\n<p>A. Borrowing and Other liabilities<\/p>\n<p>B. Recovery of Loans<\/p>\n<p>C. Other receipts(Disinvestments)<\/p>\n<p><strong>Direct Tax:<\/strong> A direct tax is one whose burden cannot be shifted to others I.e. the impact and incidence of the tax is on the same person.ex- income tax, wealth tax, gift tax.<\/p>\n<p><strong>Indirect Tax:\u00a0<\/strong>An indirect tax is one whose burden can be shifted to others or the impact and incidence of an indirect tax falls on different people. ex- excise duty, VAT, service tax.<\/p>\n<p><strong>Revenue Receipts:<\/strong><\/p>\n<p>(i) Neither creates liabilities for Govt.<\/p>\n<p>(ii) Nor causes any reduction in assets.<\/p>\n<p><strong>Capital Receipts:<\/strong><\/p>\n<p>(i) It creates liabilities or<\/p>\n<p>(ii) It reduces financial assets.<\/p>\n<p><strong>BUDGET EXPENDITURE:<\/strong><\/p>\n<p><strong>1. Revenue Expenditure<\/strong><\/p>\n<p>(i) Neither creates assets<\/p>\n<p>(ii) Nor reduces liabilities.<\/p>\n<p>e.g., Interest Payment, subsidies etc.<\/p>\n<p><strong>Capital Expenditure:<\/strong><\/p>\n<p>(i) It creates assets<\/p>\n<p>(ii) It reduces liabilities.<\/p>\n<p>e.g., Construction of school building Repayment of loans etc.<\/p>\n<p><strong>Budget Deficit:-<\/strong> It refers to a situation when budget expenditure of a govt. are greater than the govt. receipts.<\/p>\n<p><strong>Budgetary Deficit: <\/strong>Total Expenditure &gt; Total Receipts.<\/p>\n<p><strong>Revenue deficit: <\/strong>It is the excess of govt. revenue expenditure over revenue receipts.<\/p>\n<p><strong>Revenue Deficit:<\/strong> Total revenue expenditure &gt; Total revenue receipts<\/p>\n<p><strong>Implications of Revenue Deficit are:<\/strong><\/p>\n<p>(i) A high revenue deficit shows fiscal indiscipline.<\/p>\n<p>(ii) It shows wasteful expenditures of Govt. on administration.<\/p>\n<p>(iii) It implies that government is dissaving, i.e. government is using up savings of other \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 sectors of the economy to finance its consumption expenditure.<\/p>\n<p>(iv) It reduces the assets of the govt. due to disinvestment.<\/p>\n<p>(v)\u00a0\u00a0A high revenue deficit gives a warning signal to the government to either curtail its \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 expenditure or increase its revenue.<\/p>\n<p><strong>Fiscal Deficit:<\/strong> When total expenditure exceeds total receipts excluding borrowing.<\/p>\n<p><strong>Fiscal Deficit: <\/strong>Total expenditures &gt; Total Receipts excluding borrowing.<\/p>\n<p><strong>Implications of Fiscal Deficits are:<\/strong><\/p>\n<p>(i) It leads to inflationary pressure.<\/p>\n<p>(ii) A country has to face debt trap.<\/p>\n<p>(iii) It reduces future growth and development.<\/p>\n<p>(iv) It increases liability of the government.<\/p>\n<p>(v) It increases foreign dependence.<\/p>\n<p><strong>Primary Deficit: <\/strong>By deducting Interest payment from fiscal deficit we get primary deficit.<\/p>\n<p><strong>Primary Deficit: <\/strong>Fiscal deficit \u2013 Interest payments.<\/p>\n<p><strong>Implications of Primary Deficits are:<\/strong><\/p>\n<p>It indicates, how\u00a0much of the government borrowings are going to meet expenses other than the interest payments.<\/p>\n<p><strong>Measures to correct different deficits:-<\/strong><\/p>\n<p>(i) Monetary expansion or deficit financing.<\/p>\n<p>(ii) Borrowing from public.<\/p>\n<p>(iii) Disinvestment<\/p>\n<p>(iv) Borrowing from international monetary institution and other countries.<\/p>\n<p>(v) Lowering govt. expenditure.<\/p>\n<p>(vi) Increasing govt. revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Government_Budget_and_Economy_class_12_Notes_Economics\"><\/span>Government Budget and Economy class 12 Notes Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CBSE Revision notes (PDF Download) Free<\/li>\n<li>CBSE Revision notes for Class 12 Economics PDF<\/li>\n<li>CBSE Revision notes Class 12 Economics \u2013 CBSE<\/li>\n<li>CBSE Revisions notes and Key Points Class 12 Economics<\/li>\n<li>Summary of the NCERT books all chapters in Economics class 12<\/li>\n<li>Short notes for CBSE class 12th Economics<\/li>\n<li>Key notes and chapter summary of Economics class 12<\/li>\n<li>Quick revision notes for CBSE board exams<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class-12_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class-12 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Government Budget and Economy class 12 Notes Economics. CBSE quick revision note for class-12 Chemistry Physics Math\u2019s, Economics and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-revision-notes\/7\/\">Revision Notes for class-12 English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-revision-notes\/7\/\">Revision Notes for class-12 History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Physical Education<\/a><\/li>\n<\/ul>\n<p>To download Government Budget and Economy class 12 Notes Economics, sample paper for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT Government Budget and Economy\u00a0, NCERT Exemplar Government Budget and Economy\u00a0, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/introduction-micro-economics-class-12-notes-economics\/\">Introduction to Micro Economics class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/consumers-equilibrium-demand-class-12-notes-economics\/\">Consumers Equilibrium &amp; Demand class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/producer-behaviour-supply-files-class-12-notes-economics\/\">Producer behaviour and Supply files class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/forms-market-price-determination-class-12-notes-economics\/\">Forms of Market and Price Determination class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregate-class-12-notes-economics\/\">National Income and Related Aggregate class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/money-banking-class-12-notes-economics\/\">Money and Banking class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/determinations-income-employment-class-12-notes-economics\/\">Determinations of Income and Employment class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/\">Government Budget and Economy class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/balance-payment-class-12-notes-economics\/\">Balance of Payment class 12 Notes Economics<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CBSE class 12 Government Budget and Economy class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Class &#8230; <a title=\"Government Budget and Economy class 12 Notes Economics\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/\" aria-label=\"More on Government Budget and Economy class 12 Notes Economics\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9782,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,456],"tags":[457,150,650,706,426,240],"class_list":["post-9795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-12","category-revision-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-economics-notes","tag-government-budget-and-economy","tag-quick-revision","tag-quick-revision-notes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Government Budget and Economy class 12 Notes Economics | myCBSEguide<\/title>\n<meta name=\"description\" content=\"Government Budget and Economy class 12 Notes Economics chp-8 in PDF format for free download. 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