Key Notes class-12 ECO 01 Introduction to Micro Economics it includes revision notes such as What to produce and of what quality :-consumer goods or capital goods, war time goods or peace time goods The degree of labor intensity is typically measured in proportion to the amount of capital required to produce the goods or services; the higher the proportion of labor costs required, the more labor intensive the business.
Key Notes class-12 ECO 02 Consumer's Equilibrium & Demand it includes revision notes such as Demand curve and demand schedule : The tabular presentation of price and quantity demanded is called demand schedule and a demand curve is the graphical representation of the demand schedule.
Key Notes class-12 ECO 03 Producer behaviour and Supply files it includes revision notes such as It is a time period which is enough to make change in all inputs, all inputs are variable in the long run. In this level of production can be changed by changing all inputs. Long-run Production Function : In this production function all the factors of production are variable. So, law of returns to scale is applied. It is also called constant proportion type of production function.
Key Notes class-12 ECO 04 Forms of Market and Price Determination it includes revision notes such as AR (Demand) Curve is left to right downward sloping curve and more elastic / flatter than that of monopoly. It means that in response to change in price, the change in demand will be relatively more for a monopolistic competitive firm than a monopoly firm.
Key Notes class-12 ECO 05 National Income and Related Aggregates it includes revision notes such as Real GDP : When the goods and services are produced by all producing units in the domestic territory of a country during an a/c. year and valued these at base year’s prices or constant price, it is called real GDP or GDP at constant prices. It changes only by change in physical output not by change price level. It is called a true indicator of economic development.
Key Notes class-12 ECO 06 Money and Banking it includes revision notes such as Description: In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation.
Key Notes class-12 ECO 07 Determinations of Income and Employment it includes revision notes such as Aggregate Demand refers to total value of all final goods and services that are planned to buy by all the sectors of the economy at a given level of income during a period of time. AD represents the total expenditure on goods and services in an economy during a period of time.
Key Notes class-12 ECO 08 Government Budget and the Economy it includes revision notes such as Direct Tax: 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.Indirect Tax: 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.
Key Notes class-12 ECO 09 Balance of Payment it includes revision notes such as Foreign exchange rate refers to the rate at which one unit of currency of a country can be exchanged for the number of units of currency of another country. In simple words, we can say that the price of one currency in terms of other currency is known as foreign exchange rate or exchange rate.