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HRD Minister Ramesh Nishank announced a major CBSE syllabus reduction for the new academic year 2020-21 on July 7 which was soon followed by an official notification by CBSE on the same.

Considering the loss of classroom teaching time due to the Covid-19 pandemic and lockdown, CBSE reduced the syllabus of classes 9 to 12 with the help of suggestions from NCERT.

The CBSE syllabus has been rationalized keeping intact the learning outcomes so that the core concepts of students can be retained.

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<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse12">Revised Languages - (Group-L)</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse13">Revised Academic Electives - (Group-A)</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse14">Co-Scholastic Areas</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse15">Curriculum Deduction Details (Deleted Portion only for the purpose of Annual Examination-2021) This has to be read along with the revised syllabus and also with the Alternative Calendar of NCERT</a>

 Flow Variables. A flow is a quantity which is measured with reference to a period of time. Thus flows are defined with reference to a specific period (length of time), e.g., hours, days, weeks, months or years. It has time dimension. National income is a flow. It describes and measures flow of goods and services which become available to a country during a year. Similarly all other economic variables which have time dimension, i.e., whose magnitude can be measured over a period of time are called flow variables. For instance, income of a person is a flow which is earned during a week or a month or any other period. Likewise investment (i.e., addition to the stock of capital) is a flow as it pertains to a period of time. Other examples of flows are : expenditure, savings, depreciation, interest, exports, imports, change in inventories (not mere inventories), change in money supply, lending, borrowing, rent, profit, etc. because magnitude (size) of all these are measured over a period of time.

National Income and Related Aggregates 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’s 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 5 accounting for partnership firm’s fundamentals are also available for download in CBSE Guide website.

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<a href="https://mycbseguide.com/blog/national-income-related-aggregates-class-12-notes-economics/" ping="/url?sa=t&source=web&rct=j&url=https://mycbseguide.com/blog/national-income-related-aggregates-class-12-notes-economics/&ved=2ahUKEwiy1M_F6rXsAhWZ7HMBHb5sCWoQFjADegQIAhAC" rel="noopener" target="_blank">National Income and Related Aggregates class 12 Notes ...</a>

A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. A market economy is a system where the laws of supply and those of demand direct the production of goods and services. Demand includes purchases by consumers, businesses, and the government. Businesses sell their wares at the highest price consumers will pay.

The Sixth Five-Year Plan was a great success to the Indian economy. The target growth rate was 5.2% and the actual growth rate was 5.7%. It focused primarily on the development of the primary sector, specifically agriculture and irrigation. Drafted by economist K.N. Raj, the plan was based on the Harrod–Domar model, which suggested that growth was dependent on two things. Stalin's First Five-Year Plan, adopted by the party in 1928, called for rapid industrialization of the economy, with an emphasis on heavy industry. It set goals that were unrealistic—a 250 percent increase in overall industrial development and a 330 percent expansion in heavy industry alone.

A short run competitive equilibrium is a situation in which, given the firms in the market, the price is such that that total amount the firms wish to supply is equal to the total amount the consumers wish to demand. In economics the long run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long run contrasts with the short run, in which there are some constraints and markets are not fully in equilibrium.

Functions of a Central Bank. Main functions of a Central Bank are to act as governor of the machinery of credit in order to secure stability of prices. It regulates the volume of credit and currency, pumping in more money when market is dry of cash, and pumping out money when there is excess of credit. Broadly, a central bank has two departments, namely, issue department and banking department. We discuss below its main functions.

1.    Issue of Currency. The central bank is given the sole monopoly of issuing currency in order to secure control over volume of currency and credit. These notes circulate throughout the country as legal tender money. Note-issuing is governed by Minimum Reserve System i.e. while issuing currency notes, a minimum fixed amount of gold and foreign currency is kept by Central Bank. It has to keep a reserve in the form of gold and foreign securities as per statutory rules against the notes issued by it. It may be noted that RBI issues all currency notes in India except one rupee note. Again it is under directions of RBI that one rupee notes and small coins are issued by government mints. Remember, central government of a country is usually authorised to borrow money from the central bank. When central government expenditure exceeds government revenue and Govt, is unable to reduce its expenditure, then it borrows from RBI. This is done by selling security bills to RBI which creates new currency notes for the purpose. This is called monetisation of budget deficit or deficit financing. The government spends new currency and puts it into circulation to meet its expenditure.

2.    Banker to the Government. Central Bank functions as a banker to the government— both central and state governments. It carries out all banking business of the government. Governments keep their cash balances in the current account with the central bank. Similarly, central bank accepts receipts and makes payment on behalf of the governments. Also central bank carries out exchange, remittance and other banking operations on behalf of the government. Central bank gives loans and advances to governments for temporary periods, as and when necessary, and it also manages the public debt of the country.

3.    Bankers’ Bank and Supervisor. There are usually hundreds of banks in a country. There should be some agency to regulate and supervise their proper functioning. This duty is discharged by the central bank. Central bank acts as banker's bank in three capacities : (i) it is custodian of their cash reserves. Banks of the country are required to keep a certain percentage of their deposits with the central bank; and in this way the central bank is the ultimate holder of the cash reserves of commercial banks. (ii) Central bank is lender of last resort. Whenever banks are short of funds, they can take loans from the central bank and get their trade bills discounted. Thus Central Bank is a source of great strength to the banking system. (iii) It acts as a bank of central clearance, settlements and transfers. Its moral persuasion is usually very effective so far as commercial banks are concerned.

National domestic income at factor cost = Private final consumption expenditure + Government final consumption expenditure − Net imports + (Gross domestic fixed capital formation + Closing stock − Opening stock) − Depreciation − Net indirect taxes

Net national disposable income = = NDP_FC − Net factor income to abroad + Net indirect taxes + Net current transfers from abroad

Example

National domestic income at factor cost = Private final consumption expenditure + Government final consumption expenditure − Net imports + (Gross domestic fixed capital formation + Closing stock − Opening stock) − Depreciation − Net indirect taxes

National income (NDP_FC) = = 300 + 100 − (−10) + (50 +25 − 25) − 20 − 80 = Rs 360 arab

Net national disposable income = = NDP_FC − Net factor income to abroad + Net indirect taxes + Net current transfers from ROW

Net national disposable income = 360 − 10 + 80 + (−5) = Rs 425 arab