NCERT Books Class 12 Economics PDF
NCERT Economics Class 12 PDF
The National Council of Education Research and Training (NCERT) is in charge of selecting appropriate textbooks and other educational resources for students in classes from 1 to 12. The NCERT Economics Class 12 books are relied on by educators since they assist students in developing a solid understanding of economics.
Students can guarantee that they have a solid foundation for understanding broad economic concepts by consulting the NCERT books that are designated for the class 12 level of economics. Students can prepare for CBSE Board examinations and other competitive exams by studying the NCERT Economics Class 12 Microeconomics PDF. The curriculum includes a wide variety of subject areas and contains an equal number of theoretical and practical problems.
Class 12 Economics Book PDF
The distinction between macroeconomics and microeconomics has been ingrained in economics since the very beginning, when students first study the “principles of economics,” all the way through postgraduate studies. Macroeconomists and macroeconomists are the two broad categories that economists fall under. Economists made the assumption that either the market was already in equilibrium (meaning that pricing would adjust to equalise supply and demand) or that markets would swiftly recover to equilibrium in the event of a transitory disruption, such as an economic meltdown or starvation.
To put it another way, economists were of the opinion that the study of individual markets would be adequate to explain the behaviour of what we now regard as aggregate variables such as unemployment and output. The term “macroeconomics” refers to the study of how major markets and economies work together to produce large-scale phenomena that economists refer to as “aggregate variables.” The concept of a single market is the focus of research in the discipline of microeconomics.
Economics Book Class 12 PDF Download
The notion of introductory economics, as well as international economics and the concepts of micro and macroeconomics, are all covered in depth in the NCERT Economics Class 12 book. Students will be able to build a solid foundation of economic principles with the help of the NCERT Economics Class 12 PDF, which will assist them in both, everyday life and in their upcoming examinations. Learn how the numerous introductory ideas of macroeconomics presented by NCERT can be applied in either the domestic or international economy through your studies.
Microeconomics is based on a model of customers or corporations (whom economists refer to as agents) deciding about what to purchase, sell, or manufacture with the assumption that these decisions lead to perfect market clearing (demand balances supply) and some ideal conditions. These models are based on the idea that these decisions result in perfect market clearance. Both of these professions are now interdependent and mutually enriching.
On the other hand, macroeconomics came into being as a result of deviations that were observed from the expectations that were established by the classical paradigm. It describes the intricate relationships that exist between huge aggregates, including the level of general prices, national revenue and savings. The traditional divisions of science are the study of long-term national economic growth, the analysis of short-term departures from equilibrium, and the formulation of policies to stabilise the national economy, reducing fluctuations in growth and prices.
Chapter 1 – Introduction to Macroeconomics
The study of the economy in its entirety is the focus of the field of economics known as macroeconomics. The purpose of this study is to analyse the many financial aspects of the complete system (for example, a nation). Several different financial ideas are broken down and discussed in the first chapter of the NCERT Economics textbook for the 12th grade. A number of subtopics that fall under this umbrella include aggregate investment, aggregate employment, national income, aggregate consumption and the general price level amongst others.
The chapter provides examples of a variety of economic terms, which assist in the discussion of other, more general concepts of macroeconomics. Students are given definitions of fundamental concepts such as stock, flow, transfer income and factor income, amongst others, so that they can construct a core concept that will assist them in learning succeeding chapters.
Chapter 2 – National Income Accounting
The idea of national income accounting is discussed in the second chapter of the NCERT Macroeconomics books for grade 12 students. The government makes use of this method, which is designed to measure and quantify the rate of economic expansion experienced by a nation over the course of a specific fiscal year. In this chapter, numerous quantitative concepts are analysed and their values are determined. For example, some of these indicators are the Gross National Product (GNP), the Gross Domestic:Product (GDP), and the Gross National Income (GNI) amongst others.
You will get an understanding of how and why these ideas are significant in establishing a nation’s economic growth, as well as the methods that may be used to determine them. In this chapter, various approaches to computation are discussed, including the income method, the expenditure technique and the product method among others.
Chapter 3 – Money and Banking
The demand for and supply of money are the sole topics that will be covered in this chapter. It offers you a description of money based on its function, which you can refer to. You can find out more information regarding the role that banks play in an economy as well as the representation of money in currencies. You will gain an understanding of the process by which financial institutions generate money for the economic system of a nation if you consult the PDF version of Class 12 NCERT Macroeconomics.
You will acquire a solid sense of how banks operate and how the demand for money and the supply of money are regulated in an economy if you read the NCERT book because it is intended to convey the topics effectively.
Chapter 4 – Determination of Income and Employment
In this chapter, we talk about aggregate wants and the several aspects that make up those demands, such as consumption, investment and other things. Not only do the students get the opportunity to understand the definitions of these ideas, but they also get the opportunity to learn how to calculate them using various formulae. You can educate yourself on the different crucial points and conditions involved in the calculation of these components by consulting these NCERT books for Macroeconomics class 12.
In addition, the practice that is provided at the end of the chapter will assist you in developing an understanding of the types of questions that will be on the examination. By giving you the opportunity to practice with challenging questions, this NCERT Economics class 12 PDF will prepare you for those questions.
Chapter 5 – Government Budget and Economy
In this chapter, we go over the budget for the government, which is not only an important topic to learn about but also an important idea to be familiar with. A budget is an indication of a government’s expected expenditures and revenues for various items over the course of a financial year. A budget is created by the government. The assessment of a budget by the government of a nation has a substantial impact on the economy of that nation, as well as the interest rate, stock market and other financial markets.
Start your education on the many sorts of budgets, such as deficit, surplus and balance by downloading the Macroeconomics NCERT PDF from our website and getting started right away. You can assess how well you grasp the material by working through the exercises that are provided at the end of the chapter.
Chapter 6 – Open-Economy Macroeconomics
Within the confines of an open economy, international commerce is a distinct possibility. The field of macroeconomics examines several aspects of international trade, including the balance of payments, the system of exchange rates as well as the benefits and drawbacks associated with it. Students can get a broad understanding of the topic and gain an appreciation for how international commerce works.
Students can acquire a comprehensive understanding of these ideas by consulting the NCERT Economics Class 12 Macroeconomics PDF books that they have purchased. Students are able to improve their academic performance as a result of the exercise that is offered at the end of each chapter. This exercise helps students practice solving issues in an effective manner.
Chapter 1 – Introduction to Microeconomics
When compared to macroeconomics, the concept of microeconomics might be described as being quite limited. Within the context of a financial model, it investigates the actions taken by managers and other decision-makers. This chapter delves into the economics of a corporation, household or individual, as well as the interests associated with those spheres. You will have no trouble defining economic concepts like marginal utility and marginal demand after reading through the NCERT Economics Class 12 Microeconomics book.
These NCERT Economics books for class 12 are the ideal reference resources for students who want to deepen their grasp of the subject because they retain an objective point of view throughout the volumes. Students can also begin their education by downloading the PDF and getting started.
Chapter 2 – Theory of Consumer Behaviour
This chapter provides an illustration of the behaviours of consumers who make decisions on the purchases of various products. Students are given the tools to analyse the value of commodities on the market and assess whether or not they will be successful in the market’s competitive environment. Download the PDF of the NCERT Microeconomics Class 12 textbook, and make it a point to thoroughly investigate the ways in which individual preferences, financial limitations and income impact consumer behaviour.
The idea is broken down for the students using a variety of illustrations so that they can gain knowledge of consumer behaviour and apply what they have learned to situations that occur in the real world. In addition to the illustrations, the exercise questions required individuals to engage in critical thinking and provide answers to challenging questions.
Chapter 3 – Products & Costs
In a company, the manufacture of items comes first followed by the declaration of sale pricing. In order to accomplish this, several production costs, including product function, total product, the total value of a product, cost function and implicit cost amongst others are taken into consideration. With the use of these, one may determine the average cost, the total fixed price and the total variable cost. You can acquire the knowledge necessary to describe all of these concepts and calculate them by consulting the NCERT texts for Class 12 on Indian Economic Development.
The purpose of including these calculations, as well as laws of variable proportion and declining marginal product, etc. The purpose of the chapter is to ensure that students have a comprehensive understanding of how these are derived and which considerations are taken into account.
Chapter 4 – Theory of the Firm Under Perfect Competition
In this chapter, key concepts, such as a company’s revenues, profits, break-even point, supply curve and the elasticity of supply among other relevant concepts are discussed. These concepts assist in determining the economic health of a company. In addition to this, it enables students to determine whether or not a specific company operates in a market with perfect competition, where perfect competition is defined as a market that satisfies a demand-supply graph at a consistent price.
By carefully reading through the NCERT material for Indian Economy Class 12, you can effectively grasp the ideas. It has been broken down into its most fundamental components, and students won’t need to spend a lot of time thinking about the concepts involved in order to grasp them.
Chapter 5 – Market Equilibrium
In this chapter, the idea of market equilibrium as well as the myriad other elements that influence it are broken down in great detail. The pupils will have a much easier time comprehending the aforementioned ideas if the terms “excess demand,” “equilibrium quantity,” “equilibrium price,” “price floor,” and “price ceiling,” amongst others are adequately explained.
In addition, the student receives a more distinct image of market equilibrium and the process by which it is obtained from the NCERT Economics book for the 12th grade. Students have the option of reading the entire chapter in order to better understand the complexities of market equilibrium. Additionally, it will assist students in resolving the exercise questions that are provided at the conclusion of each chapter.
Chapter 6 – Non-competitive Markets
Students will have a better understanding of the notion of a non-competitive market and the influence it has after reading this chapter. In this kind of scenario, a single brand dominates the whole market, or a single agent has the power to influence the price of items in either a direct or indirect manner. Both of these outcomes are undesirable. Students are given a balanced viewpoint in the textbook that they use to study Indian Economic Development for class 12 by NCERT. This helps them comprehend the idea of non-competitive markets.
In addition to this, it enlightens them regarding the operation of similar markets as well as the effects that might be caused by them.
Why Refer Class 12 Economics Book for NCERT?
- The majority of examination boards require the use of NCERT books in the classroom, and most educators believe that using these texts is the best way to educate their students. Students are required to get an understanding of economics as a whole, which is a broad concept, in order to achieve general development and academic achievement. Students benefit in a variety of ways from having access to the NCERT Class 12 Economics textbook. Take a look at the reasons why NCERT books are recommended and required below.
- NCERT books are the books that instructors want their students to start with a majority of the time when they are learning a new topic. The reason for this is that it uses straightforward language. Students have an easier time grasping economics’ fundamental ideas thanks to the explanation of complex ideas in the straightforward language given in the 12th NCERT Economics book.Students are able to improve their understanding of fundamental principles, which paves the way for them to delve deeper into the specialised field of economics.
- It provides room for more exposure because NCERT Economics Class 12 covers a diverse variety of topics in a methodical manner across the chapters, thereby giving students the opportunity to gain more exposure. Students have the opportunity to develop a more refined understanding of a wide variety of significant subjects that are fundamental from an overarching standpoint.
- After conducting extensive research, the qualified and well-known authors of the Economics 12th NCERT book compose the contents of the book. This results in profound knowledge. Therefore, students are able to learn the notion because the knowledge is delivered in an objective manner.
- These books are designed in a language that is both standard and easy to understand so that students may rapidly grasp the concepts being taught while also becoming more comfortable with the language. At the end of the day, it helps them improve their ability to communicate with others.
The aforementioned reasons are sufficient to prove why NCERT books are favoured by both educators and students. These books form the basis of instruction in schools across the country. Try obtaining the NCERT Class 12 Economics PDF from our website and getting started with your education if you, too, feel as though you need to deepen your understanding of the fundamental ideas of economics. These NCERT Solutions can serve as study material for a variety of standardised tests, including board examinations, competitive admission exams and recruiting tests. The most recent recommendations issued by the CBSE have been incorporated into each of the solutions that we have supplied.
Important topics in CBSE Class 12 Economics according to NCERT:
You will learn fundamental ideas throughout your senior year of secondary school. In addition, you will receive an introduction to more complex ideas, which will provide you with a strong foundation in the topic and prepare you for further study in the area. In addition to learning the conceptual aspects of the subject, it is vital to know the practical components of the topic. This may be accomplished by conducting research on case studies and reviewing the current economic trends in other nations. Class 12 Economics students are required to do projects as an essential part of their education.
|Part||Ch. No.||Chapter Name||Important topics:|
|Part – A
|1||Introduction||Microeconomics, Macroeconomics, and Positive and Normative Economics|
|2||Theory of Consumer Behaviour||Changes in the budget line and the budget line itself, Utility Function (Numericals), Demand Curve and the Law of Demand, Indifference Curve and Shape of the Indifference Curve Elasticity of Demand, Shifts in the Demand Curve|
|3||Production and Costs||Short-run and Long-run Costs, Total Product, Average Product, and Marginal Product (Graph & Numericals).|
|4||Theory of Firm Under Perfect Competition||Profit Maximisation, Supply Curve, and Supply Elasticity (Graphs are important).|
|5||Market Equilibrium||Price Ceiling, Price Flooring, and Market Equilibrium are all terms used to describe the state of the market.|
|6||Non-competitive Market||Monopolistic Competition, Total, Average and Marginal Revenues.|
|Part – BMacroeconomics||1||Introduction||Consumption goods, capital goods, and final products are the basic notions in macroeconomics, The difference between microeconomics and macroeconomics|
|2||National Income Accounting||National Income Methods, Expenditure and Income Method, Gross National Product (GNP), Net National Product (NNP), Gross and Net Domestic Product|
|3||Money & Banking||Money’s meaning and supply, as well as the functions of a central bank (such as the Reserve Bank of India): Bank of issue, government bank, banker’s bank, and so on. Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations and Margin Requirement are all used to control credit.|
|4||Income Determination||The curve of Aggregate Demand, Consumption and saving propensities (average and marginal), A Curve Shift, The Multiplier Effect.|
|5||Government Functions & Scope||Revenue deficit, fiscal deficit, primary deficit, revenue revenues and capital receipts, revenue expenditure and capital expenditure are all examples of government deficit measures.|
|6||Open-Economy Macroeconomics||Balance of Payments, Floating and Flexible Exchange Rates, Exchange Rate Determination in a Free Market|
Many students are apprehensive to adopt e-learning because they are confused about whether it offers many benefits or not. In order to allay any concerns, we have compiled the following list of advantages:
Studies have shown that students report higher levels of satisfaction and less stress when they learn at their own pace, which leads to improved academic performance.
E-Learning helps students save money on a variety of expenses, including those related to travel, textbooks, and childcare among other things. Students that participate in e-learning have a better chance of reducing their entire training costs by fifty to seventy percent. This is mostly due to the streamlined logistics and reduced expenses associated with travel among other factors.
The fact that students are not required to acquire any textbooks is among the most significant advantages offered by e-learning. Online learning resources, in contrast to traditional textbooks, do not need to be reprinted and repurchased when they go out of date; rather, these resources can be revisited and updated an unlimited number of times.
When compared to learning in a traditional classroom setting, the amount of time spent learning can be cut by anywhere from 25 percent to 60 percent with the use of online learning. Students obtain a learning solution that makes the most efficient use of their time when it is combined with the benefits of self-paced e-Learning.
One of the many benefits of E-major Learning is analytics, which refers to the process of extracting relevant information from online learning management systems. Through the use of E-Learning Analytics, educational institutions are able to collect data on their students, which allows for the improvement of training materials and an increase in the overall effectiveness of learning.
Students who want to learn in an environment filled with plants have the ability to personalise their e-learning environments to suit their tastes in this regard. An E-Learning environment like this is helpful for students since it eliminates distractions and provides a straightforward setting for learning.
Why is Extramarks Beneficial as an e-Learning Platform?
Extramarks has developed into a centralised online resource that enables students to download the NCERT Indian Economy Class 12 PDF, take part in live learning classes, get their questions answered in question-and-answer sessions, and more. Students also receive carefully crafted solutions and CBSE revision notes, which they can use to their advantage. You can begin learning by browsing around our website or downloading the app, and you’ll have access to these notes whenever you want and from wherever you are.
The fact that Extramarks NCERT materials may be downloaded in a PDF format from the website for no cost is undoubtedly the best feature of these resources. These options do not have a time restriction, and there are no additional expenses associated with using them. In the previous section, all of the NCERT solutions were linked for your convenience. To gain access to the answers for the topic and level of study of your choosing, you need only click on the link.
FAQs (Frequently Asked Questions)
1. What are some of the most important chapters in the NCERT Economics Class 12 textbook?
The book on economics is broken up into various chapters that focus on either macroeconomics or microeconomics as their respective topics. When studying for tests, some of the most important chapters to cover include on money and banking, the budget and economy of the government, consumer behaviour, production and costs, market equilibrium and non-competitive markets. You absolutely must make a concerted effort to include the aforementioned ideas into your standard study practice. When someone you know brings up an important subject, you should make an effort to analyse both the positive and negative parts of the situation, as this can assist you in getting your thoughts organised. Apart from that, also make an effort to clarify the concerns held by the other students. If you want to get a good grade, you should continue to study and follow the ideas that have been offered.
2. Why is it necessary for students to learn from the NCERT Economics PDF?
NCERT books are written by eminent authors who, after conducting exhaustive studies on the topics covered, give the information in a straightforward and objective manner. As a result, students will have no trouble grasping the material as a result of this, and they will be able to get a solid foundational understanding of the topic. In addition to that, it pushes students to their limits by having them answer difficult questions and preparing them for the test. Through the use of case studies as springboards for debate, NCERT prompts students to examine socio-economic issues from a variety of perspectives and get an understanding of how these issues are connected to their own lives. The National Council of Educational Research and Training (NCERT) is an organisation that is dedicated to the reform of its overall operations as well as the ongoing improvement of the overall quality of its outputs.
3. What further steps can I take to ensure that I am well-prepared for the Economics Exam in Grade 12?
To get started, you need to work on improving your understanding of the fundamental concepts that are involved in economics. Reading the textbook helps students tackle both longer and shorter problems in the exam, as well as offers them a general knowledge of the topic as a whole. In addition to the textbook, you can visit our website to read the solutions, look over revision notes, or take part in classes that clear up any confusion you may have. Students might anticipate earning a grade higher than 90 percent if they cover every topic on the curriculum and focus their studies only on NCERT publications in preparation for the 12th-grade Economics board exams in 2023.