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(Download) NCERT Book For Class XII : Economics - Macroeconomics

(Download) NCERT Book For Class XII : Economics - Macroeconomics

Table of Contents

  • 1. INTRODUCTION
    1.1 Emergence of Macroeconomics
    1.2 Context of the Present Book of Macroeconomics
  • 2. NATIONAL INCOME ACCOUNTING
    2.1 Some Basic Concepts of Macroeconomics
    2.2 Circular Flow of Income and Methods of Calculating National Income
    2.2.1 The Product or Value Added Method
    2.2.2 Expenditure Method
    2.2.3 Income Method
    2.3 Some Macroeconomic Identities
    2.4 Goods and Prices
    2.5 GDP and Welfare
  • 3. MONEY AND BANKING
    3.1 Functions of Money
    3.2 Demand for Money
    3.2.1 The Transaction Motive
    3.2.2 The Speculative Motive
    3.3 The Supply of Money
    3.3.1 Legal Definitions: Narrow and Broad Money
    3.3.2 Money Creation by the Banking System
    3.3.3 Instruments of Monetary Policy and the Reserve Bank of India
  • 4. INCOME DETERMINATION
    4.1 Ex Ante and Ex Post
    4.2 Movement Along a Curve Versus Shift of a Curve
    4.3 The Short Run Fixed Price Analysis of the Product Market
    4.3.1 A Point on the Aggregate Demand Curve
    4.3.2 Effects of an Autonomous Change on Equilibrium Demand in the Product Market
    4.3.3 The Multiplier Mechanism
  • 5. THE GOVERNMENT: FUNCTIONS AND SCOPE
    5.1 Components of the Government Budget
    5.1.1 The Revenue Account
    5.1.2 The Capital Account
    5.1.3 Measures of Government Deficit
    5.2 Fiscal Policy
    5.2.1 Changes in Government Expenditure
    5.2.2 Changes in Taxes
    5.2.3 Debt
  • 6. OPEN ECONOMY MACROECONOMICS
    6.1 The Balance of Payments
    6.1.1 BoP Surplus and Deficit
    6.2 The Foreign Exchange Market
    6.2.1 Determination of the Exchange Rate
    6.2.2 Flexible Exchange Rates
    6.2.3 Fixed Exchange Rates
    6.2.4 Managed Floating
    6.2.5 Exchange Rate Management: The International Experience
    6.3 The Determination of Income in an Open Economy
    6.3.1 National Income Identity for an Open Economy
    6.3.2 Equilibrium Output and the Trade Balance
    6.4 Trade Deficits, Savings and Investment 

(Download) NCERT Book For Class XII : Economics - Microeconomics

(Download) NCERT Book For Class XII : Economics - Microeconomics

Table of Contents

  • 1. INTRODUCTION
    1.1 A Simple Economy
    1.2 Central Problems of an Economy
    1.3 Organisation of Economic Activities
    1.3.1 The Centrally Planned Economy
    1.3.2 The Market Economy
    1.4 Positive and Normative Economics
    1.5 Microeconomics and Macroeconomics
    1.6 Plan of the Book
  • 2. THEORY OF CONSUMER BEHAVIOUR
    2.1 The Consumer’s Budget
    2.1.1 Budget Set
    2.1.2 Budget Line
    2.1.3 Changes in the Budget Set
    2.2 Preferences of the Consumer
    2.2.1 Monotonic Preferences
    2.2.2 Substitution between Goods
    2.2.3 Diminishing Rate of Substitution
    2.2.4 Indifference Curve
    2.2.5 Shape of the Indifference Curve
    2.2.6 Indifference Map
    2.2.7 Utility
    2.3 Optimal Choice of the Consumer
    2.4 Demand
    2.4.1 Demand Curve and the Law of Demand
    2.4.2 Normal and Inferior Goods
    2.4.3 Substitutes and Complements
    2.4.4 Shifts in the Demand Curve
    2.4.5 Movements along the Demand Curve and Shifts in the Demand Curve
    2.5 Market Demand
    2.6 Elasticity of Demand
    2.6.1 Elasticity along a Linear Demand Curve
    2.6.2 Factors Determining Price Elasticity of Demand for a Good
    2.6.3 Elasticity and Expenditure
  • 3. PRODUCTION AND COSTS
    3.1 Production Function
    3.2 The Short Run and the Long Run
    3.3 Total Product, Average Product and Marginal Product
    3.3.1 Total Product
    3.3.2 Average Product
    3.3.3 Marginal Product
    3.4 The Law of Diminishing Marginal Product and the Law of Variable Proportions
    3.5 Shapes of Total Product, Marginal Product and Average Product Curves
    3.6 Returns to Scale
    3.7 Costs
    3.7.1 Short Run Costs
    3.7.2 Long Run Costs
  • 4. THE THEORY OF THE FIRM UNDER PERFECT COMPETITION
    4.1 Perfect competition: Defining Features
    4.2 Revenue
    4.3 Profit Maximisation
    4.3.1 Condition 1
    4.3.2 Condition 2
    4.3.3 Condition 3
    4.3.4 The Profit Maximisation Problem: Graphical Representation
    4.4 Supply Curve of a Firm
    4.4.1 Short Run Supply Curve of a Firm
    4.4.2 Long Run Supply Curve of a Firm
    4.4.3 The Shut Down Point
    4.4.4 The Normal Profit and Break-even Point
    4.5 Determinants of a Firm’s Supply Curve
    4.5.1 Technological Progress
    4.5.2 Input Prices
    4.5.3 Unit Tax
    4.6 Market Supply Curve
    4.7 Price Elasticity of Supply
    4.7.1 The Geometric Method
  • 5. MARKET EQUILIBRIUM
    5.1 Equilibrium, Excess Demand, Excess Supply
    5.1.1 Market Equilibrium: Fixed Number of Firms
    5.1.2 Market Equilibrium: Free Entry and Exit
    5.2 Applications
    5.2.1 Price Ceiling
    5.2.2 Price Floor
  • 6. NON-COMPETITIVE MARKETS
    6.1 Simple Monopoly in the Commodity Market
    6.1.1 Market Demand Curve is the Average Revenue Curve
    6.1.2 Total, Average and Marginal Revenues
    6.1.3 Marginal Revenue and Price Elasticity of Demand
    6.1.4 Short Run Equilibrium of the Monopoly Firm
    6.2 Other Non-perfectly Competitive Markets
    6.2.1 Monopolistic Competition
    6.2.2 How do Firms behave in Oligopoly?

Gist of The Hindu: November 2021

Gist of The Hindu: November 2021

An institution’s right to Government aid is not a fundamental right

  • In a recent judgement according to Supreme Court, the right of an institution, whether run by a majority or minority community, to get government aid is not a fundamental right. Both have to equally follow the rules and conditions of the aid.

About:

  •  Government aid is a policy decision. It depends on various factors including the interests of the institution itself and the ability of the government to understand the exercise.
  • Article 30(2) states is that on the ground that an institution is under the management of a minority, whether based on religion or language, grant of aid to that educational institution cannot be discriminated against, if other educational institutions are entitled to receive aid.
  • A grant of government aid comes with accompanying conditions. An institution is free to choose to accept the grant with the conditions or go its own way.
  • If an institution does not want to accept and comply with the conditions accompanying such aid, it is well open to it to decline the grant and move in its own way. On the contrary, an institution can never be allowed to say that the grant of aid should be on its own terms.

All-India quarterly establishment-based employment survey

  • It is prepared by the Labour Bureau to provide frequent (quarterly) updates about the
    employment and related variables of establishments, in both organised and unorganised
    segments of nine selected sectors.
  • These nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.
  • The survey covers establishments with more than 10 workers.
  • These sectors altogether account for a majority of the total employment in the non-farm
    establishments.
  • The total employment in the nine selected sectors from the first round of QES (April-June) is30,800,000 approximately.

White shipping information exchange

  • Recently, an MoU was signed on the White Shipping Information Exchange between the Indian Navy and the Royal Navy of Oman.

About:

  • White shipping information refers to exchange of relevant advance information on the identity and movement of commercial non-military merchant vessels.
  • Ships are classified into white (commercial ships), grey (military vessels), and black (illegal vessels).
  • It prevents potential threats from sea from impinging an coastal and offshore security of the
    country.
  • India has signed white shipping agreements with several countries including United States,
    Singapore and France.

Beresheet 2 Project

  • Beresheet 2 Project is the second lunar mission fromSpaceIL and Israel Aerospace Industries.

About:

  • The project is expected to be launched in 2024,
  • The Beresheet 1 spacecraft crash landed on the moon after its launch in February 2019 on a usedSpaceX Falcon 9 rocket.
  • Beresheet 2 Project will include three spacecraft- an orbiter and two landers- to the moon, to conduct experiments and collect data.
  • Presently, United States, the Soviet Union and China had successful spacecraft landing on moon.

Social stock exchanges

  • The proposal to set up Social stock exchanges (SSEs) was first coined during the
    Union Budget in 2019.

About:

  • SSE functions as a regulated funding platform to allow For-Profit Social Enterprises (FPEs) and not-for-profit organisations (NPO) with a social purpose, to raise funds.
  • Some of the most prominent SSEs are: UK (Social Stock Exchange), Canada (Social Venture Connexion), Singapore (Impact Investment Exchange) etc.

Requirement of the SSE:

  • Improved market access to capital for enterprises that seek to deliver a positive change in society.
  • Reduced burden on government in achieving the developmental goals by leveraging private sector participation.
  • Better project implementation as performance of the enterprises listed on an SSE would be closely monitored.

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(Success Story) UPSC 2020 TOPPER, Satyam Gandhi (Rank-10) Time Management Strategy For Effective Preparation

(Success Story) UPSC 2020 TOPPER, Satyam Gandhi (Rank-10) Time Management Strategy For Effective Preparation

Satyam Gandhi, a resident of Samastipur, Bihar, is one of those rare UPSC aspirants who topped this exam at the very first attempt and that too by relying effectively on self-study. He is a pass out of Kendriya Vidyalaya, and did his BA (Hon.) in Political Science from Delhi University. Despite moving next to Rajaji Nagar, Delhi, in his final year of college, Satyam chose the location, not for easy access to coaching classes, but the variety of coaching and UPSC study material available in the area. In the end, his gamble paid off, and this 22-year-old is one of the youngest successful aspirants this year.

Starting Tips By Satyam Gandhi For Cracking UPSC Exam

Satyam maintains time management is key to being successful in this examination. Once you have familiarized yourself with the basics of the upsc exam, it is time to plan your goals and strategy. Satyam recommends studying 10 to 12 hours at least every day to ensure you do justice to this examination. He followed the basic books such as Spectrum for History, Laxmikanth for Polity, etc. What he did concentrate on were multiple revisions. And take as many tests as possible. And this is where the time management tricks come to play.

 

Time Management Tips

Due to Covid, Satyam did get a little more time than he anticipated, but towards the beginning, that did not affect his timetable. 

He divided his time broadly into 3 slots 

  1. May 2019 to January 2020
  2. February 2020 to October 2020
  3. and then again October 2020 to January 2021.

During the first slot between May 2019 and January 2020, he studied the basic upsc books and revised them again and again, while making notes specific to mains preparation. Between February and October, Satyam did keep his revision strategy for upsc mains on the sides. But mainly concentrated on solving mock papers for prelims. This helped him ensure he did not fail at cracking the preliminary stage. Between October and January, his whole dedication went to mains again.

Daily Timetable

In the first three months, 9 hours of your daily time should be devoted to UPSC Prelim specific static study using standard sources. Devote the one hour outstanding to reading the daily news. For the next six months, 5 to 6 hours of your daily study time should now go into revising the same materials, both static and current. 4 hours should be dedicated to making mains specific notes following each topic mentioned in the syllabus. And then in the following 4 months, you will dedicate half your day to solving mock tests, and the other half analysing and revising prelims specific material.

Tips To Aspirants

Satyam warns aspirants that distractions are easily found in this day and age of social media. Aspirants must ensure they give up on such avenues for a year or two if they truly want to pursue their dream.

Best of Luck.

© IASEXAMPORTAL

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(Success Story) UPSC 2020 TOPPER, Dr Apala Mishra (Rank-9) Shares Her Tips To Cracking UPSC Exam

(Success Story) UPSC 2020 TOPPER, Dr Apala Mishra (Rank-9) Shares Her Tips To Cracking UPSC Exam

Dr Apala Mishra, a dental surgeon, joins the rank of a long list of medical professionals who have chosen civil services as their career. Apala has created quite the stir by scoring a whopping 215 out of 300 in the UPSC personality test/interview round, making her the top scorer in this last stage of the examination. 2020 was Apala's first time clearing prelims and she made it to the top of the list by securing an all India rank of 9. This was also her 3rd attempt; however, this is her first serious attempt as well.

Why Civil Services?

Apala decided on pursuing civil services in her final year of graduation. She says she chose this path once she realised the varied scope and wide opportunity that this career allows one to pursue, where they can impact a much larger section of society than they ever could as professionals in their respective field. Apala's choice of service is the Indian Foreign Service, which she chose so that she can represent our country's interests on a global platform.

How Dr Apala Mishra Topped UPSC CSE 2020

  1. Science Students Are Not At A Disadvantage

As a STEM background student, Apala was initially intimidated by the number of humanities subjects she would have to deal with to be successful in this examination. But she soon realised that the strength of humanities subjects such as society, polity, international relations, etc. lies in the fact that they can be easily connected to real-life scenarios. Besides, as adults of a certain age, we can grasp any subject given we put enough time and effort into it.

  1. Self Study Can Be Enough 

The next hurdle of course is grasping basic expertise over these subjects. Although guidance is a helpful tool, Apala truly believes that in the end, it is hard work and dedication that pays off. As a result, she is a believer in self-study. 

  1. Conquering The Syllabus One Bit At A Time

Apala also realises how massive a goal cracking UPSC CSE is and how looking at the bigger picture in this scenario can be crippling. She recommends breaking UPSC Syllabus down into smaller weekly and monthly targets and celebrating with small breaks and activities one enjoys after achieving each of these goals. This will allow one to keep focussed and motivated, without losing hope.

  1. Preparing For Prelims+Mains+Interview Together

Under no circumstances should an aspirant look at the three stages of the examination as separate when preparing. All information one needs for mains is relevant in both prelims and interviews. It is only a matter of perspective. Besides, there is not enough time gap between the three stages to allow for separate approaches. Another important part is answer writing – start with it as soon as you finish one section; do not wait till you are one with the whole syllabus.

Message For Aspirants

Apala has a fair warning to all aspirants that this examination takes a toll on everyone's mental health. 

So remember to take care and prioritise yourself.

Best of Luck.

© IASEXAMPORTAL

CLICK HERE TO DOWNLOAD UPSC TOPPERS NOTES

UPSC Exam Complete Study Materials

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