NCERT Solutions for Class 12 Economics
Class 12 Economics NCERT solutions are a perfect study material for class 12 students who are all set to start preparing for their exams. Having expertise in Economics is essential not only for the students of Economics but also for a state’s economy.
Since trade and commerce started, studying in-depth economics to better the future of nations has proven quite impactful in building today’s world. Any nation's economic state of affairs impacts the lives of its citizens and the world as a whole. Growing nations always require concrete economic policies to flourish.
Class 12 Economics NCERT solutions are an attempt to empower future economists. Economics class 12 can become quite a draining syllabus to cover. The 12th Economics textbook solutions present an easy-to-understand view of the topics covered in Economics class 12 chapters.
Economics is an ever-evolving field as the economic dynamics keep transforming. NCERT understands that and has revised the NCERT Economics Syllabus per the changing economic policies.
You will also see many changes in the content of Economics class 12 chapters. The changes are made per the NEP 2020 policy, which largely focuses on reducing the content load and learning by experiencing.
Class 12 Economics NCERT Solutions
Class 12 Economics NCERT solutions come from a team of highly-skilled subject matter experts who have invested many years in studying and mastering Economics. They very- well understand the needs, requirements, and demands of economic experts in the market.
With these class 12 Economics NCERT solutions, students would get a strong head start in their 12th Economics subject. Economics can be vast, but the experts have concised the answer to the Economics question as per the NCERT Syllabus and mark weightage.
Economics class 12 chapters majorly focus on Macro & Micro economics but have many important chapters covered in Economics class 12. Economic experts have taken care of the same in designing these 12th Economics textbook solutions.
Class 12 Economics NCERT Solutions – Free PDF Download
NCERT Solutions Class 12 Economics All Chapters
- Theory of Consumer Behaviour
- Production and Costs
- The Theory of the Firm under Perfect Competition
- Market Equilibrium
- National Income Accounting
- Money and Banking
- Determination of Income and Employment
- Government Budget and the Economy
- Open-Economy Macroeconomics
NCERT Solutions for Class 12 Economics Chapter Brief
Whether it's Science, Maths, Political Science, or Economics, every subject influences our daily lives. It is not only important to learn the basics of each one but also to gain expertise in at least one of the fields so that we can contribute to building a prosperous society. Class 12 Economics Solutions is one of those vital fields that will give you a glimpse of how nations prosper. Also, NCERT Economics class 12 prepares students for more in-depth study that they might choose after 10+2. Economics class 12 Solutions covers all the chapters that are there under two parts of the NCERT Economics class 12 book, i.e., Microeconomics and Macroeconomics. The chapter brief for both parts are mentioned below:
Chapter 1: Introduction
Historic Civilizations began their journey with a barter system. They created arrangements for small communities to use resources together. Today’s modern world is not any different from then. Of course, there are tools like money, digital payment, transactions, and more, but societies have been going strong on the foundation of providing to the demands and maintaining the supply. The first chapter of Economics class 12 introduces Microeconomics, which deals with different consumer types. Economics class 12 solutions also cover the topics that are explained in the first chapter, that is;
- A Simple Economy
- Central Problems of an Economy
- Organisation of Economic Activity
- Positive and Normative Economics
- Microeconomics and Macroeconomics
- Plan of the Book
Chapter 2: Theory of Consumer Behaviour
After the introduction of Microeconomics, the Indian Economics class 12 NCERT Textbook further delves into consumer behaviour. For any product to be successful in the market, you need a large number of consumers. But, understanding the way a consumer thinks, demands, and behave is a tricky task. The second chapter in the NCERT Economics textbook class 12 deals with the study of consumer behaviour and covers various aspects, including;
- The Consumer’s Budget
- Optimal Choice of the Consumer
- Market Demand
- Elasticity of Demand
Chapter 3: Production and Costs
The relationship between demand & supply is what we study in Economics. But, for a demand & supply cycle to churn, there has to be the production of goods & services. A company produces or manufactures a product by collating resources. Chapter 3 deals with the relationship between inputs and output or the total cost that a company incurs on its resources. Furthermore, the chapter will talk about the cost structure of the firm.
Chapter 4: The Theory of the Firm under Perfect Competition
Chapter 4 of 12th Economics apprises students about the profit maximisation problem of a firm. The chapter goes into detail to explain a firm’s supply curve. Class 12 Economics question answer in the class 12 Economics NCERT solutions also throws light on how to aggregate individual firms' supply curves and obtain the market supply curve.
Chapter 5: Market Equilibrium
Demand & Supply is an important aspect of economics. The market runs with the perfect balance of supply against demand. Chapter 5 of NCERT Economics class 12 analyse consumers’ and firms’ behaviour to study market equilibrium through demand-supply analysis and determine at what price equilibrium will be attained. The NCERT textbook for Economic class 12 also lets students study the effects of demand and supply shifts on equilibrium. Apart from that, applications of demand-supply analysis are also explained.
Chapter 1: Introduction
The first chapter of Macroeconomics gives a glimpse of the term and what it entails. The first part makes students familiar with the concept of Microeconomics, while the second part lets students explore the difference between microeconomics and macroeconomics. The chapter gives an introduction to some of the basic principles of macroeconomic analysis.
Chapter 2: National Income Accounting
An economy generally refers to the economy of a nation. This chapter will introduce the fundamental functioning of a simple economy. The chapter is divided into three broad sections that will cover different aspects of National Income Accounting, that is;
- Basic ideas about the economy
- How to view the aggregate income of the entire economy while going through the sectors of the economy in a circular way
- Explaining various sub-categories of national income
Chapter 3: Money and Banking
Money and Banking and their functions are essential to all economies worldwide. This chapter explains the importance of both in the Economics class 12 NCERT textbook. The topics that are covered for Money are, meaning and functions, supply of money-Currency held by the public, and net demand deposits held by commercial banks. The next section for Banking covers Central Bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt Bank, Banker’s Bank, Control of Credit through Bank Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open Market Operations, Margin Requirement.
Chapter 4: Determination of Income and Employment
Determination of Income and Employment gives a picture of what and how various factors influence an economy's growth or slowdown. Chapter 4 of the Macroeconomic 12th Economics deals with the determination of National Income under the assumption of fixed price of final goods and constant rate of interest in the economy. The chapter covers the following areas;
- Aggregate demand and its components
- Propensity to consume and propensity to save (average and marginal)
- Short-run equilibrium output; investment multiplier and its mechanism
- Meaning of full employment and involuntary unemployment
- The problem of excess demand and deficient demand; measures to correct them changes in government spending, taxes, and money supply
Chapter 5: Government Budget and the Economy
It is the responsibility and duty of a government to plan the budget for a country. The budget defines the smooth functioning of an economy. Chapter 5 of the NCERT Economics class 12 textbook explains the components of the government budget to bring out the sources of government revenue and avenues of government spending. The chapter further delves into topics like balanced, surplus, or deficit budgets to account for the difference between expenditures and revenue collection. Students will also be able to study the analysis of debt issues.
Chapter 6: Open Economy Macroeconomics
A country cannot progress until it meets the demands of its citizens. To meet the demand at such a large scale, a nation relies on other nations for importing goods. An open economy is a concept where one country is open to doing business with other countries. This chapter focuses on the dynamics of an open economy and how it impacts different markets.
CBSE Class 12 Economics Chapter-wise Marks Weightage
Key Features of Economics Class 12 NCERT Solutions
Economics is a field that has been ever-evolving. With the progress of countries, economic parameters have also been diversifying. NCERT has made an effort with NEP 2020 to not clutter the concepts for class 12 students. This year, the NCERT syllabus has been revised, focusing the content load on students and making learning holistic. The class 12 Economics NCERT solutions help in understanding the complexity of Economics with easy and comprehensible language. The 12th Economics textbook solutions are based on the latest NCERT syllabus and offer a detailed explanation for students to kickstart their exam preparation. These class 12 Economics NCERT solutions are specially designed to offer perfect study material for class 12 Economics students. Here are the key factors that make these class 12 Economics NCERT solutions unique;
- NCERT 12th Economics Solutions based on NCERT Textbook: The class 12 Economics NCERT solutions are based on the NCERT textbook that is revised by NCERT every year. This year the curriculum has been rehashed based on the NEP 2020. Students can refer to these solutions, which cover all the Economics class 12 chapters.
- Experts curated specialised Economics Question Answer: Economics Subject Matter Experts take special care while curating class 12 Economics NCERT solutions content. The 12th Economics textbook solutions cover all the topics in detail.
- Free to Use: The class 12 Economics NCERT solutions are absolutely free for students. There is no subscription fee or charge to use these solutions. You can access them anywhere, anytime.
FAQs on Class 12 Economics NCERT Solutions
Ans: The Class 12 Economics NCERT Solutions are the best study material to begin your academic session. Class 12 is an important milestone for students. They cannot afford to be careless here. These Economics class 12 solutions play an important role in clearing many doubts.
Ans: Economics is a specialised subject. It needs to be studied well so that students well understand all the concepts. Class 12 Economics forms the basis of a student’s professional life ahead. These class 12 Economics NCERT Solutions will help you understand all the topics in class 12 Economics.
Ans: No, you do not need to pay anything to access the Economics class 12 solutions on www.oswalpublishers.com
Ans: The class 12 Economics assessment is divided into two parts, 80 marks are for written assessment while 20 marks are for student project work. Project work, therefore, is compulsory for students.