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ncert solutions 12th class aglase co book introductory macroeconomics ncert solutions chapter 1 economics class 12th subject economics chapter 1 chapter name introduction q1 what is the difference between microeconomics ...

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      NCERT
    SOLUTIONS
          12th
     CLASS - 
     aglase.co
  Book : Introductory Macroeconomics                                                     Ncert Solutions | Chapter - 1 Economics
                                                               Class : 12th  
                                                          Subject : Economics  
                                                               Chapter : 1  
                                                     Chapter Name : Introduction  
                  
                 Q1 What is the difference between microeconomics and Macroeconomics 
                  
                 Answer. Microeconomics and Macroeconomics are the two branches of study of economics. 
                 Both of them deal in the subject differently. Here are the key differences between the two 
                 branches.  
                  
                  Basis                       Microeconomics                      Macroeconomics  
                      1. Definition           It deals with the individual        It deals with the economy as a 
                                              economic units and individual       whole. It don't focuses on the 
                                              economic variables.                 individual units rather combines 
                                                                                  all the units to study them.  
                      2. Tools                Its main tools are the demand       Its main tools are the aggregate 
                                              and supply of the individual        demand and aggregate supply in 
                                              units.                              the economy.  
                      3. Central              It deals with determination of      It deals with the determination of 
                          problem             price and the efficient             level of income of the whole 
                                              allocation of resources.            economy and also in determining 
                                                                                  unemployment in the economy.  
                      4. Examples -           It may include individual           It includes national income, 
                                              demand, individual supply,          aggregate demand, aggregate 
                                              individual investment and           supply, unemployment etc  
                                              savings etc.  
                  
                 Page : 8 , Block Name : Exercises  
                  
                 Q2  What are the important features of a capitalist economy? 
                  
                 Answer. The capitalist economy refers to that economy in which all the resources are held by 
                 the private owners. It's main features are explained below -  
    Page 1 of 3                                                                                                      Aglasem Schools
  Book : Introductory Macroeconomics                                 Ncert Solutions | Chapter - 1 Economics
              
                ● There is a private ownership of the factors of production and all other resources.  
                ● The main objective of this economy is to maximise profits. The seller wants to do so by 
                   selling his produce at highest possible cost to earn maximum profits.  
                ● There is no restriction on the private ownership of the property.  
                ● The price of the commodities is determined by the market forces of demand and supply. 
                   The equilibrium is obtained where the demand and supply are equal.  
                ● There is a possibility of gap between the rich and the poor. The rich may become richer 
                   while the poor become poorer.  
              
             Page : 8 , Block Name : Exercises  
              
             Q3  Describe the four major sectors in an economy according to the Macroeconomic point of 
             view.  
              
             Answer. There are four major sectors in an economy which are - household, firm, government 
             and the external sector.  
             The household sector consists of those individuals or individual groups which work in firms and 
             earn money and then spend it to get satisfaction.  
             The firm sector is the sector which is engaged in the production process. It generates utility by 
             providing goods and services.  
             The government is the regulatory body which controls the other sectors and also provide basic 
             infrastructural facilities to them.  
             The external sector is the sector which consists of exporters or importers. Exporters supply the 
             goods from India to other countries while Importers purchase goods from abroad. This sector is 
             present in an open economy.  
              
             Page : 8 , Block Name : Exercises  
              
             Q4 Describe the Great Depression of 1929.  
              
             Answer. The Great Depression of 1929 was a major drawback of the traditional economic 
             approaches. It took place in North America and European countries and continued for approx 10 
             years. During this period, the unemployment rose by 3% and the production lacked behind by 
             33%. The investors were hesitating in making investment in the market thereby leading to less 
             productivity. This lead to fall in the employment.  
             The US stock markets crashed down, resulting in heavy losses to the companies. People saved 
             their money and hesitated to invest it. This resulted in huge losses to banks. Another major 
             cause was draught. People were suffering from low income and unemployment. The inventory 
             of the firms started to pile up and thus production fell down. This in turn lead to severe 
             unemployment. All these factors caused the Great Depression of 1929.  
              
             Page : 8 , Block Name : Exercises  
   Page 2 of 3                                                                            Aglasem Schools
  Book : Introductory Macroeconomics                                 Ncert Solutions | Chapter - 1 Economics
              
   Page 3 of 3                                                                            Aglasem Schools
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...Ncert solutions th class aglase co book introductory macroeconomics chapter economics subject name introduction q what is the difference between microeconomics and answer are two branches of study both them deal in differently here key differences basis definition it deals with individual economy as a economic units whole don t focuses on variables rather combines all to tools its main demand aggregate supply central determination problem price efficient level income allocation resources also determining unemployment examples may include includes national investment etc savings page block exercises important features capitalist refers that which held by private owners s explained below aglasem schools there ownership factors production other objective this maximise profits seller wants do so selling his produce at highest possible cost earn maximum no restriction property commodities determined market forces equilibrium obtained where equal possibility gap rich poor become richer while...

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