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List of Abbreviations Used in Economics – Economics Study Materials

Introduction

Following are the economics abbreviations which are used in Class 12th Economics syllabus frequently.

● Students are advised to learn the full form of each and every abbreviation e.g. Lot of students ask for the full form of GDP which is Gross Domestic Product and which is shown in the following list.

● The special thing about the list is that; it is a chapter wise collection of full forms of terms used in the Economics curriculum.

MICROECONOMICS

UNIT 1 – Introduction 

1PPFProduction Possibility Frontier
2PPSProduction Possibility Set
3PPCProduction Possibility Curve
4ICIndifference Curve

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UNIT 2- Consumer’s Equilibrium and Demand 

Utility
1MRS Marginal rate of Substitution
2MRT Marginal Rate of Transformation
3TU Total Utility
4MU Marginal Utility
  Elasticity
1ED Elasticity of Demand
2ES Elasticity of Supply

UNIT 3 – Producer Behaviour and Supply 

     Product
1TP    Total  Product
2AP    Average Product
3MP    Marginal Product
     Cost
4TC    Total Cost
5TVC              Total Variable Cost
6TFC    Total Fixed Cost
7MC    Marginal Cost
8SAC    Short Run Average Cost
9SMC    Short Run Marginal Cost
10AFC    Average Fixed Cost
11AVC    Average Variable Cost
12LRAC    Long Run Average Cost
13LRMC    Long Run Marginal Cost
Returns
14RTS    Returns to Scale
15IRS    Increasing Returns to scale
16CRS    Constant Returns to Scale
17DRS     Diminishing Returns to Scale
Revenue
18TR     Total Revenue
19AR     Average Revenue
20MR    Marginal Revenue
Market Equilibrium
21MRPLMarginal Rate of productivity of labour
22VMPLValue of marginal productivity of labour

MACROECONOMICS

UNIT 5 – National Income and Related Aggregates 

 1GDPGross domestic product
 2GDPMPGross domestic product at market price
 3GDPFCGross domestic product at factor cost
 4NNPMPNet national product at market price
 5NNPFCNet national product at factor cost
  6NDPMPNet domestic product at market price
  7NDP FCNet domestic product at factor cost
 8PIPersonal Income
 9PDIPersonal disposable Income
 10GVAGross value added
 11NVANet value added

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UNIT 6 – Money and Banking

  1LRRLegal Reserve Requirement
 2CRRCash Reserve Ratio
 3SLRStatutory Liquidity Ratio
 4OMOOpen Market Operation
  5RBIReserve Bank of India
 6GOIGovernment of India
 7MDMoney Demand
  8MSMoney  Supply

UNIT 7- Income and Employment Determination 

1APCAverage Propensity to Consume
2APSAverage Propensity to Save
3MPCMarginal Propensity to Consume
4MPSMarginal Propensity to Save
5ADAggregate Demand
6ASAggregate Supply

UNIT 8 – Government Budget and Economy 

1PSUsPublic Sector Undertakings
2FRBMAFiscal Responsibility and Budget Management Act                   

UNIT 9 – Balance of Payment 

1BOPBalance of Payment
2BOTBalance of Trade
3PPPPurchasing Power Parity
4NEERNominal Effective Exchange Rate
5FDIForeign Direct Investment

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