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.
| Important Topics in Economics: |
MICROECONOMICS
UNIT 1 – Introduction
| 1 | PPF | Production Possibility Frontier |
| 2 | PPS | Production Possibility Set |
| 3 | PPC | Production Possibility Curve |
| 4 | IC | Indifference Curve |
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UNIT 2- Consumer’s Equilibrium and Demand
| Utility | ||
| 1 | MRS | Marginal rate of Substitution |
| 2 | MRT | Marginal Rate of Transformation |
| 3 | TU | Total Utility |
| 4 | MU | Marginal Utility |
| Elasticity | ||
| 1 | ED | Elasticity of Demand |
| 2 | ES | Elasticity of Supply |
UNIT 3 – Producer Behaviour and Supply
| Product | ||
| 1 | TP | Total Product |
| 2 | AP | Average Product |
| 3 | MP | Marginal Product |
| Cost | ||
| 4 | TC | Total Cost |
| 5 | TVC | Total Variable Cost |
| 6 | TFC | Total Fixed Cost |
| 7 | MC | Marginal Cost |
| 8 | SAC | Short Run Average Cost |
| 9 | SMC | Short Run Marginal Cost |
| 10 | AFC | Average Fixed Cost |
| 11 | AVC | Average Variable Cost |
| 12 | LRAC | Long Run Average Cost |
| 13 | LRMC | Long Run Marginal Cost |
| Returns | ||
| 14 | RTS | Returns to Scale |
| 15 | IRS | Increasing Returns to scale |
| 16 | CRS | Constant Returns to Scale |
| 17 | DRS | Diminishing Returns to Scale |
| Revenue | ||
| 18 | TR | Total Revenue |
| 19 | AR | Average Revenue |
| 20 | MR | Marginal Revenue |
| Market Equilibrium | ||
| 21 | MRPL | Marginal Rate of productivity of labour |
| 22 | VMPL | Value of marginal productivity of labour |
MACROECONOMICS
UNIT 5 – National Income and Related Aggregates
| 1 | GDP | Gross domestic product |
| 2 | GDPMP | Gross domestic product at market price |
| 3 | GDPFC | Gross domestic product at factor cost |
| 4 | NNPMP | Net national product at market price |
| 5 | NNPFC | Net national product at factor cost |
| 6 | NDPMP | Net domestic product at market price |
| 7 | NDP FC | Net domestic product at factor cost |
| 8 | PI | Personal Income |
| 9 | PDI | Personal disposable Income |
| 10 | GVA | Gross value added |
| 11 | NVA | Net value added |
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UNIT 6 – Money and Banking
| 1 | LRR | Legal Reserve Requirement |
| 2 | CRR | Cash Reserve Ratio |
| 3 | SLR | Statutory Liquidity Ratio |
| 4 | OMO | Open Market Operation |
| 5 | RBI | Reserve Bank of India |
| 6 | GOI | Government of India |
| 7 | MD | Money Demand |
| 8 | MS | Money Supply |
UNIT 7- Income and Employment Determination
| 1 | APC | Average Propensity to Consume |
| 2 | APS | Average Propensity to Save |
| 3 | MPC | Marginal Propensity to Consume |
| 4 | MPS | Marginal Propensity to Save |
| 5 | AD | Aggregate Demand |
| 6 | AS | Aggregate Supply |
UNIT 8 – Government Budget and Economy
| 1 | PSUs | Public Sector Undertakings |
| 2 | FRBMA | Fiscal Responsibility and Budget Management Act |
UNIT 9 – Balance of Payment
| 1 | BOP | Balance of Payment |
| 2 | BOT | Balance of Trade |
| 3 | PPP | Purchasing Power Parity |
| 4 | NEER | Nominal Effective Exchange Rate |
| 5 | FDI | Foreign Direct Investment |
