Class 12 is one of the most important years of a student’s life. It decides the basis of the future for the student. Scoring good marks in Class 12 is of utmost importance as a student’s higher education depends on this. Also, the subjects selected by the students are also decided by the end of Class 12. It is basically a stepping stone for the future of all students.
Coming to the subjects of Class 12, NCERT provides a few options for elective subjects. One such subject is Economics. Economics is basically a systematic study of the production and distribution of products and their services. This also includes the consumption of goods and services. This helps in understanding and learning from the past and applying the trends to the future of the institutions.
The two main branches of economics are micro and macroeconomics. Microeconomics is the branch of economics that deals with the specific study of economics at the level of small firms, households, and individuals. It specialises in allocating funds and resources. For example, students will learn how a company can maximize its production so as to minimize its prices. This would make it a better competition in the market.
The subject is a new one for students; hence it requires a good amount of effort to understand while reading and learning the subject. It is important that the students are firm with the basics. Many important aspects are taught in classes 11 and 12 which would be required even in college studies.
Let’s address the elephant in the room; ‘Economics’!!! If you are one of those who can be friends with your Economics or you are doing last-minute preparation and still want to score good marks, then you are in the right place. NCERT Solutions provide very handy learning material that is easy to understand and learn from as it highlights important topics and explains the concepts through detailed explanations, examples, and diagrams in a systematic manner.
You can download NCERT Syllabus for Class 12 Economics PDF for your board exams as well as for other competitive exams but remember practice is key to your success.
Chapter wise NCERT Solutions for Class 12 Micro Economics
1. What is the Law of Variable Proportions?
The Law of Variable Proportions is also popularly known as the Law of Diminishing Returns.
According to this law, when one of the inputs involved in the production is changed while keeping the other inputs constant, there will be a point after which the output per unit of that particular input will start to decrease.
This law is theorized under certain assumptions.
i) The technology should remain the same.
ii) Some inputs should be kept constant
iii) The possibility that the factors of production can be changed within a short period.
2. What are the Characteristics of a Perfectly Competitive Market?
A perfectly competitive market exhibits the following characteristics.
i) Every category has many sellers and buyers.
ii) All companies have access to the market without any transport costs.
iii) Multiple choices for similar products.
iv) All the products are homogeneous. It means as every product has the same properties, a uniform price can be achieved.
v) There is no price control and the producers can set the prices as per the market demands and supply chains that are available.
vii) Sellers or buyers are well-informed and are free to make decisions based on their knowledge of the market.
3. Which is the first chapter of Economics class 12?
Macroeconomics is the first chapter in this course. It provides an outline of our current economic situation. It goes over the basics of macroeconomics, including the introduction, emergence, and several other related ideas. To summarise, this chapter will cover subjects such as GDP, unemployment rate, price indices, consumption, inflation, savings, investment, international commerce, international finances, and a variety of other topics.
4. How many chapters are there in economy class 12?
To study economics, you need more practical knowledge. There are 6 chapters in class 12th economics.
Chapter 1 - Introduction to Macroeconomics.
Chapter 2 - National Income Accounting.
Chapter 3 - Money and Banking.
Chapter 4 - Determination of Income and Employment.
Chapter 5 - Government Budget and the Economy.
Chapter 6 - Open-Economy Macroeconomics.
You can find solutions for all these chapters on CoolGyan. These solutions are written by subject matter experts in easy to understand language. All the solutions are available free of cost. Students just need to download the solutions and save them on their computers.
5. What do you mean by Macroeconomics class 12?
Macroeconomics is an economics discipline that studies an economy's general behaviour, structure, performance, and decision-making. CoolGyan offers a dedicated staff of experts that are always available to assist students with their studies. To meet the needs of students, skilled teachers with years of expertise have created these Class 12 Chapter 1 Macroeconomics Solutions using the current NCERT standards.
6. What does class 12 Microeconomics Chapter 2 Solutions revolve around?
CBSE Class 12 Microeconomics Chapter 2 Solutions revolves around the most important parts of economics that a student should understand. Beginners may find these subjects perplexing in many cases. And it is at this point that NCERT solutions can help to make the learning process easier and more clear. Without a doubt, the study resources given here may help a student gain a thorough understanding of the subject.
7. What does CoolGyan offer for class 12 Microeconomics?
All of the answers to the questions in the chapter as well as the exercises are included in the NCERT Solutions for Class 12 Microeconomics. All of the content and information in the PDF of NCERT answers Class 12 Microeconomics is accurate and described in such a way that even the most inexperienced learner can grasp it. So, download NCERT Solutions for class 12 Microeconomics and get ready to score great marks.