Economic is a study about how individuals, businesses and governments make choices on allocating resources to satisfy their needs. These groups determine how the resources are organised and coordinated to achieve maximum output. They are mostly concerned with the production, distribution and consumption of goods and services.
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. The government decides the regulation for taxes. Microeconomics focuses on the supply that determines the price level of the economy.
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The key role of microeconomics is to examine how a company could maximise its production and capacity, so that it could lower the prices and compete in its industry. A lot of microeconomics information can be obtained from the financial statements.
Macroeconomics is a branch of economics that depicts a substantial picture. It scrutinises itself with the economy at a massive scale, and several issues of an economy are considered. The issues confronted by an economy and the headway that it makes are measured and apprehended as a part and parcel of macroeconomics.
Macroeconomics studies the association between various countries regarding how the policies of one nation have an upshot on the other. It circumscribes within its scope, analysing the success and failure of the government strategies.
Microeconomics is the study of economics at an individual, group, or company level. Whereas, macroeconomics is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies. Macroeconomics focuses on issues that affect nations and the world economy.
As an integral field of Social Sciences, Economics is a vast domain comprising of interdisciplinary constituents. Dealing with the study of the economy as a whole, Macroeconomics assesses all those factors that have an impact on the entire economy and its essentials such as economic growth, economic declines, unemployment, inflation, etc. Further, it also includes many other features such as national income, commercial banking system and government budget amongst others.
Class 12 Macroeconomics is divided into a total of 5 units covering a plethora of aspects of the study of the economy as well as its vital constituents and related factors. Take a look at the enlisted units for this section which are further elaborated upon in the following paragraphs:
Thus, we hope that this blog has helped you understand the syllabus for class 12 macroeconomics. Are you unsure about which direction to take after class 12th? Sign up for a free 30-minute career counselling session with our experienced mentors at Leverage Edu and we will guide in sorting out your interests and skills to finding an ideal course and university to sail further towards the next phase of your career journey.
Class 12th economics is one of the most chosen and loved subjects among the students of commerce and arts stream. However, to prepare well and score good marks in economics, you need to do a bit of hard and smart work, as economics in class 12 is more conceptual and requires due attention from students. This article will guide you on how to prepare class 12th economics to score a perfect 100.
Economics in class 12th tests both the numerical and theoretical knowledge of the candidate in form of macroeconomics and Indian Economic Development as a part of syllabus. The student, thus, needs to be proficient in the demand of both the parts of the syllabus in order to score good in this subject. While macroeconomics is more numerical and conceptual, Indian Economic development is purely theoretical and requires good writing skills.
Use and stick to only one source to study each part, i.e., Introductory macroeconomics and Indian Economic Development. Using a lot of sources creates confusion and your mind fails to comprehend it all. The following books are prescribed by CBSE for class 12th Economics:
Multiple revisions of the same topic, from the same book can help you to retain all that you study. Apart from understanding and problem solving, retaining the concepts in your mind is extremely necesaary not only for your exams but also for the sake of knowledge. This becomes very significant especially in Indian economic Development. Multiple revisions/readings can be done in the following ways:
This is the ultimate secret to score full in class 12th macroeconomics part. You must get familiar with every possible kind of question from each chapter/unit. The more questions you solve, the more familiar your boards question paper would seem to you.
As far as Indian Economic Development is concerned, it requires a bit of writing and presentation practice. You need to identify the repetitive questions and prepare them well. Good set of notes are very helpful in IED. Read our blog on paper presentation to ensure your full marks in IED.
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Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.[1] This includes regional, national, and global economies.[2][3] Macroeconomists study topics such as output/GDP (gross domestic product) and national income, unemployment (including unemployment rates), price indices and inflation, consumption, saving, investment, energy, international trade, and international finance.
Macroeconomics and microeconomics are the two most general fields in economics.[4] The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctoral studies, the macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists.
Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth. It also studies the consequences of policies targeted at mitigating fluctuations like fiscal or monetary policy, using taxation and government expenditure or interest rates, respectively, and of policies that can affect living standards in the long term, e.g. by affecting growth rates.
Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when John Maynard Keynes published his The General Theory of Employment, Interest and Money, but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like Keynesians, monetarists, new classical and new Keynesian economists have made contributions to the development of the macroeconomic research mainstream.
Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital, and better education and human capital, are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. Business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into either recessions or overheating and that lead to higher productivity levels and standards of living.
Cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and short-run GDP growth.[8] The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.[9]
The structural or natural rate of unemployment is the level of unemployment that will occur in a medium-run equilibrium, i.e. a situation with a cyclical unemployment rate of zero. There may be several reasons why there is some positive unemployment level even in a cyclically neutral situation, which all have their foundation in some kind of market failure:[6]
A general price increase across the entire economy is called inflation. When prices decrease, there is deflation. Economists measure these changes in prices with price indexes. Inflation will increase when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to decreasing inflation and even in some cases deflation.
Central bankers conducting monetary policy usually have as a main priority to avoid too high inflation, typically by adjusting interest rates. High inflation as well as deflation can lead to increased uncertainty and other negative consequences, in particular when the inflation (or deflation) is unexpected. Consequently, most central banks aim for a positive, but stable and not very high inflation level.[5]
The monetarist quantity theory of money holds that changes in the price level are directly caused by changes in the money supply.[16] Whereas there is empirical evidence that there is a long-run positive correlation between the growth rate of the money stock and the rate of inflation, the quantity theory has proved unreliable in the short- and medium-run time horizon relevant to monetary policy and is abandoned as a practical guideline by most central banks today.[17] 152ee80cbc
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