Class 12 Macroeconomics Sandeep Garg Solutions Chapter 2 - Basic Concepts of Macroeconomics
The Economics syllabus assigned for Class 12 students can be divided into two different sections, Macroeconomics and Microeconomics. Macroeconomics is that category which studies broader concepts of an economy. For example, it analyses the relationship between income, expenditure, investment, etc. of an economy as a whole.
The first volume or part of Sandeep Garg Economics solutions covers the Macroeconomics chapters. Sandeep Garg class 12 Macroeconomics solutions chapter 2 is about the ‘Basic Concepts of Macroeconomics’.
FAQs on Sandeep Garg Macroeconomics Class 12 Solutions Chapter 2
1. What are the Various Factors of Production?
The four factors of productions in economics are land, labour, capital, and entrepreneur. All the factors contribute to the production of a product or service. They bring individual returns after a product/service has been created.
2. What are the Various Reasons Behind Asset Depreciation?
The various reasons which lead to asset depreciation include perishability, wear and tear, as well as inefficiency or obsolescence. The 6th answer in Sandeep Garg class 12 macroeconomics solutions chapter 2 explains this.
3. How Many Questions are there in Sandeep Garg class 12 Macroeconomics Solutions Chapter 2?
There are six questions in the second chapter of Sandeep Garg Class 12 macroeconomics solutions. The answers to these questions are backed by examples so that students do not face confusion while reading them.
4. What do you mean by unemployment in Class 12 Chapter 2 - Basic concepts of macroeconomics?
Economists measure the level of unemployment in the economy by calculating the percentage of the unemployed. Categories of unemployment include general unemployment, disputed unemployment, and structural unemployment. Unemployment was long gone when wages were too high for employers to consider hiring more workers. Random unemployment occurs when the time it takes to find the right employee is too long. Staff shortages occur when there is a discrepancy between job skills and the actual skill required in the job. Another important category of unemployment is unemployment that occurs when economic growth has stopped.
5. Describe the concept of income and output in Class 12 Chapter 2 - Basic concepts of macroeconomics?
One of the most important concepts of macroeconomics is income and output. The national output is the sum of all the goods and services produced in the country over some time. And when production units or organizations sell everything they produce, they make an equal amount of income. Thus, you can measure your output by calculating the total revenue from the sale of all goods and services. In the case of macroeconomics, economists often measure national income or output by gross domestic product or GDP.