Vedantu’s Class 11 and 12 Economics Solutions of Sandeep Garg
To study Economics it requires an in-depth understanding of every topic, concept, theory, and mechanism. Class 11 and 12 students have quite a lengthy syllabus to cover in Economics. Apart from studying the text, they also need to practise question-answers and numerical problems. To help them with this, Sandeep Garg Economics Solutions are readily available on Vedantu.
Chapters Covered in Sandeep Garg Class 11 Economics Solutions
The chapters covered in the PDF of Sandeep Garg Class 11 Economics are discussed as follows.
Chapter 1: Organization of Data
In the first chapter of Sandeep Garg Economics Solutions for class 11, students learn how to organize and arrange a given data. It has to be arranged in ascending or descending order, to find the necessary result, as asked in the question. You will get accurate solutions to these questions in the Sandeep Garg Economics Solutions PDF.
Chapter 2: Tabular Presentation
Here, you learn how to represent particular data in the form of a table. Going through the solutions of this chapter will give you a clear understanding of how to classify the data into different heads while making the table.
Chapter 3: Diagrammatic Presentation
In the third chapter, bar charts and pie charts are discussed. You will learn how to represent data through bar charts and pie charts.
Chapter 4: Graphic Presentation
In this chapter, students are taught how to draw line graphs, histograms, frequency polygons, etc. and fit the provided data in it.
Chapter 5: Arithmetic Mean
In the Solutions of the fifth chapter, you will learn how to calculate the arithmetic mean of a particular dataset by both direct and indirect methods.
Chapter 6: Median and Mode
In chapter 6 of Sandeep Garg Solutions (Class 11 Economics), students will learn how to find out the median of a given dataset. The formula to find the median varies based on the total number of observations. The formula to find the median for an even number of observations is different from that for an odd number of observations.
Chapter 7: Measures of Dispersion
Here students learn how to find the range and its coefficient with respect to a given data.
Chapter 8: Measures of Correlation
In this chapter, the method to calculate the coefficient of rank correlation in data assessment is discussed.
Chapter 9: Index Numbers
The last chapter Solutions will help students to learn the method of calculating the index number for a given data. The same formula is used to estimate the Consumer Price Index (CPI) in an economy.
Class 12 Chapters Covered in the Solutions of Microeconomics by Sandeep Garg PDF
Given below is a brief on all the chapters of class 12 microeconomics.
Chapter 1: Introduction to Microeconomics
The first chapter gives an overall brief about microeconomics. Economic scarcity, challenges, problems, etc. have also been discussed in this chapter.
Chapter 2: Consumer’s Equilibrium
Total utility, marginal utility, the law of diminishing utility, the marginal rate of substitution, indifference curve, etc. have been explained in the second chapter of microeconomics Sandeep Garg.
Chapter 3: Demand
In this chapter, it is explained what is demand, what are its determinants, the law of demand, demand function, and so on.
Chapter 4: Elasticity of Demand
Chapter 4 gives a thorough explanation of the elasticity of demand, its formula, price, and some other related concepts.
Chapter 5: Production Function
It defines the production function along with a symbolic representation. The other contents of this chapter are:
Factors of production
Law of Diminishing Returns
Law of Variable Proportions.
Chapter 6: Cost
In the Solutions of Chapter 6 of microeconomics by Sandeep Garg PDF, students learn about the term ‘cost’, its measurement, function, average cost, the average variable cost, fixed cost, etc.
Chapter 7: Revenue
The profit and producer’s equilibrium have been explained in detail in this chapter.
Chapter 8: Producer’s Equilibrium
It discusses the state of the producer’s equilibrium and its conditions.
Chapter 9: Supply
Supply, determinants of supply, determinants of market supply, MSS (Market Supply Schedule), etc. have been explained in this chapter.
Chapter 10: Main Market Forms
The Solutions of these chapters in Sandeep Garg microeconomics PDF gives the definition of a market along with:
Features of perfect competition in a market
Chapter 11: Price Determination with Simple Applications
Here it is explained how the price is determined and affected in a market. Explanations on a viable market, non-viable market, demand-supply relationship, etc. are also provided in this chapter.
Chapters Covered in the Solutions of Macroeconomics by Sandeep Garg PDF
Given below is a brief on all the chapters of class 12 macroeconomics Sandeep Garg solutions.
Chapter 1: Circular Flow of Income
It discusses how the circular flow of income and its different phases work in an economy.
Chapter 2: Basic Concepts of Macroeconomics
The following topics are covered in the second chapter.
Factors of production
Chapter 3: National Income and Related Aggregate
The third chapter covers the calculation of national income, NDP (National Domestic Product), GNP (Gross National Product), NNP (Net National Product), domestic income, etc.
Chapter 4: Measurement of National Income
This chapter covers the Net value addition at market price, Factor cost, and Value of output.
Chapter 5: Money
In this chapter of macroeconomics Sandeep Garg details the barter system, characteristics of money, money supply, bank money, DDA, etc.
Chapter 6: Banking- Commercial Banks and the Central Bank
Bank of issue, SLR, CRR have been explained in this chapter.
Chapter 7: Aggregate Demand
In the seventh chapter of macroeconomics Sandeep Garg PDF, students learn the basics of aggregate propensity to save and consume.
Chapter 8: Income Determination and Multiplier
This chapter covers numerical problems based on finding out multipliers to determine various measures.
Chapter 9: Excess Demand and Deficient Demand
The contents of this chapter are:
Chapter 10: Government Budget and the Economy
The chapter explains revenue deficits, fiscal deficits, revenue expenditures, and how to calculate them.
Chapter 11: Foreign Exchange Rates
FOREX has been explained in this chapter, along with spot exchange.
Chapter 12: Balance of Payments
Some topics in this chapter are:
Balance of trade
You can download the PDF of Sandeep Garg Economics Solutions for Class 11 and 12 to prepare effectively for your upcoming exams.
How Sandeep Garg Solutions PDF will Help you Prepare Well for Economics 11 & 12th?
Due to its vast syllabus, Economics is considered as one of the toughest subjects in class 11th & 12th Commerce and Arts syllabus, thus our solution pdf provides an explanation to concepts in the simplest way possible.
Since 11 & 12th Economics contains a lot of formulas, numerical, graphs and new concepts the solution pdf will explain them all step-by-step.
The solutions given in the pdf are created by our economics subject matter experts, which makes the solution pdf descriptive, to the point and truly accurate.
Basic concepts of micro and macroeconomics like National Income, Demand, Supply, Balance of Payments, Mean, Median & Mode can be easily understood by our detailed answers pdf.
How to Score Well in Class 11 and 12 Economics?
To score well in class 11 and 12 Economics follow the pointers listed below:
Definitions and Meanings
To understand the subject properly, definitions need to be accompanied by logic and reasoning.
For scoring good marks, you need to memorize the definitions after understanding them so that you can write them precisely in the exam.
Difference Between Questions
It is important to note that there are a lot of differences between questions asked in 11th as well as 12th economics exams that need to be written in tabular forms.
Don't forget to explain why certain questions differ from others.
Graphs, tables, and formulas Play Important Role
Class 11th and 12th Economics is supported by tables, graphs, and formulas in which the concepts are expressed in an easy to understand manner.
It is important that you practice drawing graphs regularly so that you will be able to learn how to draw various curves this way.
It is important to practice tables and graphs together because they include calculations and formulas.
Make sure to understand the formula's meaning and derivation before memorizing it. Make a chapter-wise formula sheet and revise it regularly once you understand the formula's meaning.
Numerical questions are essential to score well in both the 11th and 12th classes. Make sure you prepare numerical questions of both micro and macroeconomics.
Make sure you practice numerical questions of all chapters from the textbook and sample papers before appearing for the exam.
You need to compile your notes, practice registers, formula sheets, and then begin revising as a good revision is crucial for success.
As you practice, allocate the time available between all the chapters and start answering the questions you find difficult.
FAQs (Frequently Asked Questions)
1. How Many Parts are there in Sandeep Garg Class 12 Economics Solutions? What are the chapters included in Macroeconomics books?
There are 2 parts in Sandeep Garg class 12 Economics Solutions. One is microeconomics solutions, and the other is macroeconomics solutions.
Chapter 1 - Introduction to Macroeconomics-In Macroeconomics, one examines the structure, the performance, the behavior, and the decision making of an economy, which is the whole or aggregate of all its parts.
Chapter 2 - Accounting for National Income-Accounting for national income is a method a government uses to measure the economic activity of a country-offering insights into the state of that economy.
Chapter - 3 - As the common medium of exchange, money is discussed in Chapter 3. Only one individual can participate in an economy.
Chapter - 4 Determination of Income and Employment - the theory of income and employment focuses on different levels of output, employment, and prices in the economy.
Chapter-5 Government Budget and the Economy - Class 12 Chapter 5 The Government - Functions and Scope is an important chapter and helps the students in learning about the budget.
Chapter 6 Open-Economy Macroeconomics - The chapter talks about accounts of Balance of Payment, Comparison of current and capital accounts, system of state exchange, devaluation of currency, etc.
2. How many chapters are included in the Microeconomics Solutions of Class 12?
Microeconomics Solutions of class 12 by Sandeep Garg includes 11 chapters in total. The solutions provided are quite exhaustive for a better understanding of all students.
Chapter 1 - Introduction to Microeconomics-Microeconomics is the branch of economics that is concerned with the behavior of decision-makers within the economy, such as individuals, households and firms.
In Chapter 2, we examine Consumer Behavior Theory, the study of how people make their purchasing decisions, and how businesses can capitalize on these trends by predicting how and when a consumer will make a purchase.
Chapter 3 - Production and Costs-Production costs indicate the costs incurred by companies when manufacturing or providing products and services that generate revenue.
Chapter 4 - The Theory of The Firm Under Perfect Competition.
Chapter 5 - Market Equilibrium.
Chapter 6 - Non-Competitive Markets.
3. How to prepare for Class 11th and Class 12th Economics?
Start your preparation by going thoroughly through the textbook. Do not make a collection of books, this might confuse you. Referring to only one book, Sandeep Garg is best to prepare for Class 11th and 12th Economics.
Make your own notes after reading the chapter from the book. This will help you understand the concept deeply and these notes will help you in your revision days.
Class 11th and 12th Economics contains various conceptual based questions. Try to provide an example for every conceptual question this will help you fetch more marks in the exam.
4. What are the most important Chapters of Class 11th and 12th Economics?
Economics of class 11th and 12th form the basis for higher studies in economics and accounting, thus the entire syllabus is drafted in a way that benefits the student in every way possible. Thus, every chapter has its own benefits and you should study them thoroughly, however, from an examination point-of-view, there are certain chapters which carry the highest weightage. Let's have a look at them.
Important Chapters of Class 12th:
Production and Cost,
Theory of The Firm Under Perfect Competition,
National Income Accounting,
Money and Banking,
Determination of Income and Employment.
5. How sample papers of Economics will help you score well
Sample papers contain various numerical questions that will help you prepare different types of questions and help you to prepare well for the exam. Vedantu offers topic-wise sample papers for each unit of economics, this way you will be able to prepare the entire syllabus easily.
Sample papers help to evaluate your preparation and you will be able to know which topic requires more concentration and hard work.
Sample papers contain frequently asked questions from the previous year this will help you prepare better for the expected questions.
Since revision is the essential part of the preparation for any exam, Sample papers help you revise the entire syllabus of economics.
Sample papers improve the pace and accuracy by which you solve numerical questions.
Since CBSE made slight changes in the syllabus, sample papers give an idea of the marking scheme and help to reduce stress.