Class 12 Economics ISC Question Paper 2018 - Free PDF Download
FAQs on ISC Class 12 Economics Question Paper 2018
1. What is the Vitality of the Vedantu Learning Program in ISC Class 12 Economics?
An efficient study program has been developed by Vedantu that is very helpful for students. Its important aspects are:
Student-friendly education technique.
Addressing the doubts of all students effectively.
Availability of practice papers, previous year question papers, and the mock tests on the ISC Economics syllabus.
2. What Do You Mean by Macroeconomics and Microeconomics?
As per the theory in Economics, it is classified into the following two types macroeconomics and microeconomics.
Macroeconomics is the section of Economics that deals with large-scale economic factors for example national productivity and interest rates.
Microeconomics is the section of Economics dealing with the studies of the behaviour of the individual and firms for the allocations of products and services.
3. How Do You Define a Market System?
A market system is signified as different types of products or services that are available with different price ranges which are mutually agreed upon by the sellers and buyers at which exchanging happens.
4. What Do You Mean by a Centrally Planned Economy?
In this type of economy, the government strategizes all necessary activities in the economy. The government also takes all important decisions about the production, exchange, and consumption of goods and services.
5. What are the various Fields of Economics?
Economics is a social science that studies the production, distribution and consumption of goods and services and their management. It also deals with the behaviour and thinking of people as they decide to use resources for different purposes. Economics is generally divided into two major branches: Microeconomics and Macroeconomics. In microeconomics, one studies the economic activities of individual people and firms, how they make decisions on the allocation of resources etc. In macroeconomics, one studies aggregates such as national income, employment, interest rates, prices, economic growth etc.
6. What is the scope of macroeconomics at the international level?
Macroeconomics deals with the analysis of the national economy as a whole. So it can be useful to study the strength of a nation in the international market. If the economy is strong, then its products are demanded by other nations. This increases export earnings, so national income increases. As a result, poverty decreases, and there is a lesser number of unemployed persons. Macroeconomics is also beneficial to analyse how effective the policies are in leading the nation towards growth. Students who want to practice more questions for their exams can download the Previous Year Question Papers which will help you to get an idea about the examination.
7. What is the use of Micro Economics?
It studies choices of individual firms and buyers on the market. It is the part of economics that deals with production, distribution & consumption problems in a particular country or region. In other words, microeconomics is the study of individuals, their market behaviour and interactions. Students should know about microeconomics as it helps to understand the demand and supply decisions, how prices are determined in the market, why firms operate out of short-run equilibrium, etc. Vedantu has provided a question paper in a PDF file available for ISC Economics Students. This file includes the previous year question paper 2018 for reference and preparation.
8. How to Prepare for Microeconomics?
A student only needs to know about the basic concepts of microeconomics and the types of questions asked to attempt this examination.
You must first understand microeconomics and its basic concepts like supply and demand, elasticity, equilibrium price and quantity, monopoly and oligopoly market structure, the difference between perfect competition and monopolistic competition, etc.
Practice as many solved problems as possible. This will help you understand concepts better and guide you to understand the different types of questions that can be asked from this subject.
For solving problems, you must practice as many solved examples as possible with full-length explanations provided by concerned teachers or textbooks. This will not only help in critical analysis of the critical reasoning skills required for solving these problems but will also help in grasping the subject well.
9. What is Micro Economic Theory?
The theory of supply and demand is called a microeconomic theory. It studies the price determination under various situations. In microeconomics, we study individual firm & consumer behaviour, market structure, price determination in a particular region or country. This theory explains the production and consumption of goods and services in small units like micro-levels. All individuals have rational behaviour, or they use their best possible means to get the maximum benefit from the minimum expenditure of resources. Students should understand this as this helps to understand supply & demand decisions, how prices are determined in the market, why firms operate out of short-run equilibrium etc.