NCERT Class 12th Economics Book

From initial classes in ‘principles of economics’ to postgraduate studies, the macro/micro divide is ingrained in economics from the very beginning. Economists are classified as either macroeconomists or macroeconomists. Economists assumed that either market was in equilibrium—that prices would adjust to equalise supply and demand—or that in the event of a brief shock, such as a financial crisis or starvation, markets would quickly revert to equilibrium.

To put it another way, economists thought that studying individual markets would sufficiently explain the behaviour of what we now refer to as aggregate variables like unemployment and output. Macroeconomics is commonly defined as a zone where all markets interact to produce huge phenomena known as aggregate variables by economists. In the field of microeconomics, a single market is the subject of study.

NCERT Class 12th Economics Book PDF

NCERT Economics class 12 PDF encapsulates the introductory economics concept, international economics, and concepts of micro and macroeconomics. The Economics class 12 book PDF ensures students have a strong foundation of economics concepts, which will help them in general as well as in exams. Study through the various introductory Macroeconomics NCERT concepts and learn its application in the country or global economy.

Microeconomics:

Microeconomics is based on models of consumers or companies (called agents by economists) making decisions about what to buy, sell, or produce, with the premise that these decisions lead to perfect market clearance (demand balances supply) and some ideal conditions. Both fields now coexist and complement one another.

Macroeconomics:

Macroeconomics, on the other hand, arose as a result of observed deviations from the classical paradigm's expectations. It describes complex interactions between large aggregates, like national income, savings, and the general price level. The study of long-run national economic growth, the analysis of short-run departures from equilibrium, and the formulation of policies to stabilise the national economy—that is, to limit fluctuations in growth and prices—are the traditional divisions of science.

NCERT Class 12 Economics Book - Macroeconomics

Chapter 1 – Introduction to Macroeconomics

Macroeconomics is a part of economics that explores the economy as a whole. This study is done to evaluate the economic factors of an entire system (for example, a nation). This introductory chapter of NCERT Economics class 12 Macroeconomics discusses various financial concepts. Several topics under it are an aggregate investment, aggregate employment, national income, aggregate consumption, general price level, etc.

The chapter illustrates various economic terms that help discuss other broader terms of macroeconomics. Simple terms like stock, flow, transfer income, factor income, etc. are defined so that students can build a fundamental concept, which will help them learn subsequent chapters.

Chapter 2 – National Income Accounting

The second chapter in NCERT class 12 Macroeconomics books discusses the concept of National income accounting. It is a system that measures and quantifies the economic growth of a nation in a given fiscal year and is used by the Government. Various quantitative terms are defined and calculated in this chapter. For instance, a few of these metrics are the Gross national product (GNP), Gross domestic product (GDP), Gross national income (GNI), etc.

You will learn how these concepts are critical in determining a nation’s economic growth and what are the ways to calculate them. These methods of calculation, such as income method, expenditure method, and product methods, are mentioned in this chapter.

Chapter 3 – Money and Banking

This chapter exclusively illustrates the demand and supply of money. It provides you with a definition of money depending upon its function. You can learn more about this measurement of money in currency and the role of banks in an economy. By referring to the NCERT Macroeconomics class 12 PDF, you will understand how financial institutions create money for the economic system of a nation.

Since the NCERT book is meant to narrate the concepts clearly, you will get a good idea of how banks function and how the demand and supply of money are balanced in an economy.

Chapter 4 – Determination of Income and Employment

This chapter discusses the aggregate demands and various components of it, such as consumption, investment, etc. Students not only get to learn the definition of these concepts but can learn how to calculate these with the help of formulas. You can refer to these Macroeconomics class 12 NCERT books and learn various critical points and conditions in the calculation of these components.

Besides, the exercise at the end of the chapter will help you understand the kind of questions you can expect in the examination. It prepares you for tricky questions as you practice by downloading this NCERT economic book of class 12 PDF.

Chapter 5 – Government Budget and Economy

This chapter discusses the Government budget, which isn’t only important for studying but also is an important concept to know about. A government budget is an illustration of the Government's estimated expenditure and revenues for various items during a financial year. The estimation of a budget by the Government has a significant impact on the economy of a nation and the rate of interest, stock market, etc.

Now, download the Macroeconomics NCERT PDF from our website and start learning about the different types of budget, such as the deficit, surplus, and balance. You can solve the exercise questions given at the end to test your understanding of the chapter.

Chapter 6 – Open-Economy Macroeconomics

In an open economy, trade is possible from the global horizons. Chapter 6 of Open Economy Macroeconomics deals with various factors concerning this trade, such as balance of payments, exchange rate system, its advantages and disadvantages. Students can learn the concept at a macro level and understand how trades are made overseas.

Students can learn these concepts meticulously as they refer to their NCERT Economics class 12 Macroeconomics PDF books. The exercise provided at the end of the chapter also helps students practice solving the problems efficiently and helps them perform better in their academics.

NCERT Class 12 Economics Book - Microeconomics

Chapter 1 – Introduction to Microeconomics 

Microeconomics is a rather constricted concept as compared to macroeconomics. It studies the behaviour of managers or decision-makers in a financial model. The chapter discusses the economy of a company, household, or individual and their interests. With the NCERT Economics class 12 Microeconomics book, you will learn how to define terms like marginal utility and marginal demand easily.

The neutral perspective maintained in these NCERT Economics book of class 12 makes it the best reference material for students who want to strengthen their grip on the subject. Students can also download the PDF and start their studies.

Chapter 2 – Theory of Consumer Behaviour

This chapter illustrates the behaviour of a consumer who makes a purchasing decision for a product. It helps students analyse the market value of goods and determine whether or not they will succeed in the competitive market. Download the NCERT Microeconomics class 12 PDF and stringently study how individual preferences, budget constraints, and income affect consumer behaviour.

The concept is explained with various examples so that students can learn about consumer behaviour and implement their understanding in real-life scenarios. Besides the examples, the exercise questions bound individuals to think critically and answer tricky questions.

Chapter 3 – Products & Costs

The declaration of sale prices follows the production of goods in a firm. To do this, various costs of production are taken into consideration, such as product function, total product, the total value of a product, cost function, implicit cost, etc. Utilising these, the average cost, total fixed price, and total variable cost are calculated. You can learn to define all these terms and calculate them as you refer to Class 12 Indian Economic Development NCERT books.

These calculations, along with laws of variable proportion and diminishing marginal product, etc. are also included in the chapter so that students can clearly understand how these are determined and which factors are considered.

Chapter 4 – Theory of the Firm Under Perfect Competition

This chapter discusses important terminologies such as revenues, profit, break-even point, supply curve, the elasticity of supply, etc. that helps determine the economic condition of a firm. It also helps students understand if a particular firm is in perfect competition or not where a perfectly competitive market refers to a market fulfilling demand-supply graph at a uniform price.

You can learn the concepts effectively by reading NCERT Indian Economy Class 12 thoroughly. It has been explained simply so that students don’t have to dwell on the topics for a long time to understand them.

Chapter 5 – Market Equilibrium

This chapter explains the concept of market equilibrium in detail and various other factors that affect it. Terminologies like excess demand, equilibrium quantity, equilibrium price, price floor, price ceiling, etc. are well-defined so that students can understand these concepts easily.

Further, the NCERT Economics Class 12 book PDF provides the student with a clearer picture of market equilibrium and how it is attained. Students can read the entire chapter and learn the nuances of market equilibrium. It will also help them solve the exercise questions given at the end of a chapter.

Chapter 6 – Non-competitive Markets

This chapter helps students understand the concept of a non-competitive market and its influence. In such a scenario, a single brand monopolises the entire market, or a single agent has the capability of influencing the cost of products, either directly or indirectly. The NCERT class 12 Indian Economic Development book offers students a neutral perspective to understand this very concept of non-competitive markets.

It also makes them aware of the functioning of such markets and what impact they can have.

Why Refer NCERT Class 12th Economics Book PDF? 

NCERT books are included in the academic curriculum by almost all the examination boards, and teachers prefer to teach using these books because of their all-inclusive nature. Economics itself is a broad concept that students must learn for overall development and academic excellence. Having class 12 Economics book PDF helps students in multiple ways. Here, look at why NCERT Books are preferred and a must.

• Articulated Language – This is one of the most common books that teachers ask students to begin with when starting a new concept. The reason is its simple language. NCERT Economics book of Class 12 helps students understand the basic concepts as they are explained in a simplified manner. It helps students strengthen their basic concepts so that they can further explore the niche of Economics. 

• Cover a Diverse Range of Topics – Since NCERT Economics class 12 Book PDF covers a varied range of topics methodically in the chapters, it provides room for more exposure. Students can get a clearer idea of many important topics which are essential from a general perspective. 

• Profound Knowledge – Qualified and renowned authors prepare the contents of the NCERT Economics Class 12 PDF after thorough research. Hence, the content presented in a neutral view allows students to learn the concept. 

• Helps Improve Communication Skills – These books are written using standard yet lucid language so that students can quickly grasp the concept while getting comfortable with the language. It eventually contributes to improving the communication skills of students. 

• Critical Exercise Questions – The Class 12th Economics books include a range of questionnaires at the end of each exercise, right from theoretical ones to numerical questions. The book also contains in-exercise questions dedicated to students so that they can learn to solve them. It hones their critical thinking ability and helps them practice tricky questions from the beginning, which is helpful from the exam perspective.

Above are reasons enough to state why NCERT books make the basis of teaching in schools and are preferred by teachers and students. If you also need to strengthen your basic concepts of Economics, try downloading NCERT Class 12th Economics textbook PDF from our website and begin learning. These NCERT Solutions can be used to prepare for board exams as well as competitive entrance and recruiting exams. All of the solutions we have provided follow the most recent CBSE guidelines.

Important Topics in CBSE Class 12 Economics according to NCERT:

Basic concepts are taught in senior secondary education, and an overview of advanced concepts provides you with a solid foundation in the subject and prepares you for further study in the field. In addition to studying the theoretical aspects of the subject, it is important to comprehend the practical aspects by researching case studies and reviewing current economic trends in other countries. Project work is an integral aspect of the Economics curriculum in class 12.

Why is Vedantu Beneficial as an E-Learning Platform?

Vedantu has emerged as a unified platform that offers students to download NCERT Indian Economy Class 12 PDF, participate in live learning classes, doubt-clearing sessions, etc. Students can rely on the meticulously prepared solutions and revision notes by Vedantu as well. You can browse through our website or download the app and begin learning as you access these notes anytime and from anywhere.

The best thing about Vedantu’s NCERT economic book of class 12 is that they are completely free and are available online in PDF format. These solutions do not have a time limit or any additional fees. In the previous part, we gave links to all of the NCERT Solutions. Simply click on the link to access the solutions for the subject and class of your choice.

Other Free CBSE Class 12 Economics Study Material

Other Free Study CBSE Material for Class 12

Conclusion

The NCERT Class 12th Economics book is a valuable resource, available in PDF format, covering essential concepts for students. Created by Vedantu, this 12th economics textbook provides a comprehensive understanding of economic principles. With user-friendly language and clear explanations, it facilitates easy comprehension. The PDF version ensures accessibility and convenience for students. Overall, the NCERT Class 12th Economics book, supported by Vedantu, stands as an indispensable tool for students seeking a solid foundation in economics. Whether you're accessing the 12th economics textbook PDF or the physical copy, it's a reliable guide to navigate the intricacies of economic theories and applications.