Revision Notes for CBSE Class 12 Macro Economics Chapter 5 - Free PDF Download
Class 12 Economics Chapter 5 Notes have been prepared by the experts at Vedantu to help the students revise the concepts of the chapter thoroughly before the exams. The experts have used their experience and specialized knowledge to summarise the important concepts of the chapter in a methodical manner. It is very important for students in Class 12 to be clear with the fundamentals of economics as these are used as the base for specialized topics in economics in higher classes. Economics Class 12 Chapter 5 The Government - Functions and Scope is an important chapter and helps the students in learning about the budget.
FAQs on Government Budget and the Economy Class 12 Notes CBSE Macro Economics Chapter 5 [Free PDF Download]
1. What is the Difference Between Direct Taxes and Indirect Taxes?
Macroeconomics Class 12 Chapter 5 Notes explain the difference between direct and indirect taxes with the help of examples. Taxes form an important part of the revenue for the government. Direct taxes are the taxes of which the burden cannot be shifted to others. The Impact and incidence of these taxes are on the same person, eg wealth tax. Indirect taxes are the taxes for which the burden can be shifted to others. The impact and incidence of these taxes fall on different people, eg, service tax. Students can refer to the government budget and the economy class 12 notes to understand this difference clearly.
2. How do These Revision Notes Help the Students in Preparing for the Exams?
Budget is an important concept in economics and understanding all its components is vital for students to grasp further knowledge on this topic. The revision notes have been curated by the experts after a careful and thorough study of the chapters. The notes have been prepared, keeping in mind the concepts on which questions are based. The explanations for every concept have been given in a format that can be formulated into answers by the students. Each topic is followed by examples, and equations to help the students revise easily.
3. What is a government budget Class 12?
A government budget is a country's document or yearly financial statement that shows estimated revenue and expenditure of one by one every item during the course of that year. This government budget is presented on the budget day in Lok Sabha. In India, the financial year begins on April 1st and ends on March 31st of the following year. The government develops a budget based on its goals, and then begins to collect the resources and finances needed to complete the investment.
4. What are the objectives of the government budget 12th?
Savings and investments are essential to a nation's overall economic prosperity. As a result, budgetary measures are implemented in order to ensure that different governmental sectors have enough resources. Economic savings and investments are boosted by the government. A number of government-sponsored budgetary programmes are being implemented to close the income gap between the wealthiest and the poor in the country. Financial measures such as subventions or taxes can help attain this goal. It's a top priority for the Budget to reduce the market's pricing fluctuations.
5. How do you measure the government deficit?
There are majorly three ways to measure the government deficit, which are as follows:
Revenue Deficit- The difference between government revenue expenditures and total revenue receipts is known as the revenue deficit.
Fiscal Deficit- It is the difference between government expenses and the total receipts, excluding borrowing, that determines the fiscal deficit.
Primary Deficit- The primary deficit's purpose is to focus on the current fiscal imbalances, which is why it is measured. Basically, it's the budget deficit minus interest payments.
6. What are the important topics covered in Class 12 Macroeconomics Chapter 5 revision notes?
Vedantu makes sure not to leave a single important topic unnoticed. All the topics are briefly explained in the revision notes provided by Vedantu. Following are the important questions that are covered in Class 12 Macroeconomics Chapter 5 revision notes:
Components of government budget
The revenue account- revenue expenditure and receipts
The capital account- capital expenditure and receipts
Measures of government deficit- revenue, fiscal and primary deficit
Changes in government expenditure
Changes in taxes
7. Where can I get the NCERT solutions for Class 12 Macroeconomics Chapter 5 in PDF format?
Vedantu app and Vedantu website both offer the NCERT Solutions for Class 12 Macroeconomics Chapter 5 in PDF format which can be downloaded for free of cost. Every chapter ends with a set of questions which Vedantu answers in-detail in its NCERT Solutions. You can use these solutions to prepare for your exams by going through them and practicing them regularly. It's simple, just visit the page CBSE Class 12 Macro Economics Revision Notes Chapter 5 and you'll be taken to a page with the NCERT Solutions.