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You may read NCERT Book for Class 12 Macroeconomics Chapter 1 Introduction here. You may find links to Class 12 Macroeconomics Notes, NCERT Solutions, Important Questions, Practice Papers, and more after each chapter.
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Table of Contents
Content of the Chapter
Starting of the Chapter
Glimpses of the Chapter
Those of you who will choose later to specialise in economics, for your higher studies, will know about the more complex analyses that are used by economists to
study macroeconomics today. But the basic questions of the study of macroeconomics would remain the same and you will find that these are actually the broad economic questions that concern all citizens – Will the prices as a whole rise or come down? Is the employment condition of the country as a whole, or of some sectors of the economy, getting better or is it worsening? What would be reasonable indicators to show that the economy is better or worse? What steps, if any, can the State take, or the people ask for, in order to improve the state of the economy? These are the kind of questions that make us think about the health of the country’s economy as a whole. These questions are dealt within macroeconomics at different levels of complexity.
In this book you will be introduced to some of the basic principles of macroeconomic analysis. The principles will be stated, as far as possible, in simple language. Sometimes elementary algebra will be used in the treatment for introducing the reader to some rigour.
If we observe the economy of a country as a whole it will appear that the output levels of all the goods and services in the economy have a tendency to move together.
If aggregate output level, price level, or employment level, in the different production units of an economy, bear close relationship to each other then the task of analysing the entire economy becomes relatively easy. Instead of dealing with the above mentioned variables at individual (disaggregated) levels, we can think of a single good as the representative of all the goods and services produced within the economy. This representative good will have a level of production which will correspond to the average production level of all the goods and services. Similarly, the price or employment level of this representative good will reflect the general
price and employment level of the economy.
In macroeconomics we usually simplify the analysis of how the country’s total production and the level of employment are related to attributes (called ‘variables’) like prices, rate of interest, wage rates, profits and so on, by focusing on a single imaginary commodity and what happens to it. We are able to afford this simplification and thus usefully abstain from studying what happens to the many real commodities that actually are bought and sold in the market because we generally see that what happens to the prices, interests, wages and profits etc. for one commodity more or less also happens for the others. Particularly, when these attributes start changing fast, like when prices are going up (in what is called an inflation), or employment and production levels are going down (heading for a depression), the general directions of the movements of these variables for all the individual commodities are usually of the same kind as are seen for the aggregates for the economy as a whole.
We will see below why, sometimes, we also depart from this useful simplification when we realise that the country’s economy as a whole may best be seen as composed of distinct sectors. For certain purposes the interdependence of (or even rivalry between) two sectors of the economy (agriculture and industry, for example) or the relationships between sectors (like the household sector, the business sector and government in a democratic set-up) help us understand some things happening to the country’s economy much better, than by only looking at the economy as a whole.
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NCERT Book for Class 12 Macroeconomics Chapter 1 Introduction - PDF Download
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These books are excellent for helping you get ready for yearly exams. The PDF for NCERT Book for Class 12 Macroeconomics Chapter 1 Introduction is available here.
Where can you download ‘Introduction' PDF?
Macroeconomics Chapter 1 Introduction
What topics are covered in ‘Introduction' Chapter?
The Chapter ' Introduction ' explains the following-
Is NCERT enough for Macroeconomics Class 12?
- The NCERT Books Class 12 Macroeconomics provides students with in-depth knowledge of economics.
- The course books include illustrations that might aid students in comprehending the chapters.
- These books can aid learners in independent study
Are the CBSE Books for Class 12 Macroeconomics significant for board exams?
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