Chapter 12:- Plus Two Economics Chapter 12 Open Economy Macro Economics Introduction In the previous chapters we learned about equilibrium state in a closed economy. But modern economies are not closed ones, they are open economies. An open economy is an economy which has economic relations with other countries of Read more
Chapter 11:- Plus Two Economics Chapter 11 The Government Functions and Scope Introduction In the modern world the government has to perform several responsibilities. Maintenance of law and order, protection of life and property of people, administration of justice, providing basic infrastructure, promotion of public welfare, etc., are the basic Read more
Chapter 10:- Plus Two Economics Chapter 10 Income Determination Introduction The basic objective of macro-economics is to develop theoretical tools or models. The models attempt to provide theoretical explanation to questions. such as what causes periods of slow growth or recession in the economy or increase in price level, or Read more
Chapter 9:- Plus Two Economics Chapter 9 Money and Banking Introduction Invention of money is regarded as one of the greatest inventions of man. Modern economy is called money economy. It is difficult to think of life without money. But, it is important to note that there was a time Read more
Chapter 8:- Plus Two Economics Chapter-8 National Income Accounting Introduction National income is the income of the nation. Just as a person’s income reflects his economic status, national income reflects the economic status of the nation. All nations aim at improving their national income and per capita income. The performance Read more
Chapter 7:- Plus Two Economics Chapter 7 Introduction to Macro Economics Macro Economics: Meaning and Definition The words, micro economics and macro economics were coined by the economist, Ragner Frisch in 1933. Micro means small; macro means large. Macro economics studies the large aggregates of the economy. Micro economics studies Read more
Chapter 6:- Plus Two Economics Introduction Price and output determination in non-competitive markets like monopoly, monopolistic competition and oligopoly are discussed here. Simple Monopoly in the Commodity Market The word ‘Monopoly’ has been derived from the Greek words ‘mono’ which means single and ‘poly’ which means seller. Therefore monopoly means Read more
Chapter 5:- Introduction In a free market economy, prices of goods and services are determined by demand and supply. The process of determining prices of goods and services by demand and supply is called price mechanism. Price mechanism is an important feature of capitalist economy. We shall discuss how demand Read more
Chapter 4:- Plus Two Economics Chapter 4 Theory of Firm Under Perfect Competition Introduction Internationally, markets are classified into various categories on the basis of their characteristics In , market is a place where goods are bought and sold. However, in economics it is a very broad concept having many Read more
Chapter 3:- Plus Two Economics Chapter 3 Production and Cost An economic unit that produces goods and provides services is called the producer or firm . The producer’s most important aim is to produce goods at least cost thereby maximising his profit. All resources used for production of goods are Read more