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Class12 Economics Chapterwise Notes

The document provides chapterwise notes for Class 12 Economics covering key topics such as National Income, Money & Banking, Government Budget, Balance of Payments, and Economic Reforms. It highlights essential concepts, formulas, and historical context of the Indian economy, including challenges and comparative development with China and Pakistan. Each section is designed for quick recall and understanding of fundamental economic principles.

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43 views10 pages

Class12 Economics Chapterwise Notes

The document provides chapterwise notes for Class 12 Economics covering key topics such as National Income, Money & Banking, Government Budget, Balance of Payments, and Economic Reforms. It highlights essential concepts, formulas, and historical context of the Indian economy, including challenges and comparative development with China and Pakistan. Each section is designed for quick recall and understanding of fundamental economic principles.

Uploaded by

priyanshsharma46644
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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■ Class 12 Economics (2025–26) –

Chapterwise One Page Notes ■

National Income & Related Aggregates


■ GDP, GNP, NDP, NNP at Market Price & Factor Cost
■ Methods: Value Added, Income, Expenditure
■ Real vs Nominal GDP, GDP Deflator
■ Circular Flow of Income (2-sector, 3-sector)
■ Key formulas box for exam quick recall
Money & Banking
■ Functions of Money: Medium, Measure, Standard, Store
■ Credit Creation by Commercial Banks
■ Central Bank (RBI) Functions: Issue of currency, Control of credit
■ Monetary tools: Repo, Reverse Repo, CRR, SLR, OMO
Government Budget & Economy
■ Components: Revenue (Tax, Non-Tax), Capital (Borrowings, Disinvestment)
■ Balanced, Surplus, Deficit Budget
■ Deficits: Fiscal, Revenue, Primary
■ Objectives: Allocation, Redistribution, Stability
Balance of Payments
■ Current Account: Goods, Services, Transfers
■ Capital Account: FDI, Loans, Portfolio
■ Disequilibrium causes & solutions
■ BOP always balances (double-entry system)
Determination of Income & Employment
■ Aggregate Demand (C+I+G+NX), Aggregate Supply
■ Consumption Function, Saving Function
■ Multiplier = 1/(1-MPC)
■ Equilibrium: AD = AS
■ Inflationary & Deflationary gaps
Indian Economy on Eve of Independence
■ Agriculture: Low productivity, Zamindari system
■ Industry: Decline of handicrafts, no capital goods
■ Foreign Trade: Export of raw material, import of finished goods
■ Demography: High death rate, low literacy, poverty
Indian Economy (1950–1990)
■ Planning: Five-Year Plans
■ Agriculture: Land reforms, Green Revolution
■ Industry: Public sector dominance, License Raj
■ Trade Policy: Import substitution
Economic Reforms 1991 (LPG)
■ Liberalisation: Removal of licensing, tax reforms
■ Privatisation: PSU disinvestment, reduced govt role
■ Globalisation: WTO, FDI, MNCs entry
■ Impact: Higher growth, inequality, foreign competition
Current Challenges
■ Poverty: Absolute & Relative
■ Unemployment: Casual, disguised, educated
■ Human Capital: Education & Health investment
■ Rural Development, Infrastructure needs
■ Environment: Sustainable development, pollution control
Comparative Development (India, China, Pakistan)
■ Indicators: GDP, Growth rate, Literacy, IMR, Life expectancy
■ India: Service-led, mixed economy
■ China: Manufacturing-driven, rapid growth
■ Pakistan: Slower reforms, agriculture focus
■ Comparison: India vs China vs Pakistan development paths

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