Read and download the Glossary PDF from the official NCERT Book for Class 12 Economics. Updated for the 2025-26 academic session, you can access the complete Economics textbook in PDF format for free.
NCERT Class 12 Economics Glossary Digital Edition
For Class 12 Economics, this chapter in NCERT Book Class 12 Economics Glossary provides a detailed overview of important concepts. We highly recommend using this text alongside the NCERT Solutions for Class 12 Economics to learn the exercise questions provided at the end of the chapter.
Glossary NCERT Book Class Class 12 PDF (2025-26)
Average cost Total cost per unit of output.
Average fixed cost Total fixed cost per unit of output.
Average product Output per unit of the variable input.
Average revenue Total revenue per unit of output.
Average variable cost Total variable cost per unit of output.
Break-even point is the point on the supply curve at which a firm earns normal profit.
Budget line consists of all bundles which cost exactly equal to the consumer’s income.
Budget set is the collection of all bundles that the consumer can buy with her income at the prevailing market prices.
Constant returns to scale is a property of production function that holds when a proportional increase in all inputs results in an increase in output by the same proportion.
Cost function For every level of output, it shows the minimum cost for the firm.
Decreasing returns to scale is a property of production function that holds when a proportional increase in all inputs results in an increase in output by less than the proportion.
Demand curve is a graphical representation of the demand function. It gives the quantity demanded by the consumer at each price.
Demand function A consumer’s demand function for a good gives the amount of the good that the consumer chooses at different levels of its price when the other things remain unchanged.
Duopoly is a market with just two firms.
Equilibrium is a situation where the plans of all consumers and firms in the market match.
Excess demand If at a price market, demand exceeds market supply, it is said that excess demand exists in the market at that price.
Excess supply If at a price market, supply is greater than market demand, it is said that there is excess supply in the market at that price.
Firm’s supply curve shows the levels of output that a profitmaximising firm will choose to produce at different values of the market price.
Fixed input An input which cannot be varied in the short run is called a fixed input.
Please refer to attached file for NCERT Class 12 Economics Glossary
| NCERT Book Class 12 Economics Glossary |
| NCERT Book Class 12 Economics Introduction |
| NCERT Book Class 12 Introductory Microeconomics Vyashthi Arthashastra Ek Parichay Chapter 1 |
Free study material for Chapter 1 Introduction Microeconomics
NCERT Book Class 12 Economics Glossary
Download the official NCERT Textbook for Class 12 Economics Glossary, updated for the latest academic session. These e-books are the main textbook used by major education boards across India. All teachers and subject experts recommend the Glossary NCERT e-textbook because exam papers for Class 12 are strictly based on the syllabus specified in these books. You can download the complete chapter in PDF format from here.
Download Economics Class 12 NCERT eBooks in English
We have provided the complete collection of NCERT books in English Medium for all subjects in Class 12. These digital textbooks are very important for students who have English as their medium of studying. Each chapter, including Glossary, contains detailed explanations and a detailed list of questions at the end of the chapter. Simply click the links above to get your free Economics textbook PDF and start studying today.
Benefits of using NCERT Class 12 Textbooks
The Class 12 Economics Glossary book is designed to provide a strong conceptual understanding. Students should also access NCERT Solutions and revision notes on studiestoday.com to enhance their learning experience.
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