NCERT Class 12 Economics Introduction

Read and download NCERT Class 12 Economics Introduction in NCERT book for Class 12 Economics. You can download latest NCERT eBooks chapter wise in PDF format free from Studiestoday.com. This Economics textbook for Class 12 is designed by NCERT and is very useful for students. Please also refer to the NCERT solutions for Class 12 Economics to understand the answers of the exercise questions given at the end of this chapter

NCERT Book for Class 12 Economics Part A Microeconomics Chapter 1 Introduction to Micro Economics

Class 12 Economics students should refer to the following NCERT Book Part A Microeconomics Chapter 1 Introduction to Micro Economics in Class 12. This NCERT Book for Class 12 Economics will be very useful for exams and help you to score good marks

Part A Microeconomics Chapter 1 Introduction to Micro Economics NCERT Book Class 12

 

Think of any society. People in the society need many goods and services1 in their everyday life including food, clothing, shelter, transport facilities like roads and railways, postal services and various other services like that of teachers and doctors. In fact, the list of goods and services that any individual2 needs is so large that no individual in society, to begin with, has all the things she needs. Every individual has some amount of only a few of the goods and services that she would like to use. A family farm may own a plot of land, some grains, farming implements, maybe a pair of bullocks and also the labour services of the family members. A weaver may
have some yarn, some cotton and other instruments required for weaving cloth. The teacher in the local school has the skills required to impart education to the students. Some others in society may  ot have any resource3 excepting their own labour services. Each of these decision making units can produce some goods or services by using the resources that it has and use part of the produce to obtain the many other goods and services which it needs. For xample, the family farm can produce corn, use part of the produce for consumption purposes and procure clothing, housing and various services in exchange for the rest of the produce. Similarly, the weaver can get the goods and services that she wants in exchange for the cloth she produces in her yarn. The teacher can earn some money by teaching students in the school and use the money for obtaining the goods and services that she wants.

The labourer also can try to fulfill her needs by using whatever money she can earn by working for someone else. Each individual can thus use her resources to fulfill her needs. It goes without saying that no individual has unlimited resources compared to her needs. The amount of corn that the family farm can produce is limited by the amount of resources it has, and hence, the amount of different goods and services that it can procure in exchange of corn is also limited. As a result, the family is forced to make a choice between the different goods and services that are available. It can have more of a good or service only by giving up some amounts of
other goods or services. For example, if the family wants to have a bigger house, it may have to give up the idea of having a few more acres of arable land. If it wants more and better education for the children, it may have to give up some of the luxuries of life. The same is the case with all other individuals in society. Everyone faces scarcity of resources, and therefore, has to use the limited resources in the best possible way to fulfill her needs.
In general, every individual in society is engaged in the production of some goods or services and she wants a combination of many goods and services not all of which are produced by her. Needless to say that there has to be some compatibility between what people in society collectively want to have and what they produce4. For example, the total amount of corn produced by family farm along with other farming units in a society must match the total amount of corn that people in the society collectively want to consume. If people in the society do not want as much corn as the farming units are capable of producing collectively, a part of the resources of these units could have been used in the production of some other good or services which is in high demand. On the other hand, if people in the society want more corn compared to what the farming units are producing collectively, the resources used in the production of some other goods and services may be reallocated to the production of corn. Similar is the case with all other goods or services. Just as the resources of an individual
are scarce, the resources of the society are also scarce in comparison to what the people in the society might collectively want to have. The scarce resources of the society have to be allocated properly in the production of different goods and services in keeping with the likes and dislikes of the people of the society. Any allocation5 of resources of the society would result in the production of a particular combination of different goods and services. The goods and services thus produced will have to be distributed among the individuals of the society. The allocation of the limited resources and the distribution of the final mix of goods and services are two of the basic economic problems faced by the society.


Please refer to attached file for NCERT Class 12 Economics Introduction

Part A Introductory Microeconomics Glossary
NCERT Class 12 Economics Glossary
Part A Microeconomics Chapter 01 Introduction to Micro Economics
NCERT Class 12 Economics Introduction
Part A Microeconomics Chapter 02 Theory of Consumer Behaviour
NCERT Class 12 Economics Theory of Consumer Behaviour
Part A Microeconomics Chapter 03 Production and Costs
NCERT Class 12 Economics Production and Costs
Part A Microeconomics Chapter 04 The Theory of the Firm under Perfect Competition
NCERT Class 12 Economics The Theory of the Firm under Perfect Competition
Part A Microeconomics Chapter 05 Market Equilibrium
NCERT Class 12 Economics Market Equilibrium
Part A Microeconomics Chapter 06 Non-competitive Markets
NCERT Class 12 Economics Non competitive Markets
Part B Introductory Macroeconomics Glossary
NCERT Class 12 Economics Introductory Macroeconomics Glossary
Part B Macroeconomics Chapter 02 National Income Accounting
NCERT Class 12 Economics National Income Accounting
Part B Macroeconomics Chapter 03 Money and Banking
NCERT Class 12 Economics Money and Banking
Part B Macroeconomics Chapter 04 Determination of Income and Employment
NCERT Class 12 Economics Income Determination
Part B Macroeconomics Chapter 06 Open Economy Macroeconomics
NCERT Class 12 Economics Open Economy Macroeconomics

Economics NCERT Book Class 12 Part A Microeconomics Chapter 1 Introduction to Micro Economics

The above NCERT Books for Class 12 Economics Part A Microeconomics Chapter 1 Introduction to Micro Economics have been published by NCERT for latest academic session. The textbook by NCERT for Part A Microeconomics Chapter 1 Introduction to Micro Economics Economics Class 12 is being used by various schools and almost all education boards in India. Teachers have always recommended students to refer to Part A Microeconomics Chapter 1 Introduction to Micro Economics NCERT etextbooks as the exams for Class 12 Economics are always asked as per the syllabus defined in these ebooks. These Class 12 Part A Microeconomics Chapter 1 Introduction to Micro Economics book for Economics also includes collection of question. We have also provided NCERT solutions for Class 12 Economics which have been developed by teachers of StudiesToday.com after thorough review of the latest book and based on pattern of questions in upcoming exams for Class 12 students.

NCERT Book Class 12 Economics Part A Microeconomics Chapter 1 Introduction to Micro Economics

The latest NCERT book for Part A Microeconomics Chapter 1 Introduction to Micro Economics pdf have been published by NCERT based on the latest research done for each topic which has to be taught to students in all classes. The books for Class 12 Economics Part A Microeconomics Chapter 1 Introduction to Micro Economics are designed to enhance the overall understanding of students. All Class 12 NCERT textbooks have been written in an easy to understand language which will help to enhance the overall level of Class 12 students. 

Part A Microeconomics Chapter 1 Introduction to Micro Economics NCERT Book Class 12 Economics

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Class 12 Economics Part A Microeconomics Chapter 1 Introduction to Micro Economics NCERT Book

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Class 12 Part A Microeconomics Chapter 1 Introduction to Micro Economics NCERT Book Economics

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