Class 12 Economics Important Chapter 1 Introduction

Class 12 Economics Important Chapter 1 Introduction Solutions English Medium As Per The New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 12 Economics Important Solutions in English and select need one. AHSEC Class 12 Economics Additional Notes Download PDF. HS 2nd Year Economics Additional Solutions.

Class 12 Economics Important Chapter 1 Introduction

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. ASSEB Class 12 Economics Additional Question Answer are part of All Subject Solutions. Here we have given HS 2nd Year Economics Important Solutions English Medium for All Chapters, You can practice these here.

Introduction

Chapter: 1

PART – A: INTRODUCTORY MICROECONOMICS

IMPORTANT QUESTION AND ANSWER

Short Questions and Answers:

1. What does microeconomics study?

Ans: Microeconomics studies the behavior of individual units of an economy.

2. What does macroeconomics focus on?

Ans: Macroeconomics focuses on aggregates of the economy as a whole.

3. Name two examples of aggregates studied in macroeconomics.

Ans: National income and aggregate demand.

4. What is the main objective of microeconomics?

Ans: To determine the price and production of a commodity or factors of production.

5. What is the main tool of microeconomics?

Ans: Demand and supply of particular commodity or service.

6. What is the main tool of macroeconomics?

Ans: Aggregate demand and aggregate supply of the whole economy.

7. What is the main instrument to solve micro problems?

Ans: Price.

8. What is the main instrument to solve macro problems?

Ans: Income.

9. Who is considered the founder father of modern macroeconomics?

Ans: John Maynard Keynes.

10. What major event marked the beginning of the Great Depression?

Ans: The stock market crash on October 24, 1929.

11. Which book was written by J.M. Keynes that revolutionized economic thought?

Ans: “General Theory of Employment, Interest and Money.”

12. What is the basic principle of Keynesian economics?

Ans: Demand is the driving force of an economy.

13. Name any two economic agents.

Ans: Consumers and producers.

14. What is the government sector engaged in?

Ans: Maintaining law and order, defense, and public welfare services.

15. What does the external sector deal with?

Ans: Export and import of goods and the flow of capital between countries.