The chapters included in the class 12 Economics syllabus can be categorized into two parts. One is microeconomics, while the other is macroeconomics. Microeconomics is a more specific study of economic aspects. It studies individual behaviour or business perspectives in an economy. Macroeconomics, on the other hand, is a broader concept. It assesses the economy as a whole. The primary topics in macroeconomics are supply, demand, market price levels, and so on.
In Sandeep Garg Economics Solutions Class 12, you get both these sections properly explained. Accurate solutions to numerical problems and apt answers to the given questions help students understand the concepts of economics better. For more convenience, Sandeep Garg Economics Class 12 PDF free download is available on Vedantu.
Important Contents Covered in the Chapters of Sandeep Garg Economics Solutions for Class 12
Starting with microeconomics, here is a brief on the chapters included in the Class 12 syllabus.
Chapter 1: Introduction to Microeconomics
In the first chapter of this subject, students will learn about the basic concepts of microeconomics. For example, it contains scarcity, economic challenges, limitations, the definition of microeconomics and macroeconomics, PPF (Production Possibility Frontier). The chapter also includes a statement-based study on various economic concepts.
Chapter 2: Consumer’s Equilibrium
In the second chapter of Sandeep Garg microeconomics class 12, students are introduced to the concept of consumer’s equilibrium. Consumer’s equilibrium means the total amount of satisfaction drawn by a consumer after consuming a particular product or service. Next, you will learn a brief explanation of total utility and marginal utility.
The Law of Diminishing Utility has also been discussed in this chapter along with its assumptions. The indifference curve is explained along with a chart. This lesson also includes MRS (Marginal Rate of Substitution).
Chapter 3: Demand
In the 3rd chapter of Sandeep Garg Economics Class 12 Solutions, students get the definition of demand. It is followed by determinants of demand, demand function, the law of demand, etc.
Chapter 4: Elasticity of Demand
The elasticity of Demand is the quantitative change seen in the quantity demanded by consumers as a result of an increase or decrease in the product price. The 4th chapter in Sandeep Garg Solutions Class 12 gives the formula to calculate the elasticity of demand.
Chapter 5: Production Function
Production function, variable factors of production, product definition, the law of diminishing returns, and the law of variable proportions are explained in this chapter.
Chapter 6: Cost
Topics included in this chapter are:
Average Variable Cost
Chapter 7: Revenue
In the 7th chapter of Sandeep Garg Economics Class 12 Solutions, one learns about the following:
Chapter 8: Producer’s Equilibrium
State of the producer’s equilibrium and conditions required to achieve it has been thoroughly explained in this chapter.
Chapter 9: Supply
Supply, along with its determinants, MSS, market supply conditions, etc. is detailed in this chapter.
Chapter 10: Main Market Forms
In this chapter, you learn about the following market forms:
Chapter 11: Price Determination with Simple Applications
The last chapter contains notes on:
Now coming to the macroeconomics section of Sandeep Garg Economics Class 12, the following chapters are included in its syllabus.
Chapter 1: Circular Flow of Income
The circular flow of income includes the following:
The market for goods and services
Markets for factors of production
Firms or suppliers
The different phases in income's circular flow are also listed here.
Chapter 2: Basic Concepts of Macroeconomics
This chapter of Sandeep Garg macroeconomics class 12 covers the following concepts:
Factors of Production
Chapter 3: National Income and Related Aggregate
In this chapter, students understand the concepts of NDP (National Domestic Product), GNP (Gross National Product), GDP (Gross Domestic Product), etc.
Chapter 4: Measurement of National Income
In this chapter of Economics Sandeep Garg Class 12 Solutions, you get to know the different methods for calculating the national income of a country.
Chapter 5: Money
The contents covered in this chapter are:
Double Coincidence of Wants
Characteristics of Money
DDA or Demand Deposit Account
Chapter 6: Banking – Commercial Banks and the Central Bank
Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are the most important topics of this chapter.
Chapter 7: Aggregate Demand and Related Concepts
The two basic concepts you must understand here are:
Marginal Propensity to Save
Marginal Propensity to Consume
Chapter 8: Income Determination and Multiplier
In the 8th chapter of Sandeep Garg Economics Class 12 solutions, students learn how to find out multipliers.
Chapter 9: Excess Demand and Deficient Demand
The following concepts are covered in the chapter:
Chapter 10: Government Budget and the Economy
A budget is drafted based on:
Chapter 11: Foreign Exchange Rates
This chapter teaches how different countries trade on their currencies. Important functions of the FOREX (Foreign Exchange) market have also been detailed here.
Chapter 12: Balance of Payments
The current account, capital account, the balance of trade, foreign investment, borrowings, transfer payments, etc. are considered while calculating the balance of payment.
For your upcoming board exam revisions, you can download the Sandeep Garg Economics Class 12 PDF.
How will Sandeep Garg Textbooks help a student?
It is designed on the basis of the current CBSE syllabus.
Vedantu provides you with free access to these textbooks.
It contains clear solutions with precise answers to all kinds of questions including MCQs, short questions, and long questions.
It is an important source of preparation and revision.
The difference between national income and the current income at a constant price
There are a lot of differences between national income and current income when the price is constant .This has been explained in a tabulated form.
National income at the current price
National income at constant price
Reasons for change
It got impacted by the change in both price and quantity.
It got impacted by the change in the quantity only.
It is not suitable for comparing the national income of different years.
Use for the purpose of comparison between the national incomes of different years.
Index of economic growth
It is not a great tool for measuring the economic growth of a country.
It is a good tool for measuring the economic growth of a country.
Depreciation and the Capital Loss
It is indispensable for a student to understand their meaning and the differences. Sandeep Garg textbooks provide you with clear information and an in-depth understanding of both these concepts. They have been explained in a tabulated form.
It refers to the fall in the value and price of fixed assets due to normal wear and tear, and with the passage of time or outdated technology.
It refers to the loss in value of the fixed assets because of being outdated.
Provision for loss
Provisions are made for the replacement of assets as is expected.
No provisions are made. It is an unexpected loss.
Impact on the production process
It does not hamper the production process.
It hampers the production process.
Central Problems of an Economy
An economic problem generally refers to the problem of making choices that happens because of the scarcity of resources. It usually happens because people have unlimited desires but the means to satisfy that desire is limited. Therefore, satisfying all human needs is not possible with the help of limited means.
Causes of Economic Problem
Scarcity of resources: Resources like labor, land, and capital are insufficient as compared to the demand. Therefore, the economy cannot provide a solution to everything that humans want.
Unlimited Human Wants: Human beings’ demands and wants are unlimited which means it is very difficult to satisfy the demands and wants of humans. If a person’s one want is satisfied, they will start having new desires again and again and this process keeps on repeating. People’s wants are unlimited and keep multiplying, therefore, it is difficult to satisfy them with limited sources.
Alternative Uses: Resources being scarce, the same resources are used for multiple purposes. and it is therefore indispensable to make a choice among resources. For instance, petrol is used in automobiles and is also used for generators, running machines, etc. Therefore, the economy needs to decide on alternative uses.
Why Should Students Consider Studying from Sandeep Garg Solutions?
Sandeep Garg's solutions are excellent resources for Class 12 students to learn and practise topics covered in the syllabus. It contains detailed and comprehensive explanations for each question which enable students to clear their concepts in a precise way. Sandeep Garg's solutions help students immensely when they get stuck while solving questions. The format in which solutions are framed assured you to score maximum marks on the board and other competitive exams. Following are the other different reasons to prefer Sandeep Garg Solutions:
Sandeep Garg Solutions are easy to understand.
Sandeep Garg Solutions gives an in-depth understanding of the complex topics.
Sandeep Garg Solutions are easily available online free of cost in pdf format.
FAQs on Sandeep Garg Solutions for CBSE Class 12 Economics
1. What are the most important chapters in Microeconomics Class 12?
Among the most important chapters of the class 12 microeconomics syllabus, students should cover Demand, Elasticity of Demand, Cost, Revenue, Supply, Main Market Forms, and Price Determination with Simple Applications.
2. Which are the most scoring chapters in the Class 12 Macroeconomics Syllabus?
National Income and Related Aggregate, Measurement of National Income, Income Determination and Multiplier, and few other chapters can be considered most scoring. This is because the mentioned chapters contain numerical sums in which you can score full marks.
3. How many chapters are there in the Economics Syllabus of Class 12?
In the microeconomics section of the class 12 syllabus, there are 11 chapters. While in the macroeconomics section, there are a total of 12 chapters.
4. What are the most important chapters in Microeconomics Class 12?
The most important chapters of the class 12th microeconomics syllabus have been mentioned below in the tabulated form.
Positive and Normative Economics
Microeconomics and Macroeconomics
Demand Curve and the Law of Demand
Total Product, Average Product and Marginal Product (Graph & Numericals)
Indifference Curve and Shape of the Indifference Curve
Elasticity of Demand
Short-run functions student needs to study and Long run Costs
Price Ceiling & Price Flooring
Utility Function (Numericals)
Budget Line and Changes in the budget line
Microeconomics and Macroeconomics
5. Which are the most scoring chapters in the Class 12 Macroeconomics Syllabus?
Macroeconomics helps us perceive the functioning of an advanced modern economic system. It describes how the economy as a whole functions and the way the amount of value and employment is verified on the idea of combination demand and aggregate supply. Macroeconomics is very beneficial in the sense it helps to realize the goal of the economic process, a better GDP level, and a better level of employment. Macroeconomics explains factors that confirm the balance of payments. At the same time, it identifies causes of deficit in the balance of payments and suggests remedial measures. Therefore, the student needs to understand the scoring chapters of Macroeconomics too score well and can pursue their career in Economics in the future and they have been explained in a tabulated form below.
Name of The Chapter
National Income and Related Aggregates
Money and Banking
Determination of Income and Employment
Government Budget and the Economy
Balance of Payments
3. How many chapters are there in the Economics Syllabus of Class 12?
Economics helps us understand how an advanced modern economic system works. Analyzes the forces that determine a country's economic growth and explains how to achieve and maintain the best state of economic growth, helps stabilize the price index and analyzes fluctuations in trading activities, suggests policy measures to regulate inflation and deflation. So, it is very essential for a student to study Economics. The syllabus of economics is as follows:
Part A Introductory Macroeconomics
Unit 1. National Income and Related Aggregates
Unit 2. Money and Banking
Unit 3. Determination of Income and Employment
Unit 4. Government Budget and the Economy
Unit 5. Balance of Payments
Part B Indian Economic Development
Unit 6. Development Experience (1947-90) and Economic Reforms since 1991
Unit 7. Current Challenges facing Indian Economy
Unit 8. Development Experience of India – A Comparison with Neighbours
Theory Paper (40+40 = 80 Marks)
Part C Project Work
7. What are the features of Sandeep Garg Textbooks of Macroeconomics for class 12th?
Sandeep Garg textbooks have very extensive features that make the students score higher and better. They can use the textbook to prepare for the final exams.
This textbook has been designed by the experts and therefore it is according to the latest syllabus of CBSE.
Students get to learn the art of time with regular practices of solution papers designed by experts and also helps in solving the question papers accurately.
It provides you tons of questions with solutions including MCQs, short questions, and long questions.
8. What are the determinants of demand?
There are many determinants of demand and they are as follows:
Product Cost: There would be a change in the demand of the product by the customer as there would be a change in the price. People decide to buy if the price remains constant.
Income of the Consumer: The income of the customer also puts an impact on the demand. If the income of the consumer increases then the demand would increase.
Cost of related goods and services: The price of related goods and services also decides the demand. In the case of complementary products, if there would be an increase in the price of them then that would decrease the demand for the products.