Gist of NCERT Class 9 – Economics
Chapter 1: The Story of Village Palampur
Chapter 2: People as Resource
Chapter 3: Poverty as a Challenge
Chapter 4: Food Security in India
Gist of NCERT Class 10 – Economics (Understanding Economic Development)
Chapter 1: Development
Chapter 2: Sectors of the Indian Economy
Chapter 3: Money and Credit
Chapter 4: Globalisation and the Indian Economy
Gist of NCERT Class 11 – Indian Economic Development
Chapter 1: Development Policies and Experience (1947–90)
Chapter 2: Indian Economy 1950–1990
Chapter 3: Economic Reforms Since 1991
Chapter 4: Poverty
Chapter 5: Human Capital Formation in India
Chapter 6: Rural Development
Chapter 7: Employment – Growth, Informalization and Other Issues
Chapter 8: Infrastructure
Chapter 9: Environment and Sustainable Development
Chapter 10: Development Experiences of India
Gist of NCERT Class 12 – Macroeconomics
Chapter 1: Introduction to Macroeconomics
- What is Macroeconomics?
- Key Difference from Microeconomics
- The Representative Good Approach
- The Four Major Economic Sectors
- Historical Emergence
- Capitalist Economy Characteristics
- Factors of Production
- Key Takeaway
Chapter 2: National Income Accounting
- Core Concepts
- Final vs Intermediate Goods
- Stocks vs Flows
- Investment Concepts
- Circular Flow of Income
- Four Factors of Production and Their Payments
- Three Methods of Calculating National Income
- Product Method (Value Added Method)
- Expenditure Method
- Income Method
- Key Macroeconomic Identities
- Basic Identity Chain
- Important Economic Relationships
- Price Indices
- GDP Deflator
- Consumer Price Index (CPI)
- Wholesale Price Index (WPI)
- Key Differences
- Nominal vs Real GDP
- Inventory Management
- Types of Inventory Changes
- Key Identity
- GDP and Welfare – Limitations
- Distribution Issues
- Non-Monetary Exchanges
- Externalities
- Practical Applications
- Macroeconomic Model
- Real-World Complexity
- Key Takeaways
Chapter 3: Money and Banking
- What is Money?
- Functions of Money
- Medium of Exchange
- Unit of Account
- Store of Value
- Demand for Money
- Transaction Motive
- Speculative Motive
- Money Supply
- Definitions in India (by RBI)
- Types of Money
- Money Creation by Banking System
- Key Ratios
- Money Multiplier Process
- High Powered Money
- Role of Reserve Bank of India (RBI)
- Primary Functions
- Monetary Policy Instruments
- Key Economic Relationships
- Practical Implications
Chapter 4: Income Determination
- Ex Ante vs Ex Post: Planned vs Actual
- Ex Ante (Planned Values)
- Ex Post (Actual Values)
- Consumption Function
- Investment Function
- Aggregate Demand in Product Market
- Equilibrium Condition
- The Effective Demand Principle
- The Multiplier Mechanism
- How It Works
- Multiplier Formula
- Numerical Example
- Key Relationships
- Multiplier Size Depends on MPC
- Examples
- The Paradox of Thrift
- How It Works
- Numerical Example
- Graphical Analysis
- Movement Along vs Shift of Curves
- 45° Line Diagram
- Government Sector Extension
- Practical Implications
- Policy Applications
- Economic Understanding
- Limitations of the Model
Chapter 5: The Government – Functions and Scope
- Overview
- Three Core Functions of Government
- Allocation Function
- Distribution Function
- Stabilization Function
- Government Budget Structure
- Revenue Budget
- Capital Budget
- Government Deficit Measures
- Revenue Deficit
- Fiscal Deficit
- Primary Deficit
- Fiscal Policy and Multiplier Effects
- Government Expenditure Multiplier
- Tax Multiplier
- Balanced Budget Multiplier
- Automatic Stabilizers
- Government Debt Perspectives
- Burden of Debt Arguments
- Counter-Arguments
- Debt Management
- Key Policy Implications
- Deficit Reduction Strategies
- FRBMA (2003) Framework
- Contemporary Relevance
Chapter 6: Open Economy Overview
- Overview
- Balance of Payments (BoP)
- Structure
- BoP Equilibrium
- Foreign Exchange Market
- Exchange Rate Types
- Exchange Rate Determination
- Historical Exchange Rate Systems
- Gold Standard (1870–1914)
- Bretton Woods System (1944–1971)
- Current System
- Open Economy Income Determination
- National Income Identity
- Import and Export Functions
- Open Economy Multiplier
- Policy Effects
- Trade Deficits and National Saving
- Relationship
- Implications
- Key Policy Insights
- Exchange Rate Management
- Fiscal Policy in Open Economy
- International Interdependence
- Indian Experience
Gist of NCERT Class 12 – Microeconomics
Chapter 1: Introduction to Economics
- Core Economic Reality: Scarcity and Choice
- The Three Central Economic Problems
- Production Possibility Frontier (PPF)
- Economic Systems
- Centrally Planned Economy
- Market Economy
- Mixed Economy
- Economic Analysis Types
- Positive Economics
- Normative Economics
- Branches of Economics
- Microeconomics
- Macroeconomics
- Key Takeaway
Chapter 2: Theory of Consumer Behaviour
- Core Question
- The Consumer’s Budget
- Budget Set and Budget Line
- Key Properties of Budget Line
- Changes in Budget Set
- Consumer Preferences
- Key Assumptions About Preferences
- Indifference Curves
- Marginal Rate of Substitution (MRS)
- Utility Function
- Consumer’s Optimal Choice
- Optimization Condition
- Why This is Optimal
- Demand Analysis
- Individual Demand Curve
- Effects of Price Changes
- Types of Goods
- Shifts vs. Movements in Demand
- Market Demand
- Price Elasticity of Demand
- Definition and Formula
- Classifications
- Factors Affecting Elasticity
- Elasticity and Total Expenditure
- Key Insights
Chapter 3: Production and Costs
- Overview
- Key Concepts
- Production Function
- Short Run and Long Run in Production
- Law of Variable Proportions (Short Run)
- Returns to Scale (Long Run)
- Costs of Production
- Long-Run Costs
- Conclusion
Chapter 4: The Theory of the Firm under Perfect Competition
- Overview
- Key Concepts
- Perfect Competition
- Revenue
- Profit Maximization
- Supply Curve of a Firm
- Conclusion
Chapter 5: Market Equilibrium
- Overview
- Key Concepts
- Market Equilibrium
- Changes in Equilibrium
- Price Ceiling (Maximum Price)
- Price Floor (Minimum Price)
- Effects of Shifts and Controls
- Conclusion
Chapter 6: Non-Competitive Markets
- Overview
- Key Concepts
- Monopoly
- Monopolistic Competition
- Comparison with Perfect Competition
- Welfare Implications