NCERT Books Class 12 Macro Economics

NCERT Books for Class 12 Macroeconomics

The students of the secondary and higher secondary can rely on the NCERT Books Class 12 Macroeconomics subject. The NCERT books clear every concept of macroeconomics very well and provide you with accurate topics and chapters of your syllabus. The commerce students can follow the NCERT Macroeconomics books for the class 12 board exams also.

Extramarks Macroeconomics Class 12 NCERT Books

The NCERT Macroeconomic books are written in a very comprehensive way to help students understand the concept of the subject very easily. It will help students create CBSE revision notes very easily from the books. In addition, the teachers of Macroeconomics in Extramarks also prefer to teach from these books, as these books provide them with various theories and examples of economics which make teaching easier. In other words, the books by NCERT make learning easier, simpler, and more interesting.

NCERT Solutions for Class 12 Macroeconomics 

Class 12 Macroeconomics introduces students to various concepts of Economics. It acquaints students with different theories and ideas of macroeconomics. So, a detailed understanding of the syllabus is important for the students who are going to appear in the board exam this year.

Extramarks has provided a download option for the NCERT economics class 12 macroeconomics PDF Students can download the class 12 macroeconomics NCERT book pdf to their phones and keep it along with them during their studies.

Chapter 1- Introduction to Macroeconomics

Chapter 2- National Income Accounting

Chapter 3- Money and Banking

Chapter 4- Determination of Income and Employment

Chapter 5- Government Budget and the Economy

Chapter 6- Open Economy Macroeconomics

NCERT Books for Class 12

NCERT books are trustworthy and reliable for other subjects as well. Students can study them to score well in the board exam also.

NCERT Solutions for Class 12

NCERT Books for CBSE Class 12 Macroeconomics 

A student of class 12 can download the PDF file for all the books on the CBSE board from the Extramarks website. 

Economics: Macroeconomics

Macroeconomics mainly deals with the total output, the use of its resources, the size of the national income and the overall price level. It acquaints you with the ideas of how the economy of a country and the whole world works.

The syllabus of Macroeconomics will cover various topics including macroeconomics principles, money, banking, national income, aggregate demand and supply, inadequate or excess demand, short-run equilibrium output, the government budget, foreign exchange rates and balance of payments, and others.

Significance of Macroeconomics NCERT 

It is vital for the students to study the chapters of class 12 Macroeconomics, especially those who want to build a career around the economy. So, the NCERT books are the medium that will make learning easier.. You cannot avoid NCERT books if you want to excel in class 12 Economics.  

The book will clear the core concepts of every chapter and help you get a proper understanding of every topic you will read. At the end of every chapter in the class 12 Macroeconomics NCERT Books, you will get an overview of all the important topics of the chapter. You can use them as a strategy for revision or examining yourself if you have understood the chapter deeply or not.

Chapter 1- Introduction to Macroeconomics

As it is the first chapter of the book, it is an introductory chapter. Students will learn in this chapter the postulated theories of renowned economists in the past like Keynes, Adam Smith and John Maynard.

Throughout the chapter, students can learn the key concepts of the subject and the importance of learning the subject. Key concepts like wages, profit, rate of interest, rate of employment and means of production. Students need to practice four sets of questions from this chapter. You must ensure that you understand the basics of this chapter before moving on to the next chapters.

Chapter 2- National Income Accounting

In this chapter, students will learn more about simple economic functions. Moreover, the chapter also explains the aggregate value of an economy extensively. The topics that are covered here include circular flow of income, national income calculation, Welfare, GDP and the macro economies identities.

The NCERT books also come with illustrations and explanations, which will help in understanding each topic of the syllabus, and must complete every numerical problem in the chapter for increased proficiency.

Chapter 3- Money and Banking

The chapter teaches students the functions of money and banks in the economy. It makes students concentrate on the transaction motive and speculative motive for demand for money. Additional topics deal with how money is related to economic development and the legal definition of narrow and broad money.

Lastly, it will give students teachings about the functionality of the Reserve Bank of India and other central banks. So, students will learn a lot about the national economy from this chapter.

Chapter 4- Determination of Income and Employment

As the name goes, the chapter deals with income generation and employment. Important topics of this chapter include Ex Ante and Ex Post. Moreover, you will come to know more about consumption and demand, investment and more.

The terminologies from this chapter include APC, APS, MPS and MPC. You will be able to predict how an autonomous change in aggregate demand can impact the output and revenue of a country. If a particular topic sounds very complex, you can also go through some well-demonstrated examples to understand it better.

Chapter 5- Government Budget and the Economy

In this chapter, you will come to know about the role of the government in the economy, making different policies and budgets. You will also learn about revenue accounts and capital accounts. The next portion of the chapter deals with fiscal policy changes that the government often enforces- the changes in tax and the alteration in government expenditures. With additional information, the NCERT book will also provide you with the method of how the government calculates fiscal deficits.

Chapter 6- Open Economy Macroeconomics

It is the final chapter of Macroeconomics. It provides concepts of governing an open economy. It teaches you different important topics including the deficit and balance payment surplus. Other topics in the chapter include flexible exchange rates, fixed exchange rates, managed floating, determination of exchange rates, national income identity, trade balance, trade deficits and much more.

Tips to Excel in Macroeconomics: 

Economics has the highest demand. It will make you capable of understanding the national and global economy. So, students need to learn the concepts of the syllabus very well. So, here are a few tips for the students of macroeconomics in Class 12.

  • Students must start studying the subjects from the beginning of class 12 to understand every concept of Macroeconomics easily. It is often seen in students that they study only before the exam and for the exam. This must be avoided as there is a lot to learn about the subject. Besides, a lot of future opportunities can be created for the learners.
  • Numerals are extremely significant in Macroeconomics. Many questions from the chapters like elasticity of demand and supply, revenues and cost, national income and others can be expected in the exam. Although the computations are mainly limited to subtraction and addition, you should be careful about not making mistakes.
  • Students do not need to memorise many formulas. Instead, they must know how each formula is generated, and they must be able to implement them effectively. Prepare a chapter-wise formula sheet and refer to it till you master it.   
  • Understand each concept of Macroeconomics before moving on to the next chapter. Make a list of queries you have from a chapter and ask your teacher for solutions. Don’t avoid the problems you face while studying Macroeconomics.
  • Give yourself adequate time to revise each chapter of the syllabus. Try to remember everything that is required. Remember to create a visually appealing and well-managed project file. The project is worth 20 marks on your board exam.
  • Try not to stress out as that will only make things more difficult. Plan your preparation, set a timetable and try your best to follow it to ensure maximum preparation and minimum stress levels. Start preparing from the beginning of the session so that you don’t panic at the last minute.

Why Must you Consult NCERT Macroeconomics Class 12 PDF Books? 

The article, from the beginning, has paid more attention to the NCERT books. There is a solid reason for that. The NCERT Books are genuinely the best you can study for the board exam. They help you understand all concepts and clear all your doubts. This is why the NCERT Books are adhered to by the students and teachers of Macroeconomics.

  • Extensive knowledge of each chapter with proper explanations and examples make NCERT Books very special for the students of class 12. It is an extremely well-made book, and students will benefit greatly if they use it for their exam preparation. 
  • Various illustrations and examples make studies fun and interesting. This is why each NCERT Macroeconomics book comes with illustrated examples and concepts to guide students properly and make them feel contented with every chapter.
  • Lastly, at the end of every chapter, there are some problems given to help students assess how deeply they have understood each topic.
  • The papers for board exams indicate that the CBSE also wants its students to learn the basics of economics from the NCERT books. If students have understood all the concepts clearly and solved the problems given in the NCERT books, they can easily score well in the final exam.
  • NCERT books acquaint students with the basics of the economy. If you learn the basics well, you will be able to understand the complex topics also. The books will encourage you to know the economy better and build the enthusiasm in you to pursue the subject for further studies. So, the macroeconomics books of class 12 prepare you for more advanced education in economics in the future.  

Chapter-wise important topics: 

Chapter 1: 

Consumption goods, Final Goods, capital goods, intermediate goods, Gross investment and depreciation, and all basics of macroeconomic concepts, Circular Flow of Income: National Income Calculation Methods: Value Added or Product method, Expenditure Method, and Income Method, Gross National Product, Net National Product, Gross domestic product and net domestic product, Real and Nominal GDP and GDP and Welfare.

Chapter 2:

The definition of money and its supply, Currency held by the Government and general public, The commercial banking system, Central banks and their functionality, Government banks, Issue banks and Bankers’ banks, Credit control, bank rates and CRR, SLR and Repo rates and reverse repo rates, margin requirements and market operations.

Chapter 3:

Demand as a whole and its constituents, Consumption proclivity and saving proclivity, Investment multiplier and its mechanism; short-run equilibrium output, Excess and deficient demand issues; taxes, and the money supply.

Chapter 4:

Purpose and components of the government budget, Revenue expenditure and capital spending and their categories, government deficit measures such as revenue shortfall, primary and fiscal deficit

Chapter 5:

Definition and components of the balance of payments account, Meaning of balance of payment account, Fixed and flexible rates, How an exchange rate is decided in the free market

Extramarks Helps you Delve Deeper into Topics

NCERT books provide you with all materials you need to prepare for the exam. Yet, you need some teachers who can guide you throughout. The teachers of Extramarks not only focus on the concepts in the CBSE syllabus but also help you understand the concepts with appropriate examples extensively. The complete knowledge is acquired through a good teacher only. Extramarks offers online study materials as well as sets of mock tests and online teaching that will surely make your learning interesting. Moreover, the PDF file is also available on the website of Extramarks which will helps students grasp each concept of macroeconomics easily.

NCERT Books for Class 12

NCERT Books for Class 12 Maths

NCERT Books for Class 12 Physics

NCERT Books for Class 12 Chemistry

NCERT Books for Class 12 Biology

NCERT Books for Class 12 English

NCERT Books for Class 12 Business Studies

NCERT Books for Class 12 Economics

NCERT Books for Class 12 Accountancy

FAQs (Frequently Asked Questions)

1. How many chapters are there in the syllabus of Macroeconomics?

As mentioned earlier, there are six chapters in the macroeconomics syllabus of class 12 board exams. The six chapters are the most vital chapters of the whole economics syllabus. Students must pay proper attention to each chapter of the syllabus. The topics of the chapter range from the basics of the economy to government budget formation.

Chapter 1- Introduction to Macroeconomics

Chapter 2- National Income Accounting

Chapter 3- Money and Banking

Chapter 4- Determination of Income and Employment

Chapter 5- Government Budget and the Economy

Chapter 6- Open Economy Macroeconomics

2. What are the differences between broad and narrow money in Macroeconomics?

The narrow definition of money is based on the medium of payment functionality of money. Narrow Money is categorised into M1 and M2. The demand deposits in banks and currency are called narrow money.

Broader money is defined by the store of value function of money. M3 and M4 are considered broad money, where the bank demands deposits; current and saving deposits in post offices and banks are examples.

Money is divided into two categories primarily- Broad and Narrow money. While M2/M3/M4 denotes broad money, M1/M0 is considered narrow money. Lastly, M4 denotes the biggest concept of the money supply.

3. What are the solutions of NCERT class 12 Macroeconomics?

The solutions refer to the questions with short answers. There are questions given at the end of every chapter. Students must solve the questions before moving on to the next chapter. These questions are there to assess students’ understanding of every chapter. Students must know or find the answers to the questions as soon as they have finished a chapter. These NCERT questions will help students improve their memory of students. They will also help them to know how deeply they have understood the particular chapter. If you have any doubts about solving the questions, ask your teachers for the solutions.

4. How is Macroeconomics different from Microeconomics?

Macro and micro both are integral parts of economics. Microeconomics deals with the economic discussions of individuals or businesses or both. On the other hand, Macroeconomics only deals with the larger economic components like countries and governments. For a student of economics and commerce, both of them are crucial for long-term learning. However, micro and macro are interconnected in many ways. Students will learn the correlation during their studies.

Students must not compromise working hard as the syllabus of macro and microeconomics will acquaint them with so many crucial topics that will help them build a solid base of economic wisdom.

5. What are the most important topics in the syllabus of Macroeconomics?

Unfortunately, there is no specific chapter that can be called the most important chapter. Every chapter unfolds different types of economic concepts and activities. It is advised to all the students to read each chapter with proper attention and dedication to get complete knowledge of class 12 Macroeconomics. The teachers of Extramarks believe the same. They are determined to teach every concept to students so the students don’t have to face any difficulties during their preparation for the exam.

6. Do I have to follow the NCERT Chapter-wise syllabus for the exam?

This is often seen among students who pick chapters randomly. NCERT has arranged everything chronologically so that you learn every concept of economics gradually. Moreover, the PDF files of NCERT books are freely available on Extramarks’ website. You no longer need to pay for them. Extramarks always focus on making books that will help students understand each concept easier and prepare them for their board exams. The teachers of Extramarks are quite active and well-grasped with every concept of economics. Their expertise will surely help you in solving your queries.

7. How can one prepare for the class 12 economics board exam?

Class 12 students always take extra pressure because of the board exams. However, this need not be the case always. If you have worked hard and committed to your studies, you are going to score well in the exams. For economics, the students are advised to complete the syllabus first. Then, they should focus on solving the CBSE previous year’s question papers and CBSE sample papers. They should appear on the mock tests held by Extramarks frequently and solve CBSE extra questions. These will help them prepare better. Macroeconomics is a threshold to understand the national economy as well as the world economy.