Best Study Notes » Economics XII
MCH Notes - Unit 10 - Foreign Exchange - Balance of Payments
Best Coaching Class Notes by admin (#1) 241 days ago (Article)
Foreign Exchange with reference to one particular country refers to the currency of all the countries other than the country itself. So for India, all currencies other than the Indian Rupee will be termed as Foreign exchange or Forex in short.
Balance of Payments
Best Coaching Class Notes by admin (#1) 416 days ago (http://www.youtube.com)
An accounting system of recording all of a country's economic transactions with the rest of the world over a period of one year. If the production is less than demand, the country will
have to import that particular good or service which will create the problem of adverse balance
of trade and balance of payments. A Surplus production and exports create positive balance of payments.
have to import that particular good or service which will create the problem of adverse balance
of trade and balance of payments. A Surplus production and exports create positive balance of payments.
An Introduction to Aggregate Demand
Best Coaching Class Notes by admin (#1) 416 days ago (http://www.youtube.com)
Aggregate demand is the sum of all demand in an economy. The total demand of goods and services in an economy at a given overall price and time. The AD curve is downward sloping to the right.
Similarly, the Aggregate supply means the total supply of goods and services in the economy at any given point of time and price.
Similarly, the Aggregate supply means the total supply of goods and services in the economy at any given point of time and price.
Measuring GDP using the Income Approach and the Expenditure Approach
Best Coaching Class Notes by admin (#1) 416 days ago (http://www.youtube.com)
Three different methods of calculating national income are :
1. Product or Output Method
2. Income Method
3. Expenditure Method
Considering the circular flow of money -
Income = expenditure = output
Output or product method measures GDP by adding the total value of the output (of goods and services) produced by all activities during any time period, such as a year.
1. Product or Output Method
2. Income Method
3. Expenditure Method
Considering the circular flow of money -
Income = expenditure = output
Output or product method measures GDP by adding the total value of the output (of goods and services) produced by all activities during any time period, such as a year.
Real Versus Nominal GDP
Best Coaching Class Notes by admin (#1) 416 days ago (http://www.youtube.com)
National income at ‘constant price’measures the national income after making necessary adjustment to eliminate the effect of inflation. As the national income at ‘constant price’ is computed based on the real worth of the purchasing power of income, it is also called as ‘real national income’ or national income in ‘real’ terms. Nominal GDP thus includes the price changes as well, whereas the Real
Gross Domestic Product and Gross National Product
Best Coaching Class Notes by admin (#1) 416 days ago (http://www.youtube.com)
Gross National Product (GNP) is the total value of goods and services produced and income received in a year by domestic residents of
a country. It includes profits earned from capital invested abroad.
GNP – Net income earned from abroad = GDP
Thus, GDP is limited to the country's boundary.
a country. It includes profits earned from capital invested abroad.
GNP – Net income earned from abroad = GDP
Thus, GDP is limited to the country's boundary.
Tips for increasing marks in Economics Class XII
Best Coaching Class Notes by admin (#1) 464 days ago (http://http)
Nearly two-third marks have been allotted to 4 units - Consumer Equilibrium and Demand, Producer Behaviour and Supply, National Income and Determination of Income and Employment.
Circular Flow of Income
Best Coaching Class Notes by shaktichopra (#9) 417 days ago (http://www.youtube.com)
Another interesting video on Circular flow of income...Very well made
Circular Flow of Income - Macroeconomics
Best Coaching Class Notes by shaktichopra (#9) 417 days ago (http://www.youtube.com)
A Circular flow of income model indicates how money moves throughout an economy..basically starting from a place and coming back to the same place via other market players. The assumptions can be that there are only 2 market players or 3, 4 or 5. Hence, each of these models will use -
1. Households
2. Firms
3. Government
4. Financial Institutions
5. Foreign Markets
1. Households
2. Firms
3. Government
4. Financial Institutions
5. Foreign Markets
What is Monopoly
Best Coaching Class Notes by shaktichopra (#9) 417 days ago (http://www.youtube.com)
Monopoly is derived form a Greek words monos meaning single and polein meaning "to sell". It is different from monopolistic competition which means - a market structure in which several or many sellers each produce similar, but slightly differentiated products.
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