Class XII: Economics – Macroeconomics

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1. INTRODUCTION

Emergence of Macroeconomics
Context of the Present Book of Macroeconomics

2. NATIONAL INCOME ACCOUNTING

Some Basic Concepts of Macroeconomics
Circular Flow of Income and Methods of Calculating National Income
The Product or Value Added Method
Expenditure Method
Income Method
Factor Cost, Basic Prices and Market Prices
Some Macroeconomic Identities
Nominal and Real GDP
GDP and Welfare

3. MONEY AND BANKING

Functions of Money
Demand for Money and Supply of Money
Demand for Money
Supply of Money
Money Creation by Banking System
Balance Sheet of a Fictional Bank
Limits to Credit Creation and Money Multiplier
Policy Tools to Control Money Supply

4. DETERMINATION OF INCOME AND EMPLOYMENT

Aggregate Demand and its Components
Consumption
Investment
Determination of Income in Two-sector Model
Determination of Equilibrium Income in the Short Run
Macroeconomic equilibrium with price level fixed
Effect of an autonomous change in aggregate demand on income and output
The Multiplier Mechanism
Some More Concepts

5. GOVERNMENT BUDGET AND THE ECONOMY

Government Budget – Meaning and its Components
Objectives of Government Budget
Classification of Receipts
Classification of Expenditure
Balanced, Surplus and Deficit Budget
Measures of Government Deficit

6. OPEN ECONOMY MACROECONOMICS

The Balance of Payments
Current Account
Capital Account
Balance of Payments Surplus and Deficit
The Foreign Exchange Market
Foreign Exchange Rate
Determination of the Exchange Rate
Merits and Demerits of Flexible and Fixed Exchange Rate Systems
Managed Floating

GLOSSARY

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