NCERT Solutions for Class 12 Macro Economics Introduction to Macroeconomics and its Concepts

NCERT Solutions for Class 12 Macro Economics Introduction to Macroeconomics and its Concepts

NCERT Solutions for Class 12 Macro Economics Introduction to Macroeconomics and its Concepts is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. What is meant by circular flow of income?

Ans. It refers to flow of money income or the flow of goods and services across different sectors of the economy in a circular form.

2. What are the three phases of circular flow of income?

Ans. Production Phase, Distribution Phase and Disposition Phase.

3. Give the meaning of factor income.

Ans. Income earned by factor of production by rendering their productive services in the production process is known as Factor Income.

4. What is meant by transfer income?

Ans. Income received without rendering any productive services is known as Transfer Income.

5. Out of factor income and transfer income which one is a unilateral concept?

Ans. Transfer income.

6. Define current transfers.[CBSE 2003]

Ans. Transfers made from the current income of the payer and added to the current income of the recipient (who receive) for consumption expenditure are called current transfers.

7. Define capital transfers.

Ans. Capital transfers are defined as transfers in cash and in kind for the purpose of investment to recipient made out of the wealth or saving of a donor.

8. What is the meaning of final goods?

Ans. These are those which are used for:
Personal consumption (like bread purchased by consumer household), or
Investment or capital formation (like building, machinery purchased by a firm)

9. What is meant by intermediate goods?

Ans. These are those, which are used for:
Further processing (like sugar used for making sweets), or
Resale in the same year (If car purchased by a car dealer for resale).

10. What is meant by consumption goods?

Ans. Consumption goods are those goods which satisfy the wants of consumers directly.

11. Define capital goods.

Ans. Capital goods are defined as all goods produced for use in future productive processes.

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