NCERT Solutions for Class 12 Micro Economics Introduction to Economics

NCERT Solutions for Class 12 Micro Economics Introduction to Economics

NCERT Solutions for Class 12 Micro Economics Introduction to Economics 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

Ans. The three central problems of an economy are:

• What to produce refers to a problem in which decision regarding which goods and services should be produced is to be taken.
• Since its resources are limited, every economy has to decide what commodities are to be produced and in what quantities.
• The guiding principle for an economy here is to allocate resources in such a way that gives maximum aggregate utility to the society.

• How to produce refers to a problem in which decision regarding which technique of production should be used is made.
• Goods and services can be produced in two ways: by using labour intensive techniques, and by using capital-intensive techniques.
• The guiding principle for an economy in such a case has to decide about the techniques of production on the basis of cost of production. Those techniques of production should be used which lead to the least possible cost per unit of commodity or service.

• For whom to produce refers to a problem in which decision regarding which category of people are going to consume a good, i.e., economically poor or rich.
• As we know, goods and services are produced for those who can purchase them or have the capacity to buy them.
• Capacity to buy depends upon how income is distributed among the factors of production. The higher the income, the higher will be the capacity to buy and vice versa. So, this is a problem of distribution.
• The guiding principle is that the economy must see here that important and urgent wants of its citizens are being satisfied for the maximum possible extent or not.

Ans. Production possibilities of an economy refer to different combinations of goods and services which an economy can produce from a given amount of resources and a given stock of technology.

Ans. Production possibility frontier is a curve which depicts all the possible combinations of two goods which can be produced with given resources and technology in an economy.

Ans. In view of Mahatma Gandhi Hindustani was a language that the common people could easily understand. Hindustani was a blend of Hindi and Urdu. It was also popular among a large section of the people. Moreover, it was a composite language enriched by the interaction of diverse cultures. Words and terms from many different languages got incorporated into this language over the years.It made this language easily understandable by people from various regions. As per Mahatma Gandhi Hindustani would be the ideal language of communication between the communities. It would help to unify Hindus and Muslims and the people from north and south.Language came to be associated with the politics of religious identities from the end of the 19th century. But Mahatma Gandhi retained his faith in the composite character of Hindustani.

• The subject matter of economics includes microeconomics and macroeconomics.
• Microeconomics, studies the behaviour of individual economic units of an economy, like households, firms, individual consumers and producers etc. It does not study the economy as a whole.
• Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, aggregate investment, etc.

Ans. Out of syllabus

Ans. Out of syllabus

Ans. Out of syllabus

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