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Class 12

Economics: Introductory Macroeconomics

36 lessons in 6 chapters, explained in plain words.

Introduction

  1. Microeconomics and macroeconomics
  2. How macroeconomics began
  3. The capitalist economy and its four sectors

National Income Accounting

  1. Final and intermediate goods
  2. Stocks, flows and investment
  3. The circular flow of income
  4. The product (value added) method
  5. Expenditure and income methods; prices
  6. National income aggregates
  7. Nominal and real GDP; price indices
  8. GDP and welfare

Money and Banking

  1. Money and its functions
  2. Demand for money: the transaction motive
  3. Bonds, the speculative motive and the liquidity trap
  4. Measures of money supply
  5. Banks create money
  6. Monetary policy tools

Determination of Income and Employment

  1. Planned values and the consumption function
  2. Investment and aggregate demand
  3. Finding equilibrium income
  4. The multiplier
  5. The paradox of thrift; full employment

Government Budget and the Economy

  1. The budget and its objectives
  2. Receipts and expenditure
  3. Measures of deficit
  4. Fiscal policy and its multipliers
  5. Proportional taxes, stabilisers and transfers
  6. Government debt and deficits
  7. FRBMA and GST

Open Economy Macroeconomics

  1. The open economy
  2. The current account
  3. The capital account and BoP balance
  4. The foreign exchange market
  5. What moves exchange rates
  6. Fixed rates and managed floating
  7. Income in an open economy