Frank solutions for Economics [English] Class 12 ISC chapter 21 - Project Work [Latest edition]

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Concepts covered in Economics [English] Class 12 ISC chapter 21 Project Work are Microeconomics, Micro Economics VS Macro Economics, Macroeconomics, Branches of Economics, Determinants of Demand, Role of Demand and Supply in Economics, Types of Demand, Law of Demand, Concept of Demand, Demand Function, Demand Schedule, Demand Curve, Reasons for the Downward Slope of the Demand Curve, Exceptions to the Law of Demand, Movement along the Demand Curve and Shift of the Demand Curve, Difference Between Extension and Increase in Demand, Paul A. Samuelson: Father of Modern Economics, Market Demand Schedule, Market Demand Curve, Importance of the Law of Demand, Change in Quantity Demanded: Movement along the Demand Curve, Change in Demand – Shift in Demand Curve, Individual Demand Curve, Individual Demand Schedule, Difference Between Contraction and Decrease in Demand, Law of Diminishing Marginal Utility, Consumer's Equilibrium through Cardinal Utility Approach, Law of Equi-Marginal Utility, Importance and Limitations of law of Equi-Marginal Utility, Ordinal Utility Analysis/Indifference Curve Analysis, Total Utility and Marginal Utility, Cardinal Approach (Utility Analysis), Alfred Marshall: Key Contributor to Economics, Relationship Between Total Utility and Marginal Utility, Approaches to Consumer Behaviour, Properties of Indifference Curves, Price Line or Budget Line, Consumer's Equilibrium through Indifference Curve Approach, Relationship Between Marginal Rate of Substitution and Marginal Utility, Basic Concepts of Microeconomics > Utility, Concept of Elasticity of Demand, Types of Elasticity of Demand > Price Elasticity, Factors Affecting Price Elasticity of Demand, Importance of Elasticity of Demand, Types of Elasticity of Demand > Cross Elasticity, Types of Elasticity of Demand > Income Elasticity, Numerical Problems of Price Elasticity of Demand, Methods of Measuring Price Elasticity of Demand, Determinants of Supply, Movements Along and Shifts in Supply Curve, Measurement of Elasticity of Supply, Concept of Supply, Law of Supply, Price Elasticity of Supply, Categories (Degrees) of Elasticity of Supply, Applications of Tools of Demand and Supply Price Control, Effect of Simultaneous change in Demand and Supply on Equilibrium Price, Equilibrium Price and Quantity in a Competitive Market, Effects of Simultaneous Changes (Shifts) in Demand and Supply, Some Special Cases of Equilibrium, Basic Concepts of Equilibrium and Equilibrium Price, Relationship between Average Product (AP) and Marginal Product (MP), Relationship between Total Product (TP) and Marginal Product (MP), Law of Variable Proportions, Three Stages of Production, Basics of Production Theory, Production Function, Variation of Output in the Short-Run Returns to a Factor, Stages of Operation and the Decision to Produce, Variation of Output in the Long Run - Returns to Scale, Changes in Production, Explanation of the Law of Variable Proportions, Law of Variable Proportions and Returns to Scale Compared, Products, Factors of Production, Scale of Production and Concept of Indivisibility, Economies of Scale, Diseconomies of Scale, Significance of Economies of Scale, Revenue Concepts, Relationship between Total, Average and Marginal Revenues under Perfect Competition, Cost of Production, Behaviour of Cost in the Short - Run, Relationship between Total, Average and Marginal Revenue under Imperfect Competition, Significance of Revenue Curve, Costs in Long Run Period, Types of Revenue, Relation Between Total, Average and Marginal Revenue, Comparative Study of Revenue Curves under Different Markets, Relationship Between (Mutual Determination) AR, MR, and Elasticity of Demand, Difference Between Short - Run & Long Run Costs, Theories of Costs: Traditional Theory of Costs/Short Run Cost Curves, Cost Concepts > Total Costs, Cost Concepts > Average Cost, Cost Concepts > Marginal Cost, Relationship between Average and Marginal Cost, Long-Run Cost Curves, Concept of Market, Market Structure, Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly, Demand Curves of Firms under Different Market Forms, Comparison between different forms of market, Concept of Monopsony, Classification of Market Structure, Duopoly, Bilateral Monopoly, Other Forms of Market, Factors Determining Market / Extent of Market, Firm : An Economic Entity, Firm's Equilibrium, Profit Maximisation Objective, Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach, Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach, Determination of Long Run Equilibrium of a Firm, Determination of Short Run Equilibrium of a Firm, Perfect Competition, Changes in Equilibrium, Effect of Simultaneous change in Demand and Supply on Equilibrium Price, Time Element in the Theory of Price Determination, Determination of Equilibrium Prices, Normal Price and Law of Returns, Comparison between Market Price and Normal Price, Practical Applications of Tools of Demand and Supply Analysis, Price Determination Under Perfect Competition, Basic Model of Income Determination, Aggregate Demand and Its Components, Propensity to Consume or Consumption Function, Propensity to Save, Investment Expenditure, Determination of Equilibrium Income and Output, Investment Multiplier and Its Mechanism, The Concept of Full Employment, Saving-investment Approach, Important Terms of Employment and Unemployment, Excess Demand, Deficient Demand, Solved Problems on Consumption and Income, Supply of Money, Inflation, Functions of Money, Concept of Money, Importance of Money, Types of Money, Barter system, Modern Forms of Money, Banking > Functions of Commercial Bank, Credit Creation by Commercial Banks, Central Bank, Central Bank as a Controller of Credit, Concept of Bank, Types of Bank, Role of Commercial Banks in an Economy, Commercial Banks, Comparison Between Central Bank and Commercial Banks, Methods of Credit Control, Quantitative Methods, Qualitative (Or Selective) Methods, Concept of Balance of Payments, Components of Balance of Payments, Current Account Transactions, Capital Account Transactions, Categories of Balance of Payments, Balance of Payments Disequilibrium, Measures to Correct Disequilibrium in the Balance of Payments, Foreign Exchange Rate, Concepts of Depreciation, Appreciation, Devaluation and Revaluation, Determination of Exchange Rate in a Free Market, Balance of Trade and Balance of Payments- Comparison, Methods to Measure Balance of Payments, Balance of Payments Always Balances, Exchange Rate, Types of Foreign Exchange Rate, Determination of Equilibrium Rate of Exchange, Structure of Balance of Payment, Features of Balance of Payment, Fixed Rate of Exchange, Factors or Determinants of Foreign Exchange Rate, Flexible Rate of Exchange, Managed Floating Exchange Rate System, Importance of Public Expenditure, Public Debt - Redemption, Deficit Financing, Structure of Public Finance > Public Expenditure, Structure of Public Finance > Public Debt, Structure of Public Finance > Fiscal Policy, Public Finance, Objectives of Fiscal Policy, Instruments of Fiscal Policy - Taxation, Proportional, Progressive and Regressive Taxes, Reasons for Borrowing by the Government, Fiscal Policy in Action, Miscellaneous Objectives of Fiscal Policy, Fiscal Measures for Stabilisation, Methods of Fiscal Policy in Developing Countries, Limitations of Fiscal Policy, Instruments of Fiscal Policy, Structure of Public Finance > Public Revenue, Types of Taxes, Tax Reforms in India, Government Budget, Need and Importance of Government Budget, Classification of Budget Receipts, Balanced Budget Vs Unbalanced Budget, Budgetary Procedure, Budget, Modern Classification of Budget, Zero-Base Budgeting (ZBB), Zero-Base Budgeting in India, Concepts Related to Budget Deficits, Public Revenue > Non-tax Revenue, Capital Receipts, Structure of Public Finance > Public Expenditure, Objectives of Budget, Significance of Budget, Constituents of budget /Structure of the budget, Tax Revenue, Revenue Expenditure and Capital Expenditure, Developmental and Non-developmental Expenditure, Types of Budget, Types of Government Budget in India, Components (Structure) of the Government Budget, Types of budget deficit, Circular Flow of Income, Economic Sectors of an Economy, Two-Sector Model without Savings and Investment, Two-Sector Model with Savings and Investment, Three-Sector Model of Circular Flow of Income, Domestic Income, National Income Aggregates, Circular Flow in a Closed Economy, Circular flow and the Equality between Production, Income and Expenditure, Circular Flow in a Open Economy, Concept of National Income, Four-Sector Model of Circular Flow of Income, Significance or Importance of National Income, Significance or Importance of Circular Flow of Income, Gross National Product at Market Price, Net National Product (NNP), Private Income, Personal Income of National Income, Per Capita Income, Real GDP and Nominal GDP, Key Relationships Among National Income Aggregates, Gross Domestic Product at Market Price, Net Domestic Product at Market Price, Interrelationship among National Income Aggregates, Gross Domestic Product (National Income) and Economic Welfare, National Income Aggregates, Constituents of GNP, Difference between Net Domestic and Net National Product at Market Price, Difference between Net National and Gross National Product at Market Price, Net National Income or Product at Factor Cost, Net Domestic Product or Income at Factor Cost, Gross Domestic Product or Income at Factor Cost, Gross National Product at Factor Cost, Real Income, Disposable Income Aggregates, Difference between Net Domestic Product at Factor Cost and Net Domestic Product at Market Price, Factor Income from Net Domestic Product accuring to Private Sector, Difference between National and Private Income, Difference between Private and Personal Income, Net Product or Value Added Method, Precautions in the Estimation of National Income by Value-added Method, Difficulties in the Estimation of National Income by Value-added Method, Income Method, Expenditure Method, Precautions in the Estimation of National Income by Expenditure Method, Components of Net National Product at Factor Cost in its Three Phases, Methods of Measurement of National Income, Concept of National Income, Alternative Methods of National Income Estimation, Reconciling The Three Methods Of Estimating National Income, Transactions Included in National Income, Transactions not Included in National Income, The Identity of Output, Income and Expenditure, Significance of three Methods, Numericals on Income, Product and Expenditure Method.

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