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ABHISHEK PANDEY CLASSES 1 Economics II | APC | SEM 5 We Provide Classes For BCom All Sem In Search Of Quality, You Found APC Contents BASIC CONCEPT OF MACROECONOMICS ..................................................................... 2 NATIONAL INCOME ........................................................................................................ 7 THEORY OF EQUILIBRIUM INCOME DETERMINATION.................................................. 13 COMMODITY AND MONEY MARKET EQILIBRIUM......................................................... 26 MONEY AND INFLATION ............................................................................................... 43 MEASURING NATIONAL INCOME:................................................................................................ 75 SOME RELATED CONCEPTS .......................................................................................... 75 THEORY OF EQUILIBRIUM INCOME DETERMINATION.................................................. 80 COMMODITY AND MONEY MARKET EQUILIBRIUM....................................................... 82
ABHISHEK PANDEY CLASSES 2 Economics II | APC | SEM 5 We Provide Classes For BCom All Sem In Search Of Quality, You Found APC CHAPTER 1 BASIC CONCEPT OF MACROECONOMICS Meaning of macroeconomics: Macroeconomics is that branch of Economics which is concerned with the economics magnitudes relating to the economy as a whole. According to Kenneth Boulding, “Macroeconomics deals ....not with individual income but with national income, not with individual prices but with the price level, not with individual outputs but with national output.” According to Paul Sammuelson, “Macroeconomics is the study of the behaviour of the economy as a whole. It examines the forces that affect many firms, consumers and workers at the same time.” Scope of Macroeconomics: Some of the important issues analysed in Macroeconomics are the following: 1. Income and employment determination; 2. Price level; 3. Business cycles; 4. Economic growth. Difference between Microeconomics and Macroeconomics: Microeconomics Macroeconomics 1. It is that branch of economics which deals with the economic decision making of individual economic agents such as the producer, the consumer, etc. 1. It is that branch of economics which deals with aggregates and averages of the economy, e.g. aggregate output, national income, aggregate savings and investment, etc. 2. In microeconomics, the economic decision-making units (or the economics agents) are individual consumers, individual producers etc. 2. In macroeconomics, the decision-making units (or the player) are the Central Planning Authority, the Central Bank (e.g. the Reserve Bank of India) etc.
ABHISHEK PANDEY CLASSES 3 Economics II | APC | SEM 5 We Provide Classes For BCom All Sem In Search Of Quality, You Found APC 3. It takes into account small components of the whole economic. 3. It takes into consideration the economy of any county as a whole. 4. It deals with the process of price determination in case of individual products and factors of production. 4. It deals with the general price level in any economy. Some basic concepts: a) Economic goods and non-economic goods: The goods which are scarce and not available freely, can be termed as economic goods. Any individual or firm has to pay some price to avail economic goods. Example, the crude oil, iron ore, several consumer goods (sold in the market), etc. On the other hand, the goods which are available freely and not transacted in the market, can be termed as non-economic goods. For example, natural light and air are non-economic goods. b) Economic and non-economic services: The services which can be availed of in exchange of a price or money can be considered as economic services. For example, the services provided by the doctors, engineers, lawyers, tax consultants, etc. If some services are provided free of any charges or price, then those services are called as non-economic services. For example, the domestic services provided by millions of housewives in India. c) Consumer goods (or consumption goods): The goods which are used for consumption purposes are called consumer goods. They are used for direct consumption, and not for producing any other goods. d) Intermediate goods: The goods which are used at some point in the production process of other goods (rather than final consumption) are treated as intermediate goods. For example, a farmer purchases high- yielding varieties of seeds, fertilizers, diesel oil for running the pump-set or tractor etc. Thus, intermediate goods are those goods which have not yet crossed the boundary of production, i.e. they are not ready for a final use.