Economics 12th Standard Micro & Macro

Micro & Macro Economics

• SEBI (Securities and Exchange Board of India): Regulatory body overseeing securities markets in India, responsible for protecting investors and promoting fair trading practices.

• Consumer Demand: Refers to the quantity of goods and services that consumers are willing and able to purchase at different price levels, influenced by factors such as income, tastes, and prices of related goods.

• Utility: A measure of satisfaction or happiness that a consumer derives from consuming goods and services, often categorized as total utility and marginal utility.

• GST (Goods and Services Tax): A comprehensive tax reform in India that subsumes various indirect taxes, aiming for a unified tax structure and simplified tax processes.

• Supply: The total quantity of a good or service that producers are willing to sell at various prices, influenced by production costs, technology, and number of suppliers.

• Cost: The expenses incurred in the production of goods or services, including fixed costs, variable costs, and opportunity costs, crucial for determining pricing and profitability.

• Taxes: Mandatory financial charges imposed by the government on individuals or corporations, used to fund public services and infrastructure.

• GDP (Gross Domestic Product): A key economic indicator representing the total monetary value of all goods and services produced within a country's borders in a specific time period, reflecting economic health.

• Export: The sale of goods and services produced in one country to residents of another country, an important component of international trade that contributes to GDP.

• RBI (Reserve Bank of India): The central banking institution of India, responsible for regulating the financial system, controlling inflation, managing foreign exchange, and formulating monetary policy.

• BoP (Balance of Payments): A financial statement that summarizes a country's transactions with the rest of the world, including trade balance, foreign investments, and capital transfers.

• Competition: The rivalry among businesses in the same industry to attract customers and gain market share, influencing prices, quality, and innovation.

• Index: Statistical measure that represents the price levels or economic performance of a group of items, often used to assess economic trends (e.g., Consumer Price Index).

• Revenue: The income generated from normal business operations, important for funding expenses and ensuring profitability, often assessed through sales, taxes, or other income sources.

Test your knowledge on Micro and Macro Economics concepts including SEBI, consumer demand, utility, and GST. This quiz covers essential topics like supply, cost, taxes, GDP, and competition relevant to the 12th standard syllabus. Get ready to assess your understanding of economic principles with this engaging quiz.