Consumer Equilibrium and Demand

0/5

I can explain the Law of Diminishing Marginal Utility and consumer equilibrium condition MUx/Px = MUy/Py

I can derive a demand curve from the indifference curve and budget line approach

I know the difference between movement along a demand curve and a shift in the demand curve

I can calculate price elasticity of demand and classify it: elastic, inelastic, unitary

I know the income effect, substitution effect, and Giffen goods

Producer Behaviour and Supply

0/5

I know the Law of Variable Proportions and the three stages of total product

I can draw and explain TC, TVC, TFC, MC, AC, AVC, AFC curves and their relationships

I know the conditions for profit maximisation: MR = MC and MC must be rising

I can derive a supply curve and explain the factors that shift it

I can calculate Price Elasticity of Supply (PES) and interpret its value

Forms of Market and Price Determination

0/5

I can compare Perfect Competition, Monopoly, and Monopolistic Competition using key features

I can explain price determination under perfect competition using demand and supply

I know how excess demand and excess supply lead to equilibrium price adjustment

I can explain price rigidity under oligopoly using the kinked demand curve

I know the concept of price discrimination in monopoly

National Income Accounting

0/5

I know the formulae connecting GDP, NDP, GNP, NNP at Market Price and Factor Cost

I can apply: NNP_FC = GNP_MP − Depreciation − Net Indirect Taxes

I can explain the three methods of measuring national income: Product, Income, Expenditure

I know the difference between final goods and intermediate goods with examples

I can identify and avoid double counting in national income estimation

Money and Banking

0/5

I can explain the functions of money: medium of exchange, store of value, unit of account

I can explain the money multiplier formula: Money Multiplier = 1/LRR

I can explain how commercial banks create credit through the money multiplier

I know the instruments of monetary policy: CRR, SLR, Repo Rate, Open Market Operations

I know the functions of the Reserve Bank of India

Income Determination and Investment Multiplier

0/5

I can explain the Keynesian theory of income determination using the C + I model

I know APC, APS, MPC, MPS and the relationship MPC + MPS = 1

I can calculate the investment multiplier: K = 1/(1−MPC) = 1/MPS

I can identify deflationary gap and inflationary gap and suggest corrective measures

I can explain full employment equilibrium and under-employment equilibrium

Government Budget and the Economy

0/5

I can identify components of government budget: Revenue Account and Capital Account

I know: Revenue Deficit, Fiscal Deficit, Primary Deficit and their formulae

I can explain: Fiscal Deficit = Total Expenditure − Total Receipts (excluding borrowings)

I can explain implications of fiscal deficit and ways to finance it

I know the objectives of government budget: allocation, redistribution, stabilisation

Balance of Payments

0/5

I can distinguish between the Current Account and Capital Account of Balance of Payments

I can explain how exchange rate is determined by demand and supply of foreign exchange

I can distinguish between fixed and flexible exchange rate systems

I know what constitutes a surplus or deficit in the current account

I can explain the relationship between BoP deficit and exchange rate depreciation

Class 12 Economics
Revision Checklist

Class 12 Economics — Revision Checklist

Consumer Equilibrium and Demand

Producer Behaviour and Supply

Forms of Market and Price Determination

National Income Accounting

Money and Banking

Income Determination and Investment Multiplier

Government Budget and the Economy

Balance of Payments

More resources for Class 12 Economics

Test yourself after each chapter.

Class 12 EconomicsRevision Checklist

Class 12 Economics — Revision Checklist

Consumer Equilibrium and Demand

Producer Behaviour and Supply

Forms of Market and Price Determination

National Income Accounting

Money and Banking

Income Determination and Investment Multiplier

Government Budget and the Economy

Balance of Payments

More resources for Class 12 Economics

Test yourself after each chapter.

Class 12 Economics
Revision Checklist