NCERT Solutions for Class 12 Economics I Chapter 1 Introduction – Here are all the NCERT solutions for Class 12 Economics I Chapter 1. This solution contains questions, answers, images, explanations of the complete chapter 1 titled Introduction to Microeconomics taught in Class 12. If you are a student of Class 12 who is using NCERT Textbook to study Economics I, then you must come across chapter 1 Introduction to Microeconomics. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 12 Economics I Chapter 1 Introduction to Microeconomics.
NCERT Solutions Class 12 Economics 1 Chapter 1 Introduction
Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Economics 1 for Class 12 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.
For a better understanding of this chapter, you should also see summary of Chapter 1 Introduction , Economics 1, Class 12.
NCERT Solutions Class 12 Economics 1 chapter 1 Introduction
Class 12, Economics 1 chapter 1, Introduction solutions are given below in PDF format. You can view them online or download PDF file for future use.
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Question & Answer
Q.1: What is the difference between microeconomics and macroeconomics?
Ans : Difference between Micro and Macro Economics
Q.2: What are the important features of a capitalist economy?
Ans : Features of capitalist economy are 1. It is an economic system In which no restriction is imposed by government and every individual is enjoying economic freedom. 2. Factors of production are privately owned. 3. Profit maximisation is prime consideration. 4. Large number of buyers and sellers exist in the market and there is tough competition.
Q.3: Describe the four major sectors in an economy according to the macroeconomic point of view.
Ans : According to the macroeconomics an economy in classified Into the following four sectors. 1. Household Sector This sector engaged In the consumption of goods and services. Household spend their income on payment for goods and services purchased. payment of lax to government. 2. Production Sector This sector engaged in the production of goods and services. This sector makes payments tor factor services to households, taxes to the government, imports of the materials. 3. Government Sector This sector engaged in such activities which are related to taxation and subsidies.
Q.4: Describe the Great Depression of 1929.
Ans : The Great Depression was an economic crisis started in 1929 and continued for next several next years. It began in the United States of America after the stock market crash. The main cause behind it was the fall of aggregate demand due to under consumption and over investment. The output and employment levels in the countries of Europe and North America fall by huge amounts. It affected the whole world. The demand of the goods in the market during this period was very low so production was also lowered which lead to unemployment. In I-ISA, from 1929 to 1933, unemployment rate rose from 3 percent to 25 percent.
NCERT / CBSE Book for Class 12 Economics 1
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