Economics Notes (Class 12)

CBSE Class 12 Economics Macroeconomics Chapter 1 Introduction

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Important Notes

1. Macro Economics It deals with the aggregate economic variables of an economy.

2. Capitalist Country In a capitalist country production activity is mainly carried out by capitalist enterprises.

3. Wage Rate There is sale and purchase of labour services at a price which is called the wage rate.

4. Wage Labour The labour which is sold and purchased against wages is referred to as wage labour.

5. Great Depression Great depression of 1929 and the subsequent year saw the output and employment levels in the countries of the world as well.

6. Entrepreneurs People who exercise control over major decisions and bear a large part of the risk associated with the firm/enterprise.

7. Revenue The money that is earned is called revenue.

8. Investment Expenditure Expenses which raise productive capacity are called Investment Expenditure.

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