Key notes for class 12 Economics Ch-1 Introduction.CBSE Class 12 Economics Revision Notes Macroeconomics Chapter 1 Introduction as per latest syllabus prescribed by CBSE.
CBSE Class 12 Macro Economics
CBSE Quick Revision Notes
CHAPTER 1: Introduction
CBSE Class 12 Economics Revision Notes Macroeconomics Chapter 1 Introduction
It deals with the aggregate economic variables of an economy.
In a capitalist country production activity are 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.
The money that is earned is called revenue.
Expenses which raise productive capacity are called Investment Expenditure.