Complete List of Economics Abbreviations for Class 12 CBSE
Introduction:
Economics is a subject filled with abbreviations that students need to understand thoroughly to score well in their exams. Here’s a comprehensive list of Economics abbreviations frequently used in the Class 12th Economics syllabus. Knowing the full forms and understanding these terms will not only help you grasp the concepts but also boost your exam preparation.
Microeconomics Abbreviations:
Unit 1: Introduction
| Abbreviation | Full Form |
|---|---|
| PPF | Production Possibility Frontier |
| PPS | Production Possibility Set |
| PPC | Production Possibility Curve |
| IC | Indifference Curve |
Unit 2: Consumer’s Equilibrium and Demand
| Category | Abbreviation | Full Form |
|---|---|---|
| Utility | MRS | Marginal Rate of Substitution |
| MRT | Marginal Rate of Transformation | |
| TU | Total Utility | |
| MU | Marginal Utility | |
| Elasticity | ED | Elasticity of Demand |
| ES | Elasticity of Supply |
Unit 3: Producer Behaviour and Supply
| Category | Abbreviation | Full Form |
|---|---|---|
| Product | TP | Total Product |
| AP | Average Product | |
| MP | Marginal Product | |
| Cost | TC | Total Cost |
| TVC | Total Variable Cost | |
| TFC | Total Fixed Cost | |
| MC | Marginal Cost | |
| SAC | Short-Run Average Cost | |
| SMC | Short-Run Marginal Cost | |
| AFC | Average Fixed Cost | |
| AVC | Average Variable Cost | |
| LRAC | Long-Run Average Cost | |
| LRMC | Long-Run Marginal Cost | |
| Returns | RTS | Returns to Scale |
| IRS | Increasing Returns to Scale | |
| CRS | Constant Returns to Scale | |
| DRS | Diminishing Returns to Scale | |
| Revenue | TR | Total Revenue |
| AR | Average Revenue | |
| MR | Marginal Revenue | |
| Market Equilibrium | MRPL | Marginal Revenue Product of Labour |
| VMPL | Value Marginal Product of Labour |
Macroeconomics Abbreviations:
Unit 5: National Income and Related Aggregates
| Abbreviation | Full Form |
|---|---|
| GDP | Gross Domestic Product |
| GDP MP | Gross Domestic Product at Market Price |
| GDP FC | Gross Domestic Product at Factor Cost |
| NNP MP | Net National Product at Market Price |
| NNP FC | Net National Product at Factor Cost |
| NDP MP | Net Domestic Product at Market Price |
| NDP FC | Net Domestic Product at Factor Cost |
| PI | Personal Income |
| PDI | Personal Disposable Income |
| GVA | Gross Value Added |
| NVA | Net Value Added |
Unit 6: Money and Banking
| Abbreviation | Full Form |
|---|---|
| LRR | Legal Reserve Requirement |
| CRR | Cash Reserve Ratio |
| SLR | Statutory Liquidity Ratio |
| OMO | Open Market Operation |
| RBI | Reserve Bank of India |
| GOI | Government of India |
| MD | Money Demand |
| MS | Money Supply |
Unit 7: Income and Employment Determination
| Abbreviation | Full Form |
|---|---|
| APC | Average Propensity to Consume |
| APS | Average Propensity to Save |
| MPC | Marginal Propensity to Consume |
| MPS | Marginal Propensity to Save |
| AD | Aggregate Demand |
| AS | Aggregate Supply |
Unit 8: Government Budget and Economy
| Abbreviation | Full Form |
|---|---|
| PSUs | Public Sector Undertakings |
| FRBMA | Fiscal Responsibility and Budget Management Act |
Unit 9: Balance of Payment
| Abbreviation | Full Form |
|---|---|
| BOP | Balance of Payment |
| BOT | Balance of Trade |
| PPP | Purchasing Power Parity |
| NEER | Nominal Effective Exchange Rate |
| FDI | Foreign Direct Investment |
Conclusion:
Learning these abbreviations is essential for every Class 12 student preparing for their Economics exam. They not only help in answering questions accurately but also provide clarity in understanding key concepts. Make sure to revise this list and excel in your exams!