MICROECONOMICSUnit 1. Introduction
| 1 |
PPF |
Production Possibility Frontier |
| 2 |
PPS |
Production Possibility Set |
| 3 |
PPC |
Production Possibility Curve |
| 4 |
IC |
Indifference Curve |
Unit 2. Consumer’s Equilibrium and Demand
| Utility |
| 1 |
MRS |
Marginal Rate of Substitution |
| 2 |
MRT |
Marginal Rate of Transformation |
| 3 |
TU |
Total Utility |
| 4 |
MU |
Marginal Utility |
| Elasticity |
| 1 |
ED |
Elasticity of Demand |
| 2 |
ES |
Elasticity of Supply |
Unit 3. Producer Behaviour and Supply
| Product |
| 1 |
TP |
Total Product |
| 2 |
AP |
Average Product |
| 3 |
MP |
Marginal Product |
| Cost |
| 4 |
TC |
Total Cost |
| 5 |
TVC |
Total Variable Cost |
| 6 |
TFC |
Total Fixed Cost |
| 7 |
MC |
Marginal Cost |
| 8 |
SAC |
Short-Run Average Cost |
| 9 |
SMC |
Short-Run Marginal Cost |
| 10 |
AFC |
Average Fixed Cost |
| 11 |
AVC |
Average Variable Cost |
| 12 |
LRAC |
Long-Run Average Cost |
| 13 |
LRMC |
Long-Run Marginal Cost |
| Returns |
| 14 |
RTS |
Returns to Scale |
| 15 |
IRS |
Increasing Returns to Scale |
| 16 |
CRS |
Constant Returns to Scale |
| 17 |
DRS |
Diminishing Returns to Scale |
| Revenue |
| 18 |
TR |
Total Revenue |
| 19 |
AR |
Average Revenue |
| 20 |
MR |
Marginal Revenue |
| Market Equilibrium |
| 21 |
MRPL |
Marginal Revenue Product of Labour |
| 22 |
VMPL |
Value Marginal Product of Labour |
Unit 5. National Income and Related Aggregates
| 1 |
GDP |
Gross Domestic Product |
| 2 |
GDP MP |
Gross Domestic Product at Market Price |
| 3 |
GDP FC |
Gross Domestic Product at Factor Cost |
| 4 |
NNP MP |
Net National Product at Market Price |
| 5 |
NNP FC |
Net National Product at Factor Cost |
| 6 |
NDP MP |
Net Domestic Product at Market Price |
| 7 |
NDP FC |
Net Domestic Product at Factor Cost |
| 8 |
PI |
Personal Income |
| 9 |
PDI |
Personal disposable Income |
| 10 |
GVA |
Gross value added |
| 11 |
NVA |
Net value added |
Unit 6. Money and Banking
| 1 |
LRR |
Legal Reserve Requirement |
| 2 |
CRR |
Cash Reserve Ratio |
| 3 |
SLR |
Statutory Liquidity Ratio |
| 4 |
OMO |
Open Market Operation |
| 5 |
RBI |
Reserve Bank of India |
| 6 |
GOI |
Government of India |
| 7 |
MD |
Money Demand |
| 8 |
MS |
Money Supply |
Unit 7. Income and Employment Determination
| 1 |
APC |
Average Propensity to Consume |
| 2 |
APS |
Average Propensity to Save |
| 3 |
MPC |
Marginal Propensity to Consume |
| 4 |
MPS |
Marginal Propensity to Save |
| 5 |
AD |
Aggregate Demand |
| 6 |
AS |
Aggregate Supply |
Unit 8. Government Budget and Economy
| 1 |
PSUs |
Public Sector Undertakings |
| 2 |
FRBMA |
Fiscal Responsibility and Budget Management Act |
Unit 9. Balance of Payment
| 1 |
BOP |
Balance of Payment |
| 2 |
BOT |
Balance of Trade |
| 3 |
PPP |
Purchasing Power Parity |
| 4 |
NEER |
Nominal Effective Exchange Rate |
| 5 |
FDI |
Foreign Direct Investment |
Class 12 Economics
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