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Sandeep Garg Macroeconomics class 12 book is one of the most suggested reference books for students by their tutors. This is because Sandeep Garg macroeconomics class 12 is the best reference book to study for class 12th board exams.
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About Sandeep Garg Macroeconomics Class 12 Book
All basic details of Sandeep Garg class 12 book are given below:
|Name of Book||Sandeep Garg Macroeconomics Class 12|
|Name of the Author||Sandeep Garg|
|Size of Book||Normal|
|Total number of pages||522 pages|
|Publication||Dhanpat Rai Publications|
|Language of Book||English|
|Download Link (PDF)||The download button is given below|
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Why Sandeep Garg Macroeconomics Class 12?
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What is in Sandeep garg Macroeconomics Class 12 book?
There are about 12 Chapters in Sandeep garg macroeconomics class 12. We are providing you with the names of these chapters along with a short note on them. So, it’s your wish whether you would like to read this stuff from here or directly download it and then read it offline.
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Balance of Payments- Chapter 12 of Sandeep Garg macroeconomics class 12
Every government keeps a record of the transactions that take place between the country and the rest of the world during a given period of time.
This record is completely called the country’s Balance of Payments. That is also called BOP in short form. A balance of Payment is an accounting statement that provides a systematic record of all the economic transactions that are done between Residents of a country and the rest of the world in a specific time period.
Structure of Balance of Payments
Balance of payments accounting used to use a unique system for recording transactions with the rest of the world. This unique system for recording transactions with the rest of the world is known as the ‘Double Entry System’.
Just like a typical business account, the BOP or balance of payments account also has two sides. The names are given below:
- Credit side: All inflows or sources of foreign exchange are recorded on the credit side. Further detail is given in Sandeep garg macroeconomics class 12 book pdf download.
- Debit side of it: All outflows or uses of foreign exchange are recorded on the debit side. According to the sense of accounting, BOP is always balanced like Trial Balance as it is prepared as per the double-entry system. However, in the basic economic sense, BOP is not always equal.
Several components of the balance of payments: All transactions in the balance of payments can be grouped under two broad categories:
- Current Account
- Capital Account
So, now let us discuss each of these accounts in little detail. Now we are telling you about both Capital as well as Current accounts one by one. We hope that you found this article interesting regarding Sandeep Garg macroeconomics class 12 book pdf download free.
So first of all we are starting from the Current account which refers to an account that records all the transactions that are related to import as well as export goods and services & unilateral transfers during a given period of time.
This account contains the receipts and payments relating to all the transactions of unilateral transfers, visible items, as well as invisible items.
Current Account Balance or Balance in Current Account
Balance on Current Account: In the current account all the receipts such as the receipt for export of goods and services and unilateral receipts are entered as credit which is also called positive items and all the other payments for import of goods, services, and unilateral payments are entered as a debit that is also called as negative items.
Current Account Surplus (CAS) is the condition that arises when credit items are more than debit items. It indicates the net inflow of foreign exchange. Sandeep garg macroeconomics class 12 book pdf download free is given in this post.
Current Account Surplus which is also called CAS arises when the value of export of goods and services is more than the value of imports of goods and services. In this case, the CAS signifies that the nation is a lender to the rest of the world.
Current Account Deficit (CAD) is the condition that arises when debit items are more than credit items.
You can get it easily through an example- when foreign exchange receipts in the current account fall short of foreign exchange payments, this will lead to a current account deficit. This also indicates the net outflow of foreign exchange and because of it, the CAD arises.
The CAD also arises when the value of exports of goods and services is less than the value of imports of goods and services. CAD majorly signifies that the nation is a borrower from the rest of the world.
In other words, CAD is just the opposite of CAS. We recommend you to read and prepare for your final exams from Sandeep Garg macroeconomics class 12 book as it is the best to reference book for your preparation.
What are Accommodating & Autonomous items- Sandeep garg macroeconomics class 12 book
The transactions recorded in the balance of the payments account can be further divided into two categories these two categories are given below with a brief detail about them:
Accommodating items: Autonomous items include all those international economic transactions that took place because of any kind of economic motive.
This economic motive can also be profit maximization. These items are also known as ‘above-the-line items’. Autonomous transactions are independent of the state of the BOP account. You do not understand the meaning of the previous line so we have a better example for you to understand it.
You can read this example otherwise more stuff is given in Sandeep Garg macroeconomic class 12. For example: if a foreign company is making investments in India with the motive or goal of earning a profit, then such a transaction is independent of the country’s BOP situation.
This type of work takes place on both current and capital accounts. On the current account, the merchandise exports and imports of goods are autonomous transactions.
On the other hand in the capital account, receipts and repayments of long-term loans by private individuals are autonomous transactions.
Autonomous items: Accommodating items are all those transactions that are undertaken to cover the gap in the balance of payments, i.e. such transactions are undertaken to cover deficit or surplus in autonomous transactions. These items are also known as ‘below-the-line items’.
Accommodating transactions are mostly compensating capital transactions that are meant to correct the disequilibrium in autonomous items of the balance of payments.
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We are providing you with an example to understand it quickly. If there is a current account that is used for a deficit in the BOP, then this deficit is settled by capital inflow from abroad. The sources used to meet a deficit in BOP, are given below:
- Foreign exchange reserves
- Borrowings from IMF or foreign monetary authorities.
The Foreign Exchange Rate- Chapter 11 of Sandeep Garg macroeconomics class 12
The term Foreign exchange rate begins with a short term which is foreign exchange. We are going to provide you with a short definition of foreign exchange. Foreign Exchange refers to all currencies other than the domestic currency of a given country.
For example, India’s domestic currency is Indian Rupee and all other currencies like British Pound, US Dollar, Kuwaiti Dinar, etc. are different kinds of foreign exchange. You can get it with a suitable example. So we are going to provide you with an applicable example.
For example, if an American firm exports goods to India, it would like to receive the payment in Dollars. As a result, Indian importers will have to convert Indian Rupees into American Dollars to make the payment.
It creates the problem of converting one currency into another and fixing the rate at which the two currencies are to be exchanged.
The detailed stuff is given in Sandeep Garg macroeconomics class 12 book pdf download free that is given above.
In fact, it is the problem of the determination of the foreign exchange rates. Foreign Exchange Rate refers to the rate at which any currency is exchanged for the other one. It stands for representing the price of one currency in terms of another currency.
All countries have their own currencies which are readily accepted within their respective territories. For Example, the Indian rupee in the country of India, the US Dollar in the United States of America, the Pound that is in England, and many more.
However, the currency of one country is generally not accepted in some other countries. In the case of international payment, the currency of one country has to be converted into the currency of another country because every country wants the payment in its own currency.
Effect of Depreciation of Domestic Currency on Exports
We all know that depreciation of domestic currency means a fall in the price of domestic currency (say, rupee) in terms of a foreign currency [say, dollar ($)].
This means that with the same amount of dollars, more goods can be purchased from India, for example, export to the USA will increase because they will become relatively cheaper.
When we are talking about the Foreign exchange rate and the Effect of the Depreciation of Domestic Currency on Exports. One of the most important things that you should know is Currency Appreciation.
Currency Appreciation means the rapid increase in the value of the domestic currency in terms of foreign currency. The domestic currency becomes more valuable and less of it is required to buy the foreign currency. For example:
The Indian rupee appreciates when the price of 1 dollar (USD) falls from T 74 to Z 70. Because in this case the value of rupees increases and the rate of value of the dollar (USD) decreases.
A change from 1.5 dollars (USD) = Euro 1 to 2 dollars (USD) = Euro 1 represents that the UK pound is appreciating in both cases.
We hope that these examples might be very helpful for you to learn about it. Our motive is to provide you Sandeep garg macroeconomics class 12 book pdf download free. If you want such exams helping content. So, you should follow our blog to get updates related to our new articles.
The Government Budget and Economy- Chapter 10
The government budget is a kind of annual statement that helps in showing item-wise estimates of receipts and expenditures during a Fiscal year.
The receipts and expenditures, shown in the budget, are not actual figures, but estimated values for the coming fiscal year. The Fiscal year is counted from 1st April to 31st March.
There are several very important points that should be kept in mind while preparing for the Government Budget. So, these crucial points are noted below in points:
The Budget of every country is prepared by the Government or ruler of that nation at all levels, i.e. Central Government, State Government, and Local Government, and prepares its respective annual budget.
However, we will restrict our studies to the Budget of the Central Government, known as the ‘Union Budget‘. If you want to read more about the union budget so you can click on the blue words given before these lines or you can read Sandeep Garg macroeconomics class 12 book pdf download free.
Estimated expenditures and receipts are planned as per the objectives of the government
In India, The Budget is presented in the parliament house on such a day, as the President may direct. By convention, Finance Minister presents the annual budget of the government on the first day of February each year.
That budget is viewed and discussed by all the members of the parliament house and then that budget is required to be approved by the parliament before it can be implemented.
The main motive of us behind publishing this article is to provide you with content related to Sandeep garg macroeconomics class 12 book pdf download free. The budget of a nation helps in revealing the financial performance of the government in the last year and financial policies for the upcoming fiscal year.
Implications of Primary Deficit
The Implications of Primary Deficits how much of the government borrowings are going to meet expenses other than the interest payments?
The major difference between the fiscal deficit and the primary deficit is that it shows the number of interest payments on the borrowings made in past. So, a low or zero primary deficit help in indicating the interest that commitments (on earlier loans) have forced the government to borrow.
Primary Deficit is the Root Cause of Fiscal Deficit In India, interest payments have considerably increased in recent years. The High-interest payments on past borrowings have greatly increased the fiscal deficit.
In case it is necessary to reduce the fiscal deficit, interest payments should be reduced through repayment of loans as soon as it can be possible.
Non-Tax Revenue Non-Tax revenue refers to receipts of the government from all sources other than those of tar receipts. The three main sources of non-tax revenue. These are given below:
1. Interest: The government used to gain profit by providing money to people in form of loans and collecting it with interest. So, the interest received by the government on repayment of loans is the source of generating revenue for the government.
Interest that is received from these loans is a major source of non-tax revenue for the government. You can read more about these non-tax revenue-generating sources of government in Sandeep Garg macroeconomics class 12.
2. Profits and Dividends: Government earns profit through public sector undertakings. Indian Railways, LIC, M profit, etc. It earns profit from the sale proceeds of the products of such public enterprises.
The government also gets dividends from its investments in other private companies. In other words, profits and dividends are a very common non-tax revenue-generating source of government in any country.
3. Fees: Fees refer to charges imposed by the government to cover the cost of recurring services provided by it. Such types of services are generally provided in the public interest and fees are paid by those people who received such services.
It is also a very compulsory contribution like tax. Court fees, registration fees, import fees, etc. are some examples of fees.
4. License Fee: It is a payment charged by the government to grant permission for something else. You can understand it through an example: When a person wants to carry a licensed weapon (gun) with him.
So, in that case, he or she had to take permission from authorities and had to pay a license fee every month or year. So in the case of that license fees and National permits for several commercial vehicles such as trucks.
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