Commerce CBSE Class 12

✅List of Abbreviations Used in Economics

📍Unit 1. Introduction

PPF: Production Possibility Frontier

PPS: Production Possibility Set

PPC: Production Possibility Curve

IC: Indifference Curve

📍Unit 2. Consumer’s Equilibrium and Demand

MRS: Marginal Rate of Substitution

MRT: Marginal Rate of Transformation

TU: Total Utility

MU: Marginal Utility

ED: Elasticity of Demand

ES: Elasticity of Supply

📍Unit 3. Producer Behaviour and Supply

TP: Total Product

AP: Average Product

MP: Marginal Product

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

RTS: Returns to Scale

IRS: Increasing Returns to Scale

CRS: Constant Returns to Scale

DRS: Diminishing Returns to Scale

TR: Total Revenue

AR: Average Revenue

MR: Marginal Revenue

MRPL: Marginal Revenue Product of Labour

VMPL: Value Marginal Product of Labour

✅List of Abbreviations Used in Economics

👉🏻 National Income and Related Aggregates

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

👉🏻 Money and Banking

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

👉🏻Income and Employment Determination

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

👉🏻Government Budget and Economy

PSUs: Public Sector Undertakings

FRBMA: Fiscal Responsibility and Budget Management Act

👉🏻Balance of Payment

BOP: Balance of Payment

BOT: Balance of Trade

PPP: Purchasing Power Parity

NEER: Nominal Effective Exchange Rate

FDI: Foreign Direct Investment