# Economics - Class XII Resources

The following list of online resources are provided as a sample of curated resources. New resources shall be added as we come across interesting and relevant online materials.

#### 1. Law of Demand

Description: Explains the law of demand with the help of demand schedule and demand curve.

Core Concepts: Law of demand.

#### 2. Determinants of Demand

Description: Explains the factors affecting demand with examples.

Core Concepts: Determinants of demand.

#### 3. Exceptions to Law of Demand

Description: Explanation with help of animations.

Core Concepts: Exceptions to law of demand.

#### 4. Shift in Demand Curve

Description: Explanation with the help of schedules and graphs.

Core Concepts: Shift in demand curve.

#### 5. Moment Along the Demand Curve

Description: Explanation with the help of schedules and graphs.

Core Concepts: Moment along the demand curve.

#### 6. Change in Quantity Demanded and Change in Demand

Description: Precise explanation with the help of graphs.

Core Concepts: Comparison between movements and shifts.

#### 7. Consumer Behaviour: Consumer Equilibrium Cardinal Approach

Description: Graphical explanation of consumer’s equilibrium through MUA.

Core Concepts: Consumer equilibrium MUA.

#### 8. Budget Lines and Indifference Curves

Description: Explains how consumer maximize the utility within the given budget constraint.

Core Concepts: Budget lines and indifference curves.

#### 9. Indifference Curve

Description: Explains how consumer maximize the utility within the given budget constraint.

Core Concepts: Indifference curve.

#### 10. Marginal Rate of Substitution - Indifference Curve

Description: Explains the marginal rate of substitution of good X for good Y with the help of indifference curve.

Core Concepts: Marginal rate of substitution.

#### 11. Properties of Indifference Curve

Description: Demonstrates the properties of IC with the help of graphs.

Core Concepts: Properties of IC.

#### 12. Consumer Equilibrium- Indifference Curve

Description: Graphical explanation of consumer’s equilibrium through ICA.

Core Concepts: Consumer equilibrium ICA.

#### 13. Elasticity of Demand-Kinds of Elasticity

Description: Explains the types of price elasticity of demand with the help of graphs.

Core Concepts: Price elasticity of demand and its types.

#### 14. Introduction to Price Elasticity of Demand

Description: Explains the types of price elasticity of demand with the help of numerical examples.

Core Concepts: Price elasticity of demand and its types.

#### 15. Factors Affecting Price Elasticity of Demand

Description: Explanation of the factors affecting price elasticity with pictorial examples.

Core Concepts: Meaning & factors of price elasticity.

#### 16. Elasticity of Demand- Percentage Method

Description: Solution of numerical problem of price elasticity of demand using percentage method.

Core Concepts: Calculation of price elasticity of demand.

#### 17. Importance of Elasticity of Demand

Description: Explains the importance of price elasticity in making decision regarding price and factor prices and regarding taxation and exchange rate.

Core Concepts: Importance of price elasticity of demand.

#### 18. Determinants of Price Elasticity of Demand

Description: Precise explanation of determinants of price elasticity of demand.

Core Concepts: Determinants of price elasticity.

#### 19. Law of Supply

Description: Explanation of law of supply with the help of examples.

Core Concepts: Law of supply.

#### 20. Factors Affecting Supply

Description: Demonstrates how the supply changes with the change in factors other than price, using graphs.

Core Concepts: Determinants of supply.

#### 21. Changes in Supply and Shift of the Supply Curve

Description: Precise explanation of change in supply and change in quantity supplied with the help of graphs.

Core Concepts: Change in supply vs change in quantity supplied.

#### 22. Exceptions to the Law of Supply

Description: Explanation the situations and nature of few commodities which defies the law of supply.

Core Concepts: Exceptions to the law of supply.

#### 23. Elasticity of Supply

Description: Explains the types of price elasticity of supply with the help of graphs.

Core Concepts: Types of elasticity of supply.

#### 24. Elasticity of Supply (Percentage Method)

Description: Solution of numerical problem of price elasticity of demand using percentage method and interpretation of the coefficients.

Core Concepts: Calculation of price elasticity of supply using % method.

#### 25. Equilibrium Price

Description: Explanation of equilibrium with life examples.

Core Concepts: Determination of equilibrium price.

#### 26. Equilibrium Price Determination

Description: Graphical explanation of equilibrium price determination.

Core Concepts: Determination of equilibrium price.

Description: Explains how the excess demand and excess supply maintains equilibrium.

Core Concepts: Excess demand and excess supply.

#### 27. Changes in Equilibrium Price and Quantity

Description: Graphical explanation of possible changes in equilibrium prices and quantity with the change in demand and supply in isolation.

Core Concepts: Shift in demand and supply.

Description: Graphical explanation of possible changes in equilibrium prices and quantity with simultaneous change in demand and supply.

Core Concepts: Simultaneous shift in demand and supply.

#### 28. Cases of Simultaneous Shifts in Demand and Supply Curves

Description: Explanation of changes in equilibrium price and quantity with the simultaneous change in demand and supply.

Core Concepts: Simultaneous shifts in demand and supply curves.

#### 29. Production Function

Description: Explains the meaning production function, choice of technology and types of production function followed by follow up question.

Core Concepts: Production function.

#### 30. Total Product, Marginal Product and Average Product

Description: Precise explanation of various cost concepts in short and long run.

Core Concepts: Total, average and marginal product.

#### 31. Law of Variable Proportion

Description: Explanation of the various stages of law of variable factor and producer’s decision with the help of a schedule.

Core Concepts: Law of returns to a factor.

#### 32. Law of Returns to Scale

Description: Explains law of increasing, decreasing and constant returns to scale with examples.

Core Concepts: Law of returns to scale.

#### 33. Law of Variable Proportion Vs Law of Returns to Scale

Description: Differentiates the law of variable proportion and law of returns to scale comprehensively.

Core Concepts: Difference between LVP and LRS.

#### 34. Average Cost and Marginal Cost curves- Relation

Description: Demonstrates the relation-ship between the AC and MC with the help of a graph.

Core Concepts: Relationship between average cost and marginal cost curves.

#### 35. Short-Run Cost Curves - Total Cost

Description: Explains the nature of total cost in short run with the help of a schedule and graph.

Core Concepts: Short-run total cost.

#### 36. Short-Run Costs AFC ATC AVC & MC

Description: Explains the nature of short run AFC, ATC, AVC and MC with the help of a schedule.

Core Concepts: Short-Run Costs AFC ATC AVC & MC.

Description: Graphical approach of the nature of and relationship among short run AFC, ATC, AVC and MC.

Core Concepts: Short-Run Costs AFC ATC AVC & MC.

#### 37. Long Run Average Cost Curve

Description: Explains the nature of LAC with the help of example and graph.

Core Concepts: Long run average cost curve.

Description: Demonstrates how to derive LAC curve from serious of SAC curves.

Core Concepts: Long run average cost curve.

#### 38. Long Run Average Cost and Long Run Marginal Cost

Description: Demonstrates how to derive LMC curve from SAC and LAC.

Core Concepts: LAC and LMC curve.

#### 39. Introduction to Perfect Competition

Description: Introduces the basic characteristics of perfect competition and market equilibrium with the help of graph.

Core Concepts: Perfect competition.

#### 40. TR, AR and MR - Perfect Competition

Description: Explains the nature of TR, AR and MR under perfect competition with the help of numerical example and graph.

Core Concepts: TR, AR and MR - Perfect Competition.

#### 41. How to Calculate Profit, Loss, and Marginal Cost in a Perfect Competition

Description: Explains the calculation of profit, loss, marginal cost in a perfect competition with numerical examples and graph.

Core Concepts: Calculation of profit, loss, marginal cost in a perfect competition.

#### 42. TR, AR and MR Under Imperfect Competition

Description: Explains the nature of TR, AR and MR under imperfect competition with the help of numerical example and graph.

Core Concepts: TR, AR and MR under imperfect competition.

#### 43. Introduction to Monopoly Theory

Description: Introduces the basic characteristics of monopoly and behaviour of revenue with the help of graph.

Core Concepts: Monopoly.

#### 44. Circular Flow of Income Four Sector Model

Description: Step by step, comprehensive explanation of four sectors circular flow of income showing all the leakages and injections.

Core Concepts: 4 sector circular flow model.

#### 45. National Income Accounting

Description: Explains various concepts of national income aggregates, derivation and their interrelationships.

Core Concepts: National income aggregates.

#### 46. Gross National Happiness

Description: Explanation of GNH on Wikipedia.

Core Concepts: GNH.

Description: Explanation the concept of GNH in simple animated video.

Core Concepts: GNH.

#### 47. GNH Survey Report

Description: 2015 GNH survey report by Center for Bhutan Studies.

Core Concepts: GNH.

#### 48. Gross Domestic Product

Description: Explanation of GDP on Wikipedia.

Core Concepts: GDP.

#### 49. Differences Between GDP and GNH

Description: An essay on the difference between GNH and GDP.

Core Concepts: GNH vs GDP.

#### 50. Importance of GDP

Description: An essay on importance of GDP on Investopedia.

Core Concepts: Importance of GDP.

#### 51. GDP Vs. GNH: Rethinking What A Healthy Economy Means

Description: An essay on GDP Vs. GNH: Rethinking What A Healthy Economy Means by Forbes.

Core Concepts: GNH vs GDP.

#### 52. Law of Comparative Advantage

Description: Demonstrates comparative cost advantage theory with numerical examples and PPC.

#### 53. Balance of Payments Disequilibrium - Causes and Consequences

Description: Explanation of balance of payments disequilibrium, its causes and consequences.

Core Concepts: Balance of payments disequilibrium - causes and consequences.

#### 54. Annual RMA Report 2020

Description: Contains the current balance of payment status of Bhutan.

Core Concepts: Annual RMA report.

#### 55. Annual Budget Report 2020

Description: Contains the current balance of payment status of Bhutan.

Core Concepts: Annual budget report.

#### 56. State of the Nation 2020

Description: Contains the current balance of payment status of Bhutan.

Core Concepts: State of the nation.

#### 57. The Importance of Budgeting

Description: Analogy highlighting the importance of budgeting.

Core Concepts: Importance of budget. 