The f ollowing are the economics abbreviations that are used in Class 12th Economics syllabus frequently.
Students are advised to learn the full form of each and every abbreviation. Example: Many students ask for the full form of GDP, i.e., Gross Domestic Product. It is shown in the following list.
The special thing about the list is that it is a chapter wise collection of the full forms of the terms used in the economics curriculum.
MICROECONOMICS
Unit 1. Introduction
| 1 | PPF | Production Possibility Frontier |
| 2 | PPS | Production Possibility Set |
| 3 | PPC | Production Possibility Curve |
| 4 | IC | Indifference Curve |
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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 |