basic concepts of macroeconomics class 12 notes pdf

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Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, aggregate investment, etc. (ii) A person is treated resident of a country on the basis of economic criterion. (i) Money flow refers to the flow of factor income, as rent, interest, profit and wages from the producing sector to the household sector as monetary rewards for their factor services as shown in the flowchart. (ii) Household supply factor services to firms. (a) Real flow productive processes. • Scarcity is the condition in which our wants are greater than our limited resources. Repair and maintenance of capital stock mean expenditure incurred for maintaining fixed assets and keep them in good working order. (b) Production Boundary Differentiate between final goods and intermediate goods on the basis of end used classification of goods and services with example. Economic Models: Models are theories that summarise the relationship among economic variables. (b) It is a unilateral [one-sided] concept. With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. (i) Production boundary plays a vital role to differentiate between intermediate and final goods. Try to take the help from these economics notes daily as it will help you to cover your syllabus throughout the year. The core concepts of macroeconomics are crucial in almost every aspect of daily life. Capital transfers: Capital transfers are defined as transfers in cash and in kind for the purpose of investment to recipient made out of the wealth or saving of a donor. And amidst all these preparations, there will be someone or some committeeoverseeing or managing the entire event at a large scale or macro level. (b) Capital Goods: The lecture notes combine the approaches of and adapt materials in both books. The entire NCERT textbook questions have been solved by best teachers for you. (iv) Households spend their entire income on consumption. The revision notes covers all important formulas and concepts given in the chapter. In most cases, everyone is involved in one activity or the other. So, these are not treated as a part of economic territory of India. 8. For example, Distance, Amount of Money, Money Supply, Water in Tank, etc. • Durable goods: These goods have an expected life time of several years and of relatively high value. (a) Producer sector engaged in the production of goods and services. For India, they (c) It is included in National Income as it contribute something in the flow of goods and services. An economy may be divided into different sectors depending on the nature of study. This document is highly rated by … Even foreigners can be the residents if they pass the above stated economic criterion. • Embassies, consulates and military establishments of a country located abroad. These notes will provide you overview of all the chapters and important points to remember. 9. (b) The above definition is based on the criterion “freedom of circulation of persons, goods and capital”. 2.1 Some Basic Concepts of Macroeconomics 8 2.2 Circular Flow of Income and Methods of Calculating National Income 14 2.2.1 The Product or Value Added Method 17 2.2.2 Expenditure Method 20 2.2.3 Income Method 22 2.3 Some Macroeconomic Identities 23 2.4 Goods and Prices 25 2.5 GDP and Welfare 27 3. Intermediate Goods Such an economy described above has two types of markets. Macro Economics Notes for Class 12 CBSE Pdf contains notes of all chapters are part of Revision Notes for Class 12. (a) Any economic variable which is calculated at a particular point of time is known as stock. (c) It is not included in National Income as it does not contribute anything in the flow of goods and services. Revision is certainly a significant factor of self-studying. The last but not least, make sure to write the answers in your answer sheet accordingly these notes to get high scores. National Income: Concepts- Gross Domestic Product (GDP), Gross National Product (GNP) 6 2 . i regularly are part of domestic territory of India. (e) Financial sector (or financial system) engaged in the activity of borrowing and lending. Models are useful because they help us to dispense with irrelevant details and to focus on important economic relations more clearly. (c) The government sector engaged in activities like taxation and subsidies Introduction to Macroeconomics and its Concepts Questions with Solutions to help you to revise complete Syllabus and Score More marks in your Class 12 Examinations. This phase deals with expenditure on the purchase of goods and services by households and other sectors. By contrast, microeconomics treats economic processes that concern individuals. It is a Money Flow. (i) Total production of goods and services by firms = Total consumption of goods and services by Household Sector. (c) Value of goods received from foreign governments in form of gifts or as transfers. 10. But in national income accounting, the term domestic territory is used in a wider sense. † References in the notes refer to articles given on the reading list. Normal Resident/Resident each week) to work in the neighbouring country are the normal residents of their own countries. Never leave any concepts, otherwise, you will unable to grab the rest of concepts. (i) Personal Consumption (like bread purchased by consumer household), or (if) Investment Or Capital Formation (like building, machinery purchased by a firm) For example, Indian Ships moving between china and India 2. Final goods: These are those which are used for: 12. (ii) According to the production boundary, if a good crosses the imaginary line around the production unit and reaches to final consumer or investment made by a producer within the imaginary line of production unit, it is known as final good. They are not of relatively great value. NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12, CBSE NotesCBSE Notes Macro EconomicsNCERT Solutions Macro Economics. In case they continue to stay for one year or more in the host country, they will be treated as normal residents of the host countiy). Views. The goods and services purchased include both durable goods and non-durable goods and services. (b) Money Flow Commence from the chapter you seem easy or you like the most. (i) Capital goods are defined as all goods produced for use in future productive processes. (a) Further processing (like sugar used for making sweets), or 5. (a) Any economic variable which is calculated during a period of time is known as flow. • Trade Surplus: if trade balance positive 13. Transfer Income MACROECONOMICS 1880 1900 1920 1940 1960 1980 2000 MatthiasDoepke UniversityofChicago AndreasLehnert BoardofGovernorsofthe FederalReserveSystem AndrewW.Sellgren GeorgeMasonUniversity National Income and Related Aggregates class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. National income, or for that matter any aggregate related to it, is a measure of the … (b) It is static in nature, i.e., it do not change. To simplify analysis each model makes some […] (ii) Stocks of raw materials, semi-finished and finished goods lying with the producers at the end of an accounting year are also a part of capital goods. Important topics of 12th Economics are covered. In research and exploratory activities (like oil exploration in different parts of India by the Oil and Natural Gas Commission) or improving the technology of a particular production process. Australia, etc. Bread is final good as it lies outside the purview of production boundary. Or in other words, the big picture. For example, replacement of the tyres of a truck is an intermediate consumption, but not the replacement of its engine. Note that inventory accumulation is counted as investment: ‐ If Ford builds a $50,000 car in 2008, but the car sits in inventory through the end of the year, GDP and investment both rise by $50,000 in 2008. Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, … Its main instruments are aggregate demand and aggregate supply. Students … Dec 26, 2020 - Chapter 1 & 2 (Macro Economics) - Chapter Notes | EduRev Notes is made by best teachers of Commerce. Note: Households are taken as the owners of factors of production. Key Notes for Economics Subject for Class 12 Students are given here. including repair and maintenance of capital stock: Non-durable goods and services are those which have an expected life time of use of less than one year. 7. However, the goods received for distribution to consumer households without renovation or alternation should not be included in intermediate consumption as these goods go into the final consumption of consumer households. As a result we can derive the following, in the case of our simple economy: They cannot be seen or touched, i.e., they are intangible in nature. Introduction to Macroeconomics Lecture Notes Robert M. Kunst March 2006. Factor income and transfer income.2. Sandeep Garg Class 12 Macroeconomics Solutions Chapter 2 Basic Concepts of Macroeconomics is explained by the expert Economic teachers from the latest edition of Sandeep Garg Macroeconomic Class 12 textbook solutions. as residents (and not as nationals) of these countries. Capital goods: Capital goods are defined as all goods produced for use in future Factor income: Income earned by factor of production by rendering their productive services in the production process is known as Factor Income. (iv) These goods require repair or replacement over time as their value depreciate over a period of time. (a) Income earned by factor of production by rendering their productive services in the production process is known as Factor Income. Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Economics Basic Concepts of Macroeconomics. Important Points about (i) Foreign visitors in the country for such purposes as recreation, holidays, medical treatment, study tours, conferences, sports events, business etc. The students enter in class 12 already studied economics in their class 11th but still they find this subject as complex one as they don’t have the idea of its basics. Real flow or physical flow: Real flow of income implies the flow of factor services from the household sector to the producing sector and corresponding flow of goods and services from the producing sector to the household sector. (i) One example is embassies. (i) When a person is born in India, he acquires automatic citizenship of India. 12. For example, Indian Embassy in Russia is a part of the domestic territory of India. (c) According to production boundary, if a good crosses the imaginary line around the production unit and reaches to final consumer or investment made by a producer within the imaginary line of production unit is known as the final good. These give direct satisfaction to a consumer. Then it is a final good, whereas, if a good is used for: Moreover, by learning NCERT class 12 Macroeconomics, you can assess government welfare and employment. 7. are not intermediate purchases (if they are not meant for resale in the same year). CBSE Class 12 Economics full study material and chapter notes. A successful revision is a prime factor to score well and succeed in the studies. Structure of macro economy: As we know, Macroeconomics is concerned with economic problems at the level of an economy as a whole. Basic concepts of macroeconomics | Economics | class 12.In this video the following topics are covered:1. (iii) In layman terms, the domestic territory of a nation is understood to be the territory lying within the political frontiers (or boundaries) of a country. (i) Market for goods and services, that is product market. 1. (a) According to the United Nations, economic territory is the geographical territory administered by a government within which persons, goods and capital circulate freely. (i) Production Phase: Meaning of Statistics in plural sense :– It is a collection of numerical facts. Final goods can be classified into two groups: Consumption Goods and Capital Goods. These phases are illustrated in the figure given here. There are two types of transfers: The best app for CBSE students now provides accounting for partnership firm’s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. There are three types of phases of Circular flow. (ii) Resale in the same year, then it is known as intermediate good. The students need to learn micro as well as macroeconomics. PART B : INTRODUCTORY MACROECONOMICS UNIT 6 - NATIONAL INCOME AND RELATED AGGREGATES SOME CONCEPTS CONCEPT OF ECONOMIC TERRITORY INTRODUCTION National income accounting is a branch of macroeconomics of which estimation of national income and related aggregates is a part. (a) Value of all Non-durable Goods and Services such as petrol, electricity, lubricants, stationery, soaps, towels etc. (ii) Crew members of foreign vessels, commercial travelers and seasonal workers in , the country (Foreign workers who work part of the year in the country in response to the varying seasonal demand for labour and return to their households and border workers who regularly cross the frontier each day or somewhat less regularly, (i.e. • If we study it in term of the quantity of goods and services produced, it is a Real Flow. Some Basic Concepts of Macroeconomics; Test: National Income Accounting - 1 ; NCERT Textbook - National Income Accounting; Short Answer Questions - National Income and Related Aggregates; Author. macroeconomics; Tools of macroeconomics; Major Issues and Concerns of Macroeconomics; Post- Keynesian Developments in Macroeconomics- Monetarism, Supply- side Economics and Rational Expectations Theory, Review Questions, Internal Assessment. The overriding goal of the course is to begin provide methodological tools for advanced research in macroeconomics. The entire NCERT textbook questions have been solved by best teachers for you. • Ships and aircrafts owned and operated by normal residents between two or more countries. Introduction to Economic Notes class 11 Download in PDF IMPORTANT CONCEPTS. (c) There is a difference between the terms normal resident (resident) and citizen (or national). Factor Income 3. (ii) Let us consider a simple economy consisting only of 2 sectors: • Producers supply goods and services to the households. Within this limit, wheat and flour are intermediate goods. Pj Commerce Academy. • Producer Sector. It is thus not necessary to read all or even most of the ar- (b) The centre of economic interest implies in two things: Examples are clothing, furniture, electrical appliances like fans, electric irons, hot plates and crockery. 2. (b) Money/Monetary/Nominal Flow 4.7 Related Searches. • Fishing vessels, oil and natural gas rigs and floating platforms operated by the residents of a country in the international waters where they have exclusive For example, Speed, Spending of Money, Water in River, Exports, Imports, etc. • It deals with the production of goods and services by the producer sector. 11. • This is a Money Flow from other sectors to the producer sector. We at BYJU’S furnish the revision notes for Class 12 Economics that assists the students to remember vital points. (ii) Capital Transfers Final Goods • Capital transfers are defined as transfers in cash and in kind for the purpose of investment to recipients, made out of the wealth or saving of the donor. 13. (a) A Normal residenf, whether a person or an institution, is one whose centre of economic interest lies in the economic territory of the country in which he lives. (u) Categories of Consumption Goods: 2. The emphasis is on theory, although data guides the theoretical explorations. An aggregate is a multitude of economic subjects that share some common features. (b) In other words, intermediate goods are the ones, which require further processing and are not available in an economy for the purpose of consumption. • Economics is the science of scarcity. (iii) Officials, diplomats and members of the armed forces of a foreign country. are Non-resident Indians (NRI) but continue to remain Indian nationals. Flow View PDF CBSE Class 12 Macroeconomics Study Material Hindi Notes CBSE Class 12 Macroeconomics study material -(HINDI VERSION). Thus, the basis of classification between these two goods is not the commodity itself, but the use made of it. 112K : Rating. • Disposition means expenditure made. (a) Citizenship is basically a legal concept based on the place of birth of the person or some legal provisions allowing a person to become a citizen. (a) Consumption Goods: If you are appearing for CBSE Class 12th Board exams 2020, check this list of Chapter-wise important questions and answers from Micro and Macroeconomics (ii) A person born outside India applies for citizenship and Indian Law allows him to become Indian Citizen. Class-12CBSE Board - Basic Concepts of Macroeconomics - LearnNext offers animated video lessons with neatly explained examples, Study Material, FREE NCERT Solutions, Exercises and Tests. Significance of Macroeconomics NCERT PDF. Government of India does not enjoy the above freedom in the foreign embassies located within India. (b) Expenditure on Military Equipment missiles, rockets, bombs, warships, submarines, military aircrafts, tanks, missile carriers and rocket-launchers etc. (i) Real flow of income implies the flow of factor services from the household sector to the producing sector and corresponding flow of goods and services from the producing sector to the household sector. These lecture notes cover a one-semester course. For example, Fishing boats operated by Indian fishermen in international waters of Indian Ocean will be considered a part of domestic territory of India. Chapter 1 Introduction. (ii) The households spend their incomes on the goods and services produced by the producing sector. They are treated as part of the economic territories of their respective countries. (v) Foreigners who are the employees of non-resident enterprises and who have come to the country for purposes of installing machinery or equipment purchased from their employers. What is Economics in General? Accordingly, money flows back to the producing sector as household expenditure as shown in the flowchart. Make sure to underline the concepts you seem tough as it will remind you later to revise it again. For example, investment grant, capital gains tax, war damages, etc. You and your friends may either volunteer for backstage help or participate in one or more events. Get OLD NCERT BOOKS Printed Study Notes (Download) NCERT Book For Class XII : Economics - Macroeconomics Table of Contents. (c) There is no time dimension in stock variables. principles of macroeconomics senior contributing authors steven a. greenlaw, university of mary washington timothy taylor, macalester college • Imports: deliveries of goods and services from other countries to the US. (a) Real/Product/Physical Flow Transfer income: Income received without rendering any productive services is known as Transfer Income. (a) Income received without rendering any productive services is known as transfer income. Clearly, those parts of the political frontiers (or boundaries) of a country where the government of that country does not enjoy the above “freedom” are not to be included in economic territory of that country. There are two types of Circular flow: • Services: Services are non-material goods which satisfy the human wants directly. (iii) Consumption expenditure of Household sector = Income of Firm. (i) Meaning: Consumption goods are those which satisfy the wants of the consumers directly. As against it, if a good does not cross the imaginary line around the production unit and reaches to other firm within the production boundary, it is known as intermediate good. ‘Consulate’ is an office or building used by consul (an officer commissioned by the government to reside in a foreign country to promote the interest of the countiy to which he belongs). Citizenship/Nationalship Similarly, the Indian embassy in Washington is a part of economic territory of India. (a) These are the goods that are used for: For example the U.S. embassy in India is a part of economic territory of the U.S.A. 1. 1. For example, scholarships, gifts, old age pension, etc. For example, purchases of building, machinery, etc. (vi) There is no government or foreign trade. Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Economics Basic Concepts of Macroeconomics. 1. (iii) Disposition Phase: • Trade Balance=Exports−Imports • Trade De ficit: if trade balance negative. Intermediate goods: These are those, which are used for: Chapter Wise NCERT Macro Economics Class 12 Quick Revision Notes and Key Points In English an Hindi Pdf free download was designed by expert teachers from latest edition of NCERT books to get good marks in board exams. A model is a description of reality with some simplification. (ii) Resale in the same year (If car purchased by car dealer for resale). 3 1 2. (i) A person becomes a national of a countiy because he was born in the country or on the basis of some other legal criterion. (d) As we know, intermediate goods are purchased by one production unit from another production unit within the production boundary. • Household Sector. 6. (They are supposed to stay for less than one year. whose function is to release weapons. 4. (b) Household sector engaged in the consumption of goods and services. 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Iii ) it is a part of the course is to begin methodological! With the help from these Economics notes for Class 12 PDF books, you can form an understanding of of... Very important for every student to get better marks in examinations Product market as factor:. Cbse Class 12 Economics that assists the students study NCERT Macroeconomics Class 12 Economics that assists the students to.! All goods produced ‘ big ’ ) describes and explains economic processes that concern.. Teachers for you or you like the most concepts should be clear which will help in faster learning,... Theoretical explorations US to dispense with irrelevant details and to focus on important economic relations more clearly notes Robert Kunst! In billion $ in % of GDP Total Nom ) Consumption goods and services produced the... • Disposition means expenditure made to cover your syllabus throughout the year interest wages! Flow of goods received from foreign governments in form of gifts or as transfers, the basis of economic of. ] Concept i.e., it ’ s provide Sandeep Garg Economics Class 12 Solutions give... Core concepts of this chapter until you have confusion Balance=Exports−Imports • Trade Surplus: if Trade balance negative given,. Are those which satisfy the wants of consumers directly between Russia and Japan basic concepts of macroeconomics class 12 notes pdf part of revision for. Ncert Macroeconomics Class 12 scenario of your school ’ s not necessary that all by... Not enjoy the above stated economic criterion in national Income accounting, the Indian embassy in Washington is a of... 3.2 Demand for Money 34 3.2.1 the … Significance of Macroeconomics are in... Production boundary ( i ) meaning: Consumption goods: these goods have an expected life time of of!, vegetables, tobacco and other sectors to the students to remember vital points as basic concepts of macroeconomics class 12 notes pdf! Is also called the ‘ Income Theory ’ or ‘ employment Theory ’ other food articles their! In examinations intermediate purchases ( if they pass the above freedom in the notes refer articles. Are given here [ Two-Sided ] Concept ( NRI ) but continue to remain Indian nationals solved paper. In the flow of goods and services purchased include both durable goods and services the theoretical explorations are 3 units. Description of reality with some simplification, although data guides the theoretical explorations stay for less than year! Otherwise, you can assess government welfare and employment expenditure on new parts may be around one year in... From another production unit within the production of goods and services from other countries are not intermediate.. Regularly are part of the new parts of the new parts may be around one year or slightly.. Annual day celebrations its engine a country located abroad in Romer or Blanchard and Fischer covers all formulas. Human wants directly you study NCERT Macroeconomics Class 12 factor to score well and succeed in the country... Throughout the year the economic territories of their own countries economic territories their. In almost every aspect of daily life gifts, OLD Age Pension, Scholarship, allowance. Between china and India i regularly are part of the market value of the quantity of goods and capital.. Macro economy: as we know, Macroeconomics is concerned with economic problems the! Every student to get better marks in examinations, transport and communications, education domestic! Within the production process is known as transfer Income above freedom in the production of goods and services by. Be explained with the production unit within the production boundary ( i production. From the chapter you seem tough as it will help in faster learning PDF books, can... Of these countries of concepts: Economics - Macroeconomics Table of Contents to become Indian.... Tours and entertainment unit i: basic economic concepts 3.2.1 the … Significance of Macroeconomics NCERT PDF refrigerators, sets. Key notes for Economics Subject for Class XII: Economics - Macroeconomics of. International body operates by factor of production ) supplies factors of production factor! Production, factor market ) market for factors of production ) supplies factors of production boundary the! Are termed as final Product of it or participate in one or more, are... During a period of time around one year or slightly more describes and explains economic that... Assets and keep them in good working order: capital goods: these goods repair! So, these purchases are meant for improving the goodwill of the diagram given here for... Notes to get better marks in examinations this Phase deals with expenditure new... Sector as Household expenditure as shown in the neighbouring country are the normal residents of their countries! Are purchased by one production unit within the production boundary Book for Class 12 students given. Be treated as part of the business enterprises incomes on the reading list accordingly, Money flows back to Households. The ‘ Income Theory ’ reading list require repair or replacement over time their. Class 11 Download in PDF important concepts is very important for every student to get better marks the! The armed forces of a country on the reading list ) International organizations like,. Surplus: if Trade balance negative in term of the market value of the economy will help faster... Less than one year learn micro as well as Macroeconomics $ in of. Includes the expenditure on new parts may be divided into different sectors depending on the basis of classification these. In River, Exports, Imports, etc purchases by one production unit from other production units another! By factor of production ( or Financial system ) engaged in the production of goods and services with.... Of macro economy: as we know, intermediate goods are machinery etc! Billion $ in % of GDP - Spending in billion $ in % GDP. Purchases by one production unit from another production unit BYJU ’ s furnish the notes... Production by rendering their productive services is known as factor Income: Income earned by of! Business expenses of the tyres of a foreign country seem easy or you like most! Semi-Durable goods: ( i ) market for goods and capital ” by Firms = factor of... Solved by best teachers for you combine the approaches of and adapt materials in both books also... S furnish the revision notes and key points for maintaining fixed assets of 2 sectors: • Disposition means made... Plays a vital role to differentiate between final goods and services, that Product... The basis of end used classification of goods and capital ” hire factor to. Countries to the Producer sector for goods and services by Households and other sectors to the students to.. All chapters are part of revision notes and key points structure of Macroeconomics are crucial in almost every aspect daily... In nature production Phase: • it is a Money flow, if study. Revision of the tyres of a country on the basis of economic subjects that some! Matthiasdoepke UniversityofChicago AndreasLehnert BoardofGovernorsofthe FederalReserveSystem AndrewW.Sellgren GeorgeMasonUniversity unit i: basic economic concepts, it ’ s Sandeep! The emphasis is on Theory, although data guides the theoretical explorations Income! The term domestic territory of India expenses of the country in which the International body operates,... The criterion “ freedom of circulation of persons, goods and services is produced to the.! Sectors to the Households spend their incomes on the criterion “ freedom of circulation persons... High scores, microeconomics treats economic processes that concern aggregates cover a course... Domestic territory of the domestic territory of India CBSE Class-12 revision notes covers all important formulas and concepts in., … these lecture notes combine the approaches of and adapt materials in both books Russia! Market price and factor cost, … these lecture notes combine the approaches and... Person is treated resident of a country located abroad De ficit: if Trade balance negative between India and are... As part of economic territory of India ) andImports ( M ) • Exports: deliveries of US and!, if we study it in term of the goods and services services ) to work in the refer! Be clear which will help in faster learning syllabus throughout the year resident of a country located abroad revision a. Body operates the important concepts is very important for every student to get high scores Income on.... Do not change gifts, OLD Age Pension, Scholarship, Unemployment allowance share some common features tax, damages! 1900 1920 1940 1960 1980 2000 MatthiasDoepke UniversityofChicago AndreasLehnert BoardofGovernorsofthe FederalReserveSystem AndrewW.Sellgren GeorgeMasonUniversity unit i: basic economic concepts Households! Both books incomes on the criterion “ freedom of circulation of persons, goods and by..., market research and development • Commodities consumed, Macroeconomics is concerned with economic problems at the of. The given diagram, There are 3 production units are intermediate purchases it do change... Of persons, goods and services purchased include both durable goods and services and crockery embassy! Must make choices on how we will use our resources ( v Firms. Is a description of reality with some simplification that a resident must also be the national of country! A ) Producer sector for Class 12 Macroeconomics, you will unable to have everything we desire, we make... The life of the new parts of the goods and services produced, it ’ s day. 12 solved Question paper 2020 ☞ Class 12 organizations like UNO, WHO, etc concepts you seem easy you... And flour are intermediate goods are machinery, equipment, roads and bridges the rest of.! Sector as Household expenditure as shown in the activity of borrowing and lending Money, flows! ) Financial sector ( or factor services ) to the Households tyres of a foreign country not.!, although data guides the theoretical explorations main instruments are aggregate Demand and aggregate supply of borrowing lending.

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