The Class 12 Economics Book Introductory Macroeconomics is the official NCERT textbook for the macroeconomics side of Class 12 economics, with 6 chapters across 99 printed pages. Every chapter’s official PDF is linked in the table below, so you can download the whole book from this one page.
This page adds what the PDF alone does not show: a chapter-by-chapter breakdown of what each chapter actually contains — its named sections, numbered figures and page numbers, and the question load each one carries. The numbers tell you where the weight sits — the longest chapter, the heaviest question load — before you open a single file.
Class 12 Economics Book Introductory Macroeconomics: Official Chapter PDFs
The table below lists all six chapters of the textbook, each with its title, page range and the official NCERT PDF link.
Every file is NCERT’s own, hosted on ncert.nic.in — the same official documents the council publishes, starting with the Chapter 1 file (leec101.pdf) and running through the same file numbering to Chapter 6. Open the chapter you need for revision, or download all six to build your own copy of the book.
| Ch. | Chapter | Pages | Official PDF |
|---|---|---|---|
| 1 | Adam Smith | 8 | |
| 2 | National Income Accounting | 27 | |
| 3 | Money and Banking | 17 | |
| 4 | Determination of Income and Employment | 13 | |
| 5 | Government Budget and the Economy | 19 | |
| 6 | Open Economy Macroeconomics | 15 |
The Book at a Glance: Chapters, Pages, Figures and Questions
- 6 chapters across 99 printed pages, from Chapter 1 Adam Smith (pp. 1-8) to Chapter 6 Open Economy Macroeconomics (pp. 85-99).
- 36 named sections — the book’s own numbered headings (1.1, 2.2 and so on), not the CBSE syllabus.
- 5 verified numbered figures indexed from the textbook.
- 65 exercise questions in total, spread unevenly across the six chapters.
- No printed activities — teaching runs through tables, equations and end-of-chapter exercises rather than activity boxes.
The five figures are split between two chapters:
- Chapter 2: the circular flow of income in a simple economy (Fig. 2.1, p. 15), GDP by the three methods (Fig. 2.2, p. 23), and the subcategories of aggregate income (Fig. 2.3, p. 26).
- Chapter 6: components of current account (Fig. 6.1, p. 87) and components of capital account (Fig. 6.2, p. 88).
What’s Inside Each Chapter: Named Sections and Page Numbers
The directory below is the book measured chapter by chapter. For each chapter it counts the sections, indexed figures and exercise questions that actually appear in the textbook.
Section means one of NCERT’s own numbered headings inside the chapter. Figure means a numbered figure indexed from the book — one with a printed caption. Question means an end-of-chapter exercise.
| Ch. | Chapter | Sections | Activities | Figures | Questions |
|---|---|---|---|---|---|
| 1 | Adam Smith | 2 | — | — | 6 |
| 2 | National Income Accounting | 9 | — | 3 | 12 |
| 3 | Money and Banking | 6 | — | — | 11 |
| 4 | Determination of Income and Employment | 6 | — | — | 7 |
| 5 | Government Budget and the Economy | 4 | — | — | 10 |
| 6 | Open Economy Macroeconomics | 9 | — | 2 | 19 |
The notes that follow point to the sections worth slowing down on, and where the exercise load concentrates.
Chapter 1: Adam Smith (pp. 1-8)
This short opening chapter sets up the whole subject before any measurement begins. The book’s printed summary makes the key distinction in one idea: macroeconomics deals with the aggregate economic variables of an economy — the totals rather than the single market — and with the interlinkages between its different sectors. That aggregate view is what separates it from microeconomics.
- Emergence of Macroeconomics (p. 5)
- Context of the Present Book of Macroeconomics (p. 6)
With 2 named sections, no printed figures and 6 exercise questions, this is the short orienting chapter of the book — read it once and move to the measurement chapters.
Chapter 2: National Income Accounting (pp. 9-35)
Chapter 2 is where the measurement begins. The summary sets it up as a circular story: firms employ inputs supplied by households and produce goods and services, households receive income in return, and that flow is what national income accounting tries to measure.
The concepts it builds — GDP and its aggregates, the circular flow, and the identities linking them — are assumed by every later chapter.
- Some Basic Concepts of Macroeconomics (p. 9)
- Circular Flow of Income and Methods of Calculating National Income (p. 14)
- Some Macroeconomic Identities (p. 25)
- Nominal and Real GDP (p. 29)
- GDP and Welfare (p. 30)
Inside section 2.2 the book works through three ways of measuring the same flow: the product or value added method (p. 17), the expenditure method (p. 21) and the income method (p. 22), then reconciles factor cost, basic prices and market prices (p. 24). The circular flow diagram (NCERT, p. 15) is the chapter’s anchor figure.
With 9 named sections, 3 of the book’s 5 indexed figures (Figures 2.1-2.3) and 12 exercise questions, this is the quantitative core of the book.
Chapter 3: Money and Banking (pp. 36-52)
This chapter runs in a straight line from what money does to how its supply is controlled.
It opens with the functions of money, then separates the demand for money from the supply of money, shows how the banking system creates money rather than simply storing it, and closes with the policy tools the central bank uses to control money supply.
- Functions of Money (p. 36)
- Demand for Money and Supply of Money (p. 37)
- Money Creation by Banking System (p. 39)
- Policy Tools to Control Money Supply (p. 42)
The two subsections inside section 3.3 are where students usually slow down. The balance sheet of a fictional bank (p. 40) shows credit creation step by step, and the limits to credit creation and the money multiplier (p. 40) state how far that process can go.
With 6 named sections, no indexed figures and 11 exercise questions, this chapter’s teaching rides on its tables and equations, not diagrams.
Chapter 4: Determination of Income and Employment (pp. 53-65)
This chapter builds the core model of the book. It defines aggregate demand and its components, determines income in a two-sector model of households and firms, and then finds the short-run equilibrium income with the price level fixed.
The multiplier mechanism (NCERT, p. 61) explains how a change in spending produces a larger change in income, and the closing section adds some more concepts around the same framework.
- Aggregate Demand and its Components (p. 53)
- Determination of Income in Two-Sector Model (p. 56)
- Determination of Equilibrium Income in the Short Run (p. 57)
- Some More Concepts (p. 64)
Within section 4.3 the chapter works with macroeconomic equilibrium with the price level fixed (p. 57) before developing the multiplier mechanism (p. 61).
With 6 named sections, no indexed figures and only 7 exercise questions, the conceptual load here sits in the equations and the multiplier mechanism (p. 61), not in diagrams.
Chapter 5: Government Budget and the Economy (pp. 66-84)
The printed summary of this chapter carries the whole argument in four ideas. Public goods are collectively consumed and non-rivalrous, unlike private goods. The government budget works through three functions — allocation, redistribution and stabilisation — operating through government receipts and expenditure.
The budget is divided into a revenue budget and a capital budget to separate current financial needs from investment in the country’s capital stock. And a rising revenue deficit as a share of fiscal deficit signals deteriorating quality of government expenditure, because it points to lower capital formation.
- Government Budget — Meaning and its Components (p. 66)
- Balanced, Surplus and Deficit Budget (p. 70)
The objectives of the government budget (p. 67) frame the policy side of the chapter; the numerical work sits in the measures of government deficit (p. 71).
With 4 named sections and 10 exercise questions, the numerical work concentrates on the measures of government deficit (p. 71).
Chapter 6: Open Economy Macroeconomics (pp. 85-99)
The final chapter takes the model open. It first splits the balance of payments into the current account and the capital account, and defines what a surplus and a deficit mean.
It then turns to the foreign exchange market: what the foreign exchange rate is, how it is determined, the merits and demerits of flexible and fixed exchange rate systems, and managed floating.
- The Balance of Payments (p. 86)
- The Foreign Exchange Market (p. 91)
Under the balance of payments the chapter details the current account (p. 86) and the capital account (p. 88) separately before defining surplus and deficit (p. 88). Under the foreign exchange market it covers the exchange rate (p. 91), its determination (p. 92), the two systems and their trade-offs (p. 95), and managed floating (p. 95).
With 9 named sections, 2 indexed figures (Figure 6.1, Components of Current Account, p. 87; Figure 6.2, Components of Capital Account, p. 88) and 19 exercise questions, this chapter carries the largest share of the book’s exercise load.
Chapter Study Pages for This Book
The rows below show the dedicated study pages for each chapter of this book, with the current state of every chapter in its row.
| Ch. | Chapter page |
|---|---|
| 1 | Adam Smith (coming soon) |
| 2 | National Income Accounting (coming soon) |
| 3 | 121090303 (coming soon) |
| 4 | Determination of Income and Employment (coming soon) |
| 5 | Government Budget and the Economy (coming soon) |
| 6 | Open Economy Macroeconomics (coming soon) |
How to use this Class 12 economics textbook
This textbook reads better in a fixed order than in the printed sequence, because each chapter builds on the one before it. The study order below is the one that works for most students.
| Order | Chapter | Why this order |
|---|---|---|
| 1 | Chapter 2: National Income Accounting | Later chapters assume its concepts — the circular flow, GDP and its aggregates — and it holds most of the book’s figures, so it anchors everything that follows. |
| 2 | Chapter 4: Determination of Income and Employment | Builds the two-sector model of aggregate demand and equilibrium income directly on Chapter 2’s measured concepts. |
| 3 | Chapter 3: Money and Banking | Once the income model is in place, credit creation and the money supply tools become meaningful; the multiplier idea carries over from Chapter 4. |
| 4 | Chapter 5: Government Budget and the Economy | Applies the income and deficit concepts already covered, and its numerical work is easier after Chapters 2 and 4. |
| 5 | Chapter 6: Open Economy Macroeconomics | Carries the heaviest question load in the book, so it rewards the practice stamina you have later in revision. |
Chapter 1, Adam Smith, can be read at any point — it is a short orientation that takes a few minutes. One caution: textbook contents and the examinable syllabus are not always identical — check the current official syllabus.
Related NCERT Books and Class Pages
Use these pages to move between books and classes on this site:
- NCERT books index — the entry point for every class and subject this site covers.
- Class 12 NCERT books — all Class 12 textbooks in one place.
- Class 12 economics — the hub page for economics at this level.
This page covers the Introductory Macroeconomics volume only. Microeconomics is a separate NCERT textbook at this level, and the economics hub above is the starting point for the subject as a whole.
Sources and data verification
This listing is maintained for the 2026-27 academic session using the NCERT textbook information available to us. NCERT remains the authority for confirming the latest edition.
- The section titles, figure captions and page references on this page describe the NCERT Class 12 Economics Introductory Macroeconomics textbook, official edition on ncert.nic.in.
- This page covers that book only — not Introductory Microeconomics, and not CBSE curriculum documents.
- This listing is maintained for the current academic session using the NCERT information available to us.
- NCERT settles textbooks, editions and PDFs; CBSE settles curriculum, syllabus and examinations.
Frequently Asked Questions About This Book
How many chapters are in the Class 12 Economics book Introductory Macroeconomics?
Six chapters across 99 printed pages: Adam Smith, National Income Accounting, Money and Banking, Determination of Income and Employment, Government Budget and the Economy, and Open Economy Macroeconomics. The chapter PDF table at the top of this page links each one.
Is the PDF on this page the official NCERT textbook?
Yes. Every link in the download table goes to NCERT’s own PDF hosted on ncert.nic.in — the same official file the council publishes, free to download. No other source is needed for the textbook itself.
Which chapter covers national income and GDP?
Chapter 2, National Income Accounting (pp. 9-35). It covers the circular flow of income, the product, expenditure and income methods of measuring GDP, macroeconomic identities, and nominal and real GDP.
Which chapter has the most exercise questions?
Chapter 6, Open Economy Macroeconomics, with 19 of the book’s 65 exercise questions in its 15 pages. Chapter 4, Determination of Income and Employment, has the fewest at 7.
Does this book cover microeconomics as well?
No. This volume is Introductory Macroeconomics only; microeconomics is taught from a separate NCERT textbook at this level. Both belong to Class 12 economics, but they are different books.
Reference: NCERT Class 12 Economics Introductory Macroeconomics textbook, official edition on ncert.nic.in. Figure captions and section titles quoted from the textbook; page references are to the official PDF.