12th Ecnomics Important 2&3 Mark Questions

 12th Economics Important 2 Mark Questions

• 21. Define Macro Economics.
• 22. Define the term ‘Inflation’.
• 23. What is meant by an ‘Economy’?
• 24. Classify the economies based on status of development.
• 25. What do you mean by Capitalism?
• 26. Define ‘Economic Model’.
• 27. ‘Circular Flow of Income’ - Define.

12th Economics Important 3 Mark Questions 

• 28. State the importance of Macro Economics.
• 29. Describe the different types of economic systems.
• 30. Outline the major merits of capitalism.
• 31. Indicate the demerits of socialism.
• 32. Enumerate the features of mixed economy.
• 33. Distinguish between Capitalism and Globalism.
• 34. Briefly explain the two sector circular flow model.