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MONEY AND BANKING PART 2 NOTES FOR CLASS 12

MONEY AND BANKING  MEANING OF MONEY: Money is anything which is generally accepted as medium of exchange, measure of value, store of value and as means of standard of deferred payment. FUNCTIONS OF MONEY: Functions of money can be classified into Primary and Secondary Primary/Basic functions:- i) Medium of Exchange: - It can be used in making payments for all transactions of goods and services. ii) Measure /Unit of value: - It helps in measuring the value of goods and services. The value is usually called as price. After knowing the value of goods in single unit (price) exchanges become easy. Secondary functions:- i) Standard of deferred payments: Deferred payments referred to those payments which are to be made in near future. Money acts as a standard deferred payment due to the following reasons: a) Value of money remains more or less constant compared to other commodities. b) Money has the merit of general acceptability. c) Money is more durable compare to ...
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CONSUMER EQUILIBRIUM NOTES FOR CLASS 12

Consumer's Equilibrium  In order to get the fair idea about this topic we need to understand some basic things associated with this topic. Marginal Utility of a good -:  It is always diminishing. Law of diminishing MU will operate. This law states when a consumer consumes more and more amount of a good, he derives less and less satisfaction from the consumption of successive units. Marginal Utility of Money -:  This is assumed to be constant. If a consumer gets satisfaction worth 4 utils from one rupee, he will get satisfaction worth 400 utils from Rs 100/-. Marginal Utility of a good in terms of Money  (MU x tm )-:  This is the ratio of Marginal utility of a good to MU of money. It is just conversion of Marginal utility of a good in to  money. It means how much money is required to buy the given utility. Suppose Utility of one rupee = 4 utils Suppose a consumer is consuming a chocolate and getting satisfaction equals to 100 utils. Then utility of ...
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GST

Q.What is Goods and Services Tax (GST)? A.GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration. Simply put, goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied. GST is an indirect tax in lieu of tax on goods (excise) and tax on service (service tax). The GST is just like State level VAT which is levied as tax on sale of goods. GST will be a national leve...
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