List of Abbreviations Used in Economics – Economics Study Materials


The following 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.

Important topics in economics

What is Demand?

Economics Class 12 Important Questions

 Economics Important Questions Class 11


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

1 MRS Marginal Rate of Substitution
2 MRT Marginal Rate of Transformation
3 TU Total Utility
4 MU Marginal Utility
1 ED Elasticity of Demand
2 ES Elasticity of Supply

Unit 3. Producer Behaviour and Supply

1 TP   Total Product
2 AP   Average Product
3 MP   Marginal Product
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
14 RTS   Returns to Scale
15 IRS   Increasing Returns to Scale
16 CRS   Constant Returns to Scale
17 DRS   Diminishing Returns to Scale
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

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