List of Abbreviations Used in Economics – Economics Study Materials


Following are the abbreviations which are used in class 12th economics syllabus frequently.

● Students are advised to learn the full form of each and every abbreviation e.g. Lot of students ask for the full form of GDP which is Gross Domestic Product and which is shown in the following list.

● The special thing about the list is that; it is a chapter wise collection of full forms of terms used in economics curriculum.


UNIT 1 – Introduction


1 PPF Production Possibility Frontier
2 PPS Production Possibility Set
3 PPC Production Possibility Curve
4 IC Indifference Curve


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 Rate of productivity of labour
22 VMPL Value of marginal productivity of labour


UNIT 5 – National Income and Related Aggregates


 1 GDP Gross domestic product
 2 GDPMP Gross domestic product at market price
 3 GDPFC Gross domestic product at factor cost
 4 NNPMP Net national product at market price
 5 NNPFC Net national product at factor cost
  6 NDPMP 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


Click Here for Economics Study Materials