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✅ List of Abbreviations Used in Economics ✅️ 📍Unit 1. Introduction PPF: Production Possibility Frontier PPS: Production Possibility Set PPC: Production Possibility Curve IC: Indifference Curve 📍Unit 2. Consumer’s Equilibrium and Demand MRS: Marginal Rate of Substitution MRT: Marginal Rate of Transformation TU: Total Utility MU: Marginal Utility ED: Elasticity of Demand ES: Elasticity of Supply 📍Unit 3. Producer Behaviour and Supply TP:  Total Product AP:  Average Product MP:  Marginal Product TC:  Total Cost TVC:  Total Variable Cost TFC:  Total Fixed Cost MC:  Marginal Cost SAC:  Short-Run Average Cost SMC:  Short-Run Marginal Cost AFC:  Average Fixed Cost AVC:  Average Variable Cost LRAC:  Long-Run Average Cost LRMC:  Long-Run Marginal Cost RTS:  Returns to Scale IRS:  Increasing Returns to Scale CRS:  Constant Returns to Scale DRS:  Diminishing Returns to Scale TR: Total Revenue AR: Average Revenue MR:  Marginal Revenue MRPL: Marginal Revenue Product of Labour VMPL: Value Marginal Product of Labour

✅ List of Abbreviations Used in Economics ✅️ 📍Unit 1. Introduction PPF: Production Possibility Frontier PPS: Production Possibility Set PPC: Production Possibility Curve IC: Indifference Curve 📍Unit 2. Consumer’s Equilibrium and Demand MRS: Marginal Rate of Substitution MRT: Marginal Rate of Transformation TU: Total Utility MU: Marginal Utility ED: Elasticity of Demand ES: Elasticity of Supply 📍Unit 3. Producer Behaviour and Supply TP:  Total Product AP:  Average Product MP:  Marginal Product TC:  Total Cost TVC:  Total Variable Cost TFC:  Total Fixed Cost MC:  Marginal Cost SAC:  Short-Run Average Cost SMC:  Short-Run Marginal Cost AFC:  Average Fixed Cost AVC:  Average Variable Cost LRAC:  Long-Run Average Cost LRMC:  Long-Run Marginal Cost RTS:  Returns to Scale IRS:  Increasing Returns to Scale CRS:  Constant Returns to Scale DRS:  Diminishing Returns to Scale TR: Total Revenue AR: Average Revenue MR:  Marginal Revenue MRPL: Marginal Revenue Product of Labour VMPL: Value Marginal Product of Labour

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✅ List of Abbreviations Used in Economics ✅️ 🔴 National Income and Related Aggregates GDP: Gross Domestic Product GDP MP: Gross Domestic Product at Market Price GDP FC: Gross Domestic Product at Factor Cost NNP MP: Net National Product at Market Price NNP FC: Net National Product at Factor Cost NDP MP: Net Domestic Product at Market Price NDP FC: Net Domestic Product at Factor Cost PI: Personal Income PDI: Personal disposable Income GVA: Gross value added NVA: Net value added 🔴 Money and Banking LRR: Legal Reserve Requirement CRR: Cash Reserve Ratio SLR: Statutory Liquidity Ratio OMO: Open Market Operation RBI: Reserve Bank of India GOI: Government of India MD: Money Demand MS: Money Supply 🔴 Income and Employment Determination APC:  Average Propensity to Consume APS: Average Propensity to Save MPC: Marginal Propensity to Consume MPS: Marginal Propensity to Save AD: Aggregate Demand AS: Aggregate Supply 🔴 Government Budget and Economy PSUs: Public Sector Undertakings FRBMA: Fiscal Responsibility and Budget Management Act 🔴 Balance of Payment BOP: Balance of Payment BOT: Balance of Trade PPP: Purchasing Power Parity NEER: Nominal Effective Exchange Rate FDI: Foreign Direct Investment

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