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CBSE Class 12-commerce Macroeconomics Some Basic Concepts of Macroeconomics

Learn about the basic concepts of macroeconomics from the CBSE Class 12 Commerce Economics chapter National Income Accounting by referring to our revision notes, sample papers, past year papers etc. at TopperLearning.

There was a time when possession of natural resources was the most important consideration but even then the resource had to be transformed through a production process. The economic wealth, or well-being, of a country thus does not necessarily depend on the mere possession of resources; the point is how these resources are used in generating a flow of production and how, as a consequence, income and wealth are generated from that process.