Q.Identify the economic system, where only private ownership of production exists.

J.M. Keynes is called the Father of Modern Macro Economics, so the answer is (d).

As studied in the introduction to macroeconomics of the Tamil Nadu HSC Commerce syllabus, John Maynard Keynes revolutionised economic thinking with his 1936 book 'The General Theory of Employment, Interest and Money'. He shifted attention from individual markets to economy-wide aggregates such as aggregate demand, national income, total employment and the general price level.

Because his ideas laid the foundation of modern macroeconomic analysis and policy, Keynes is honoured as the 'Father of Modern Macro Economics'. …

The word 'Macro' was coined by Ragnar Frisch — option (b).

In the Tamil Nadu HSC Class-12 Economics syllabus (Introduction to Macro Economics), the terms macroeconomics and microeconomics were coined by the Norwegian economist Ragnar Frisch in 1933. The word 'macro' is derived from the Greek word *mak …

An economy in which only private ownership of the means of production exists is a capitalist (free-market) economy.

Economic systems differ mainly in the pattern of ownership and control of the factors of production:

• Capitalist economy: the means of production (land, capital, enterprises) are privately owned and operated for private profit; decisions are guided by the price mechanism and free markets, with minimal state interference.
• Socialist economy: the means of production are owned and controlled by the state/community; production is planned centrally for social welfare, not private profit. …

John Maynard Keynes (J.M. Keynes) is regarded as the Father of Modern Macro Economics.

J.M. Keynes revolutionised economic thinking with his 1936 book, 'The General Theory of Employment, Interest and Money'. He shifted the focus from individual markets to the economy as a whole — aggregate demand, aggregate supply, national income and employment — and showed that the economy could settle at less than full employment, justifying government intervention. This established macroeconomics as a separate branch of economics, so he is called the Father of Modern Macro Economics.

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Macroeconomics is also called Income Theory, so option (d) is correct.

In the introduction to macroeconomics in the Tamil Nadu HSC Commerce syllabus, macroeconomics studies the economy as a whole — aggregate income, output, employment and the general price level. Since determining the level of national income and employment is its central concern, it is popularly known as Income Theory or the Theory of Income and Employment.

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J.M. Keynes is the Father of Modern Macro Economics.

In the Tamil Nadu HSC Commerce syllabus, macroeconomics studies the economy in aggregate — total output, employment, income and the general price level. Before Keynes, economists relied on the classical view that markets always cleared at full employment. Keynes' 1936 book 'The General Theory of Employment, Interest and Money', written against the backdrop of the Great Depression, showed that an economy could settle at an equilibrium with large-scale unemployment and that aggregate demand drives income and employment. This gave modern macroeconomics its foundation.

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Macroeconomics is the study of aggregates.

In the TN HSC Class-12 Commerce syllabus, macroeconomics (from the Greek 'macros' meaning large) studies the behaviour of the economy as a whole. It analyses economy-wide totals — aggregate demand, aggregate supply, total national income, total employment, total savings and investment, and the general price level. In con …