Back

ECONOMICS (Code No. 030) (2024-25)

Rationale

Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to ground education in children’s own experience becomes essential. While doing so, it is imperative to provide them opportunities to acquire analytical skills to observe and understand the economic realities.

At senior secondary stage, the learners are in a position to understand abstract ideas, exercise the power of thinking and to develop their own perception. It is at this stage, the learners are exposed to the rigor of the discipline of economics in a systematic way.

The economics courses are introduced in such a way that in the initial stage, the learners are introduced to the economic realities that the nation is facing today along with some basic statistical tools to understand these broader economic realities. In the later stage, the learners are introduced to economics as a theory of abstraction.

The economics courses also contain many projects and activities. These will provide opportunities for the learners to explore various economic issues both from their day-to-day life and also from issues, which are broader and invisible in nature. The academic skills that they learn in these courses would help to develop the projects and activities. The syllabus is also expected to provide opportunities to use information and communication technologies to facilitate their learning process.

Objectives:

  • Understanding of some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers and consumers.
  • Realization of learners’ role in nation building and sensitivity to the economic issues that the nation is facing today.
  • Equipment with basic tools of economics and statistics to analyse economic issues. This is pertinent for even those who may not pursue this course beyond senior secondary stage.
  • Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically with reasoning.

ECONOMICS (Code No. 030) (2024-25)

Theory: 80 Marks
Project: 20 Marks
Time : 3 Hours
Units
Marks
Periods
Part A
Statistics for Economics
Introduction
15
10
Collection, Organisation and Presentation of Data
30
Statistical Tools and Interpretation
25
50
40
Part B
Introductory Microeconomics
Introduction
04
10
Consumer's Equilibrium and Demand
14
40
Producer Behaviour and Supply
14
35
Forms of Market and Price Determination under perfect competition with simple applications
08
25
40
200
Part C
Project Work
20
20

Part A: Statistics for Economics

In this course, the learners are expected to acquire skills in collection, Organisation and presentation of quantitative and qualitative information pertaining to various simple economic aspects systematically. It also intends to provide some basic statistical tools to analyse, and interpret any economic information and draw appropriate inferences. In this process, the learners are also expected to understand the behaviour of various economic data.

Unit 1: Introduction ( 10 Periods )

 What is Economics?

Meaning, scope, functions and importance of statistics in Economics

 Unit 2: Collection, Organisation and Presentation of data ( 30 Periods )

Collection of data – sources of data – primary and secondary; how basic data is collected with concepts of Sampling; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.

Organisation of Data: Meaning and types of variables; Frequency Distribution

Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data:

  • Geometric forms (bar diagrams and pie diagrams),
  • Frequency diagrams (histogram, polygon and Ogive) and
  • Arithmetic line graphs (time series graph).

Unit 3: Statistical Tools and Interpretation ( 50 Periods )

For all the numerical problems and solutions, the appropriate economic interpretation may be attempted. This means, the students need to solve the problems and provide interpretation for the results derived.

Measures of Central Tendency– Arithmetic mean, median, and mode

Measures of Dispersion – absolute dispersion (range, quartile deviation, mean deviation and standard deviation); relative dispersion (co-efficient of range, co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of variation)

Correlation – meaning and properties, scatter diagram; Measures of correlation – Karl Pearson’s method (two variables ungrouped data) Spearman’s rank correlation.

 Introduction to Index Numbers – meaning, types – wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers.

Part B: Introductory Microeconomics

 Unit 4: Introduction (10 Periods )

 Meaning of microeconomics and macroeconomics; positive and normative economics

 What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production possibility frontier and opportunity cost.

 Unit 5: Consumer’s Equilibrium and Demand (40 Periods )

Consumer’s equilibrium – meaning of Utility, Marginal Utility, Law of Diminishing Marginal Utility, conditions of consumer’s equilibrium using marginal utility analysis.

Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer’s equilibrium.

Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand – factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method and total expenditure method.

 Unit 6: Producer Behaviour and Supply (35 Periods )

Meaning of Production Function – Short-Run and Long-Run
Total Product, Average Product and Marginal Product.
Returns to a Factor

Cost – Short run costs – Total Cost, Total Fixed Cost, Total Variable Cost; Average Cost; Average Fixed Cost, Average Variable Cost and Marginal Cost – meaning and their relationships.
Revenue – Total Revenue, Average Revenue and Marginal Revenue – meaning and their relationship.
Producer’s Equilibrium – meaning and its conditions in terms of Marginal Revenue Marginal Cost.
Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply;  measurement of price elasticity of supply – percentage-change method

Unit 7: Perfect Competition – Price Determination and simple applications. (25 Periods )

Perfect competition – Features; Determination of market equilibrium and effects of shifts in demand and supply. (Short Run Only)
Simple Applications of Demand and Supply: Price ceiling, Price floor.

Part C: Project in Economics ( 20 Periods )

Guidelines as given in Class XII curriculum

Suggested Question Paper Design Economics (Code No. 030) Class XI (2024-25) March 2025 Examination

Theory: 80 Marks
Duration: 3 Hours
SN.
Typology of Questions
Marks
Percentage
1.
Remembering and Understanding:
Exhibit memory of previously learned material by recalling facts, terms, basic concepts, and answers.
Demonstrate understanding of facts and ideas by organizing, comparing, translating, interpreting, giving descriptions, and stating main ideas
44
55%
2.
Applying: Solve problems to new situations by applying acquired knowledge, facts, techniques and rules in a different way.
18
22.5%
3.
Analysing, Evaluating and Creating:
Examine and break information into parts by identifying motives or causes. Make inferences and find evidence to support generalizations.
Present and defend opinions by making judgments about information, validity of ideas, or quality of work based on a set of criteria.
Compile information together in a different way by combining elements in a new pattern or proposing alternative solutions.
18
22.5%
Total
80
100%

ECONOMICS CLASS - XII (2024-25)

Theory : 80 Marks
Project: 20 Marks
Duration: 3 Hours
Units
Marks
Periods
Part A
Introductory Macroeconomics
National Income and Related Aggregates
10
30
Money and Banking
06
15
Determination of Income and Employment
12
30
Government Budget and the Economy
06
17
Balance of Payments
06
18
40
Part B
Indian Economic Development
Development Experience (1947-90) and Economic Reforms since 1991
12
28
Current Challenges facing Indian Economy
20
50
Development Experience of India – A Comparison with Neighbours
08
12
Theory Paper (40+40 = 80 Marks)
40
200
Part C
Project Work
20
20

Part A: Introductory Macroeconomics

Unit 1: National Income and Related Aggregates   (  30 Periods )

What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation.

Circular flow of income (two sector model); Methods of calculating National Income – Value Added or Product method, Expenditure method, Income method.

Aggregates related to National Income:
Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP) and Net Domestic Product (NDP) – at market price, at factor cost; Real and Nominal GDP

GDP Deflator, GDP and Welfare

Unit 2: Money and Banking  (  15 Periods )

Money – meaning and functions, supply of money – Currency held by the public and net demand deposits held by commercial banks.

Money creation by the  commercial banking system.

Central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker’s Bank, Control of Credit through Bank Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.

Unit 3: Determination of Income and Employment (  30 Periods )

Aggregate demand and its components.
Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.

Problems of excess demand and deficient demand; measures to correct them – changes in government spending, taxes and money supply.

Unit 4: Government Budget and the Economy (  17 Periods )

Government budget – meaning, objectives and components.

Classification of receipts – revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.

Unit 5: Balance of Payments (  18 Periods )

Balance of payments account – meaning and components;
Balance of payments – Surplus and Deficit
Foreign exchange rate – meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market, Merits and demerits of flexible and fixed exchange rate.
Managed Floating exchange rate system

Part B: Indian Economic Development

Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:  ( 28 Periods )

A brief introduction of the state of Indian economy on the eve of independence.
Indian economic system and common goals of Five Year Plans.

Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.

Economic Reforms since 1991:
Features and appraisals of liberalisation, globalisation and privatisation (LPG policy);
Concepts of demonetization and GST

Unit 7: Current challenges facing Indian Economy ( 60 Periods )

Human Capital Formation: How people become resource; Role of human capital in economic development; Growth of Education Sector in India
Rural development: Key issues – credit and marketing – role of cooperatives; agricultural diversification; alternative farming – organic farming
Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies
Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming

Unit 8: Development Experience of India: ( 12 Periods )

A comparison with neighbours
India and Pakistan
India and China
12 Periods
Issues: economic growth, population, sectoral development and other Human Development Indicators

Part C: Project in Economics (20 Periods)

Prescribed Books:
1. Statistics for Economics, NCERT
2. Indian Economic Development, NCERT
3. Introductory Microeconomics, NCERT
4. Macroeconomics, NCERT
5. Supplementary Reading Material in Economics, CBSE
Note: The above publications are also available in Hindi Medium

Suggested Question Paper Design Economics (Code No. 030) Class XII (2024-25) March 2025 Examination

Theory : 80 Marks
Duration: 3 Hours
SN.
Typology of Questions
Marks
Percentage
1.
Remembering and Understanding:
Exhibit memory of previously learned material by recalling facts, terms, basic concepts, and answers.
Demonstrate understanding of facts and ideas by organizing, comparing, translating, interpreting, giving descriptions, and stating main ideas
44
55%
2.
Applying: Solve problems to new situations by applying acquired knowledge, facts, techniques and rules in a different way.
18
22.5%
3.
Analysing, Evaluating and Creating:
Examine and break information into parts by identifying motives or causes. Make inferences and find evidence to support generalizations.
Present and defend opinions by making judgments about information, validity of ideas, or quality of work based on a set of criteria.
Compile information together in a different way by combining elements in a new pattern or proposing alternative solutions.
18
22.5%
Total
80
100%

Guidelines for Project Work in Economics (Class XI and XII)

The objectives of the project work are to enable learners to:

  • probe deeper into theoretical concepts learnt in classes XI and XII
  • analyse and evaluate real world economic scenarios using theoretical constructs and arguments.
  • demonstrate the learning of economic theory
  • follow up aspects of economics in which learners have interest
  • develop the communication skills to argue logically

The expectations of the project work are that:

  • learners will complete only ONE project in each academic session
  • project should be of 3,500-4,000 words (excluding diagrams & graphs), preferably hand-written
  • it will be an independent, self-directed piece of study

Role of the teacher:

The teacher plays a critical role in developing thinking skills of the learners. A teacher should:

  • help each learner select the topic based on recently published extracts from the news media, government policies, RBI bulletin, NITI Aayog reports, IMF/World Bank reports etc. after detailed discussions and deliberations of the topic
  • play the role of a facilitator and supervisor to monitor the project work of the learner through periodic discussions
  • guide the research work in terms of sources for the relevant data
  • educate learner about plagiarism and the importance of quoting the source of the information to ensure authenticity of research work
  • prepare the learner for the presentation of the project work
  • arrange a presentation of the project file

Scope of the project:

Learners may work upon the following lines as a suggested flow chart:

Choose a title/topicCollection of the research material/data
Organization of material/data
Present material/data
Analysing the material/data for conclusion
Draw the relevant conclusion
Presentation of the Project Work

Expected Checklist:

  • Introduction of topic/title
  • Identifying the causes, consequences and/or remedies
  • Various stakeholders and effect on each of them
  • Advantages and disadvantages of situations or issues identified
  • Short-term and long-term implications of economic strategies suggested in the course of research
  • Validity, reliability, appropriateness and relevance of data used for research work and for presentation in the project file
  • Presentation and writing that is succinct and coherent in project file
  • Citation of the materials referred to, in the file in footnotes, resources section, bibliography etc.

Mode of presentation/submission of the Project:

At the end of the stipulated term, each learner will present the research work in the Project File to the External and Internal examiner. The questions should be asked from the Research Work/ Project File of the learner. The Internal Examiner should ensure that the study submitted by the learner is his/her own original work. In case of any doubt, authenticity should be checked and verified.

Marking Scheme:
Marks are suggested to be given as –

S. NO.
Heading
Marks Allotted
1.
Relevance of the topic
3
2.
Knowledge Content/Research Work
6
4.
Presentation Technique
3
4.
Viva-voce
8
Total
20 Marks

Suggestive List of Projects:  Class XI

Class XI
Effect on PPC due to various government policies
Invisible Hand (Adam Smith)
Opportunity Cost as an Economic Tool (taking real life situations)
Effect of Price Change on a Substitute Good (taking prices from real life visiting local market)
Effect on Equilibrium Prices in Local Market (taking real life situation or recent news)
Effect of Price Change on a Complementary Good (taking prices from real life visiting local market)
Solar Energy, a Cost-Effective Comparison with Conventional Energy Sources
Bumper Production- Boon or Bane for the Farmer
Any other newspaper article and its evaluation on basis of economic principles
Any other topic

Suggestive List of Projects:   Class XII

Class XII
Micro and Small Scale Industries
Food Supply Channel in India
Contemporary Employment situation in India
Disinvestment policy of the government
Goods and Services Tax Act and its Impact on GDP
Health Expenditure (of any state)
Human Development Index
Inclusive Growth Strategy
Self-help group
Trends in Credit availability in India
Monetary Policy Committee and its functions
Role of RBI in Control of Credit
Government Budget & its Components
Trends in budgetary condition of India
Exchange Rate determination – Methods and Techniques
Currency War – reasons and repercussions
Livestock – Backbone of Rural India
Alternate fuel – types and importance
Sarva Shiksha Abhiyan – Cost Ratio Benefits
Golden Quadrilateral- Cost ratio benefit
Minimum Support Prices
Relation between Stock Price Index and Economic Health of a Nation
Waste Management in India – Need of the hour
Minimum Wage Rate – Approach and Application
Digital India- Step towards the future
Rain Water Harvesting – A solution to water crisis
Vertical Farming – An alternate way
Silk Route- Revival of the past
Make in India – The way ahead
Bumper Production- Boon or Bane for the farmer
Rise of Concrete Jungle- Trend Analysis
Organic Farming – Back to the Nature
Aatmanirbhar Bharat
e-Rupee (e- ₹)
Sri Lanka’s Economic Crisis
Sustainable Development Goals (SDG’s)
Environmental Crisis
Comparative Study of Economies (Maximum three economies)
New Education Policy (NEP) 2020: A Promise for a New Education System
G-20: Inclusive and Action Oriented
Amrit Kaal: Empowered and Inclusive Economy
Cashless Economy
Any other newspaper article and its evaluation on basis of economic principles
Any other topic
Need Help?
error: Content is protected !!