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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 (030)

                                                                                               CLASS – XI (2021-22)

 Theory: 80 Marks                                                                                                                                                              3 Hours

 Project: 20 Marks

 

Units

Marks

Periods

Part A Statistics for Economics

Unit 1

Introduction

13

07

Unit 2

Collection, Organisation and Presentation of Data

27

Unit 3

Statistical Tools and Interpretation

27

66

                                        Total

40

100

Part B Introductory Microeconomics

Unit 4

Introduction

4

8

Unit 5

Consumer’s Equilibrium and Demand

13

32

Unit 6

Producer Behaviour and Supply

13

32

Unit 7

Forms of Market and Price Determination under perfect competition with simple applications

10

28

                                          Total

40

100

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                                                                                                                                                 07 Periods

 What is Economics?

Meaning, scope, functions and importance of statistics in Economics

 Unit 2: Collection, Organisation and Presentation of data                                                                                    27 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                                                                                                            66 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- Arithmatic 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                                                                                                                                                   8 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                                                                                                          32 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.

 Unit 6: Producer Behaviour and Supply                                                                                                                32 Periods

 Meaning of Production Function – Short-Run and Long-Run

Total Product, Average Product and Marginal Product.

Returns to a Factor: Law of Variable Proportions

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, average 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: Forms of Market and Price Determination under Perfect Competition with simple applications                                                                                                                                                                                                                                                   28 Periods

Perfect competition – Features; Determination of market equilibrium and effects of shifts in demand and supply.

Other Market Forms – monopoly, monopolistic competition – their meaning and features.

 Simple Applications of Demand and Supply: Price ceiling, price floor.

                                                                                       Part C: Project in Economics                                                    20Periods

Guidelines as given in class XII curriculum

                              

                                                                                     Suggested Question Paper Design

                                                                                           Economics (Code No. 030)

                                                                                                  Class XI (2021-22)

March 2022 Examination

Marks: 80                                                                                                                                                                       Duration: 3 hrs.

S.NO.

Typology of Questions

Marks

Percentage

1

Remembering and Understanding:

Ø 
Exhibit memory of previously learned material by recalling
facts, terms, basic concepts, and answers.

Ø 
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

Analyzing, Evaluating and Creating:

Ø 
Examine and break information into parts by identifying
motives or causes. Make inferences and find evidence to support
generalizations.

Ø 
 Present and defend
opinions by making judgments about information, validity of ideas, or quality
of work based on a set of criteria.

Ø 
 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 (2021-22)

Theory: 80                                                                                                                                                                Marks 3 Hours

Project: 20 Marks

Units

 

Marks

Periods

Part A Introductory Macroeconomics

Unit 1

National Income and Related Aggregates

12

30

Unit 2

Money and Banking

6

15

Unit 3

Determination of Income and Employment

10

25

Unit 4

Government Budget and the Economy

6

15

Unit 5

Balance of Payments

6

15

                                     Total

40

100

Part B Indian Economic Development

Unit 6

Development Experience (1947-90) and Economic Reforms
since 1991

12

28

Unit 7

Current Challenges facing Indian Economy

22

60

Unit 8

Development Experience of India – A Comparison with
Neighbors

6

12

Theory Paper (40+40 = 80 Marks)

40

100

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 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, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.

 Unit 3: Determination of Income and Employment                                                                                            25 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                                                                                                 15 Periods

 Government budget – meaning, objectives and components.

 Classification of receipts – revenue receipts and capital receipts; classification of expenditure – revenue expenditure and capital expenditure.

Measures of government deficit – revenue deficit, fiscal deficit, primary deficit their meaning.

 Unit 5: Balance of Payments                                                                                                                         15 Periods

 Balance of payments account – meaning and components; balance of payments deficit meaning.

Foreign exchange rate – meaning of fixed and flexible rates and managed floating.

 Determination of exchange rate in a free market.

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

 Poverty- absolute and relative; Main programmes for poverty alleviation: A critical assessment;

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

Infrastructure: Meaning and Types: Case Studies: Energy and Health: Problems and Policies- A critical assessment;

 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

 Issues: economic growth, population, sectoral development and other Human Development Indicator

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

                                               Suggested Question Paper Design

                                                   Economics (Code No. 030)

                                        Class XII (2021-22) March 2022 Examination

Marks: 80                                                                                                                 Duration: 3 hrs.

S.NO.

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/topic

 Collection 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

3

Presentation Technique

3

4

Viva-voce

8

Total

20 Marks

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