CBSE 12th Class Economics Syllabus


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Course Structure

Parts/Units Topics Marks
Part A Introductory Microeconomics 50
I Introduction 6
II Consumer Equilibrium and Demand 16
III Producer Behaviour and Suplly 16
IV Forms of Market and Price Determination 12
Part B Introductory Macroeconomics 50
V National Income and Related Aggregates 15
VI Money and Banking 8
VII Determination of Income and Employment 12
VIII Government Budget and the Economy 8
IX Balance of Payment 7
Total (Part A + Part B) 100

Course Syllabus

Part A: Introductory Microeconomics

Unit 1: Introduction

  • Meaning of microeconomics and macroeconomics
  • 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 2: Consumer Equilibrium and Demand

  • 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)

    • 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

      • geometric method (linear demand curve)

    • Relationship between price elasticity of demand and total expenditure

Unit 3: Producer Behaviour and Supply

  • Production function −

    • Short-Run

    • Long-Run

  • Total Product −

    • Average Product

    • Marginal Product

  • Returns to a Factor

  • Cost and Revenue −

    • 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 relationship

  • Revenue −

    • Total revenue

    • Average revenue

    • 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 and

      • Geometric method

Unit 4: Forms of Market and Price Determination

  • Perfect competition −
    • Features
    • Determination of market equilibrium
    • Effects of shifts in demand and supply
  • Other Market Forms −
    • Monopoly
    • Monopolistic competition
    • Oligopoly - their meaning and features
  • Simple Applications of Demand and Supply −
    • Price ceiling
    • Price floor

Part B: Introductory Macroeconomics

Unit 5: National Income and related aggregates

  • Some basic concepts −
    • Consumption goods
    • Capital goods
    • Final goods
    • Intermediate goods
    • Stocks and flows
    • Gross investment
    • Depreciation
  • Circular flow of income −
    • 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 and Net Domestic Product (GDP and NDP)−
      • At market price
      • At factor cost
    • National Disposable Income (gross and net)
    • Private Income
    • Personal Income and Personal Disposable Income
    • Real and Nominal GDP
  • GDP and Welfare

Unit 6: Money and Banking

  • Money - its meaning and functions
  • Supply of money −
    • Currency held by the public
    • 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
    • Controller of Credit through Bank Rate
    • CRR
    • SLR
    • Repo Rate
    • Reverse Repo Rate
    • Open Market Operations
    • Margin requirement

Unit 7: Determination of Income and Employment

  • 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 - change in government spending, taxes and money supply

Unit 8: Government Budget and the Economy

  • Government budget −
    • Meaning
    • Objectives
    • Components
  • Classification of receipts −
    • Revenue receipts
    • Capital receipts
  • Classification of expenditure −
    • Revenue expenditure
    • Capital expenditure
  • Measures of government deficit −
    • Revenue deficit
    • Fiscal deficit
    • Primary deficit

Unit 9: Balance of Payments

  • Balance of payments account −
    • Meaning and components
    • Balance of payments deficit-meaning
  • Foreign exchange rate −
    • meaning of fixed and flexible rates
    • managed floating
  • Determination of exchange rate in a free market

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