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ECONOMICS (856)
Aims:
1. To enable candidates to acquire knowledge 4. To acquaint candidates with the main
(information) and develop an understanding of institutions through which the productive
facts, terms, concepts, conventions, trends, process is carried out.
principles, generalisations, assumptions, 5. To develop an understanding of the role of
hypotheses, problems, processes, etc. in institutions in the functioning of an economy.
Economics.
2. To acquaint candidates with tools of economic 6. To enable candidates to compare their own
analysis. economic structure with that of the other areas
of the world.
3. To develop an understanding of important
economic problems.
CLASS XI
There will be two papers in the subject. (ii) Micro and Macro Economics – Meaning and
Paper I - Theory: 3 hours ……80 marks Difference. Basic concepts: utility, price,
value, wealth, welfare, money, market,
Paper II- Project Work ……20 marks capital, investment, income, production,
consumption, saving, Business cycle,
PAPER-I (THEORY)–80 Marks Aggregate demand and Aggregate supply.
Part 1 (20 marks) will consist of compulsory short Meaning and difference between Micro
answer questions testing knowledge, application and and Macro Economics. A conceptual
skills relating to elementary / fundamental aspects of understanding of the terms: utility – types and
the entire syllabus. features, total utility, marginal utility and
Part II (60 marks) will consist of eight questions out diminishing marginal utility; price –
of which candidates will be required to answer five definition and general rise and fall in price;
questions, each carrying 12 marks. Inflation: meaning, demand pull and cost
Note: The syllabus is intended to reflect a study of the push (diagrams not required); value – real vs
theory of Economics with specific reference to the nominal value; wealth – explanation of the
Indian Economy. Therefore, examples and specific term, classification (personal and social);
references to the Indian Economy must be made welfare – economic welfare, social welfare
wherever relevant. and relation between wealth and welfare;
1. Understanding Economics money – barter economy vs money economy;
(i) Definition of Economics: Adam Smith, Alfred market – meaning and size; capital –
Marshall, Lionel Robbins, Samuelson. meaning; investment – meaning, investment
Basic understanding of economics and as a process of capital formation; income –
economic phenomena to be explained meaning, factor incomes; production –
especially in the context of the concept of meaning; consumption – meaning; saving –
scarcity and allocation of resources. Students meaning; individual saving and aggregate
may be introduced to the main points on savings.
which the various definitions of economics The above terms to be explained with the help
could be analyzed. Features of definitions and of relevant examples.
two- three criticisms.
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(iii) Basic problems of an economy: what to (iii)Planning and economic development in India.
produce; how to produce; for whom to An overview of Macro objectives (sectoral
produce; efficient use of resources. objectives not required) and major thrusts of the
The basic problem of scarcity and choice must different five year plans in India.
be emphasized. As this problem is universal in (iv) Structural Changes in the Indian Economy after
character, i.e. faced by all economies, liberalization.
irrespective of the economic system they
follow, it must be explained using the concept Need, meaning, significance and features of
of Production Possibility Curve. The three liberalization, globalization and privatization of
problems - what to produce, how to produce Indian Economy; disinvestment: meaning.
and for whom to produce - must be (v) Current challenges facing Indian Economy.
highlighted. The role of technology and a shift
in the Production Possibility Curve must be Poverty – absolute and relative, main
explained. programmes for poverty alleviation: A critical
(iv)Types of economies: developed and assessment of PAPs (Poverty Alleviation
developing; Economic systems: capitalism, Programmes); Rural development. Credit and
socialism and mixed economy; mechanism marketing: role of cooperatives, agricultural
used to solve the basic problems faced by each diversification; alternate farming /organic
economy. farming: meaning and importance.
Characteristics of developed and developing Human Capital formation: How people become
economies; Development experience of India: resource; role of human capital in economic
a comparison with neighbouring country development; Growth of education sector in
(China) in terms of growth, population and India; Education – formal and informal
sectoral development (introducing regional (Meaning only); Unemployment- types of
and global economic grouping such as SAARC, unemployment, causes for unemployment,
European Union, ASEAN, G-8, G-20 - basic Policy measures (after 2000).
knowledge); different types of economic (vi) Economic growth and development.
systems; definition, features, merits and Economic Growth and Development – Meaning
demerits of capitalism, socialism and mixed and difference. Comparative study of Indian and
economic system; mechanisms used to solve Chinese economies on the following indicators:
the basic problems under each economic (a) Unemployment (b) GDP growth (c) GDP
system to be explained with the help of per capita and GDP PPP (d) direct foreign
examples. The role of government along with investment (e) inflation (f) poverty.
the price mechanism to be emphasized. (vii) Sustainable Development.
2. Indian Economic Development Effect of Economic Development on Resources
(i) Introduction. and Environment.
A brief introduction of the state of the Indian Understanding the concept of Sustainable
Economy on the eve of independence. Main development; Need for sustainable development
features, problems and policies of agriculture, for improving the quality of life - looking at the
industry and foreign trade. deteriorating quality of air, water, food over
(ii) Parameters of Development. time, developing an appreciation to sustain at
least what exists for the generations to come.
Parameters of development: per capita income Global warming – meaning and effects.
and human development index.
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3. Statistics What does an Index number show, measure or
(i) Statistics: definition, scope and limitations of indicate (like a Price Index Number). Difference
statistics. between simple and weighted – Price weighted
or quantity weighted. Laspayres, Paasche and
Statistics: definition, scope and limitations of Fishers methods of index numbers (to be
statistics. Special emphasis to be laid on explained with the help of numericals).
importance of statistics in economics. Wholesale Price Index, Consumer Price Index
(ii) Collection, organization and presentation of and Index of Industrial Production should be
data. explained. Uses of Index Numbers. Problems
involved in constructing Price Index Number –
Collection of data - Sources of data: primary, the choice of the base year, the number of
secondary. Methods of collecting data: Some commodities to be included (coverage), choice
important sources of collecting secondary data; of prices and the method to be used.
ways of collecting primary data; organization of (vii) Some Mathematical Tools used in Economics.
data: meaning and types of variables,
frequency; presentation of data: tabular and Equation of a straight line and slope of a straight
diagrammatic presentation (bar diagram, pie, line.
line, histogram, polygon and ogive curve).
(iii)Measures of Central Value: average defined; PAPER II–PROJECT WORK–20 Marks
type of averages: arithmetic mean; simple and
weighted; median and mode; ungrouped and Candidates will be expected to have completed two
grouped data; numericals, relationship between projects from any topic covered in Theory.
mean, median and mode. Mark allocation for each Project [10 marks]:
Measures of Central Value: average defined; Overall format 1 mark
type of averages: arithmetic mean; simple and
weighted; median and mode; ungrouped and Content 4 marks
grouped data. Numericals only on mean, Findings 2 marks
median and mode for both ungrouped and Viva-voce based on the Project 3 marks
grouped data. Relationship between mean,
median and mode – the nature of the frequency
distribution – symmetrical, positively skewed A list of suggested Projects is given below:
and negatively skewed.
(iv) Measures of dispersion: definition, methods of 1. Study consumer awareness amongst households
studying variation - range; standard deviation; through designing a questionnaire and collection
quartile deviation; the mean or average of primary data.
deviation; coefficient of variation. 2. Prepare a report on productivity awareness among
Numericals on measures of dispersion required. enterprises through use of statistical data from
(v) Correlation: introduction, scatter diagram; statistical tables published in Newspapers / RBI
Karl Pearsons coefficient of correlation; Bulletin / Budget /Census report / Economic
Spearmans coefficient of correlation. survey, etc.
Meaning and significance of correlation to be 3. Make a study of two cooperative institutions
explained along with types and degrees. Scatter (example milk cooperatives, etc.) with a view to
diagram, Karl Pearsons method (two compare the organizational and financial structure
variables, ungrouped data); Spearmans Rank of the organizations, production capacity and
Correlation to be explained with the help of output, marketing strategies, sales, market share,
numericals. etc.
(vi) Index numbers: simple and weighted - meaning, 4. Study in detail the South Asian Association for
types and purpose. Problems involved in Regional Cooperation (SAARC) and its impact on
constructing a Price Index Number. Indian economy
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5. Prepare a report on the various poverty alleviation (a) Five States/Union Territories having higher
and employment generation programmes started and lower forest cover and compare the
in India, with special focus on MNREGA. extent of forest coverage.
6. Compare the status of women of your State with (b) Causes for decrease in forest cover in the
that at the National level for the last ten years, on Country.
the basis of educational level, employment, etc. (c) Measures adopted by the Central/State
7. Prepare a report on the forest cover in India, Governments to increase the forest cover.
highlighting the following aspects:
CLASS XII
There will be two papers in the subject. Derivation of market demand curve from
Paper I - Theory: 3 hours ……80 marks individual demand curve.
Paper II- Project Work ……20 marks (a) Cardinal Utility Analysis: meaning of
utility, total utility, marginal utility,
PAPER-I (THEORY)–80 Marks relationship of TU and MU, Law of
Diminishing Marginal Utility (schedule and
Part 1 (20 marks) will consist of compulsory short diagram, Only assumptions to be taught,
answer questions testing knowledge, application and criticisms not required), Consumers
skills relating to elementary / fundamental aspects of equilibrium – one commodity (schedule and
the entire syllabus. diagram), Law of Equimarginal Utility
(statement, schedule) and conditions of
Part II (60 marks) will consist of eight questions out consumers equilibrium using marginal
of which candidates will be required to answer five utility; (b) Ordinal Utility Analysis:
questions, each carrying 12 marks. Indifference Curve – its meaning and
properties (including MRS and DMRS),
Note: The syllabus is intended to reflect a study of the indifference map, consumers budget line,
theory of Economics with specific reference to the Consumers equilibrium – condition (to be
Indian Economy. Therefore, examples and specific explained with the help of a diagram).
references to the Indian Economy must be made (ii) Elasticity of demand: meaning, types of
wherever relevant. elasticity of demand, measurement of
elasticity of demand; factors affecting
1. Micro Economic Theory elasticity of demand.
(i) Demand: meaning, factors affecting demand; Various methods of measurement of the
Demand function; Law of Demand; derivation elasticity of demand: point method -
of demand curve; movement and shift of the percentage method, expenditure method and
demand curve; exceptions to the Law of geometric method. (Numericals required on
Demand. percentage method only). The cross and
Law of Diminishing Marginal Utility, Law of income elasticity of demand must be
Equimarginal Utility, consumers equilibrium explained. Degrees of elasticity of demand to
through utility approach (Cardinal) and be explained. Use diagrams wherever
indifference curve analysis (Ordinal). necessary.
The concept of demand: meaning. A demand (iii) Supply: meaning; difference between stock
function to be specified incorporating the and supply; determinants of supply; Law of
determinants of demand. Diagrams should be Supply; movement and shift of the supply
used in explaining the Law of Demand, curve; elasticity of supply
reasons for downward slope of demand curve, Difference between stock (intended supply)
its derivation using demand schedule. and supply (actual supply) with the help of
relevant examples. A supply function should
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