Hi friends, today we are going to discuss with you the latest Syllabus of Class XII Economics Syllabus. As you know very well that Central Board of Secondary Education (CBSE) has its own curriculum and they hold the supreme authority to change it further for the benefit of students.
So it’s always a wise decision to keep an eye on what happening around with the subject you are going to learn. This year CBSE made little bit changes in CBSE Class 12th Economics Syllabus. Let us have a look at the updated XIIth Class Economics Syllabus for the academic year 2017-18
CBSE Class 12th Economics Syllabus (2018-19 Session)
Unit Wise Detailed Syllabus (Theory Part)
CLASS XII (2018 – 19)
COURSE STRUCTURE (THEORY)
|Consumer’s Equilibrium and Demand||13||32|
|Producer Behaviour and Supply||13||32|
|Forms of Market and Price Determination under perfect competition with simple applications||10||28|
|Part B||Introductory Macroeconomics|
|National Income and Related Aggregates||10||28|
|Money and Banking||6||15|
|Determination of Income and Employment||12||27|
|Government Budget and the Economy||6||15|
|Balance of Payments||6||15|
|Part C||Project Work||20||20|
Part A: Introductory Macroeconomics
Unit 1: 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 2: Consumer’s Equilibrium and Demand (32 Periods)
Consumer’s equilibrium – the meaning of utility, marginal utility, a 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 3: 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 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 the supply curve, price elasticity of supply; measurement of a price the elasticity of supply – percentage-change method.
Unit 4: 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, 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 (28 Periods)
Some basic concepts: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation. The 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 and Net Domestic Product (GDP and NDP) – at market price, at factor cost; Real and Nominal GDP. GDP and Welfare
Unit 6: 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. The central bank and its functions (the example of the Reserve Bank of India): Bank of the 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 7: Determination of Income and Employment (27 Periods)
Aggregate demand and its components. The 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 the – changes in government spending, taxes, and money supply.
Unit 8: 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 9: Balance of Payments (15 Periods)
A balance of payments account – meaning and components; a balance of payments deficit-meaning. Foreign exchange rate – the meaning of fixed and flexible rates and managed to float. Determination of exchange rate in a free market.
1. Statistics for Economics, Class XI, NCERT
2. Indian Economic Development, Class XI, NCERT
3. Introductory Micro Economics, Class XII, NCERT
4. Macro Economics, Class XII, NCERT
5. Supplementary Reading Material in Economics, Class XII, CBSE
Note: The above publications are also available in Hindi Medium.
Suggested Question Paper Design
Economics (Code No. 030)
Class XII (2017-18)
March 2018 Examination
|Typology of Questions||Very Short |
|Short Answer |
|Short Answer I |
|Long Answer |
|1||Remembering- (Knowledge-based |
Simple recall questions, to know
specific facts, terms, concepts,
principles, or theories; identify,
define, or recipe information)
|2||Understanding- (Comprehension –to be |
familiar with the meaning and to
understand conceptually, interpret,
compare, contrast, explain,
paraphrase, or interpret information)
|3||Application (Use the abstract information |
in a concrete situation, to apply
knowledge to new situations; Use has given
content to interpret a situation,
provide an example, or solve a
|4||High Order Thinking Skills (Analysis & |
Synthesis- Classify, compare, contrast,
or differentiate between different
pieces of information, Organize and/or
integrate unique pieces of information
from a variety of sources)
|5||Evaluation and Multi-Disciplinary- |
(Appraise, judge, and/or justify the
value or worth of a decision or
the, or to predict outcomes based
Note: There will be Internal Choice in questions of 3 marks, 4 marks and 6 marks in both sections (A and B).
(Total 3 internal choices in section A and total 3 internal choices in section B).