What is Economics?
Economics is one of the best subject because of its high utility and huge demand in the job markets. It is also an important discipline both for a career as well as a job point of view. Job opportunities are increased because of globalization and after the merging of the world economy. A well-trained economist has a high demand not only in India but also across the world. It is such a wonderful Subject that always has been in high demand at both the national and universal levels because of its utility in our day-to-day life. Economics is a very much interesting subject for students offering a variety of subjects in it. The banking sector, trade, commerce, insurance, and others as well. Student Should study this subject properly as it has a 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.
In this subject, students get to learn about the study of scarcity and choice economics finds ways of reconciling unlimited wants with limited resources. While doing so, it is imperative to provide them opportunities to acquire analytical skills to observe and understand the economic realities.
Once Students choose this subject are always in a position to understand abstract ideas, it does not only get the skills to understand complex markets in class 11th or 12th but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. This subject can be useful for professionals in all industries.
You will get all the information on the syllabus regarding Economics is given below:
| CBSE Class 11th Economics Syllabus Part A: Statistics for Economics Unit 1: Introduction What is Economics? Meaning, scope and importance of statistics in Economics Unit 2: Collection, Organisation and Presentation of Data Collection of data Sources of data − primary and secondary How basic data is collected 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) Arithmetic line graphs (time series graph) Unit 3: Statistical Tools and Interpretation Measures of Central Tendency − Mean (simple and weighted) Median Mode Measures of Dispersion − Absolute dispersion (range, quartile deviation, mean deviation and standard deviation) Relative dispersion (co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of variation) Lorenz Curve − Meaning and its application Correlation − Meaning 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, Index of industrial production, Uses of index numbers, Inflation and index numbers Some Mathematical tools used in Economics − Equation of a line Slope of a line Slope of a curve Part B: Indian Economic Development Unit 4 (a): Development Experience (1947-90) A brief introduction of the state of Indian economy on the eve of independence Common goals of Five Year Plans Agriculture − Main features Problems Policies Institutional aspects New agricultural strategy, etc. Industry − Industrial licensing, etc. Foreign trade Unit 4 (b): Economic Reforms since 1991 Need & main features − Liberalization Globalization Privatization Appraisal of LPG policies Unit 5: Current challenges facing Indian Economy Poverty − Absolute and relative Main programmes for poverty alleviation A critical assessment Rural development: Key issues Credit and marketing Role of cooperatives Agricultural diversification Alternative farming – organic farming Human Capital Formation − How people become resource Role of human capital in economic development Growth of Education Sector in India Employment − Formal and informal Growth and other issues Problems Policies Inflation − Problems Policies Infrastructure − Meaning and Types Case Studies Energy Health Problems Policies Critical assessment Sustainable Economic Development − Meaning Effects of Economic Development on Resources and Environment, including global warming Unit 6: Development Experience of India A comparison with neighbours India and Pakistan India and China Issues − Growth Population Sectoral development and other developmental indicators Part C: Developing Projects in Economics Some suggestive Topics of Projects − A report on demographic structure of your neighborhood Changing consumer awareness amongst households Dissemination of price information for growers and its impact on consumers Study of a cooperative institution: milk cooperatives, marketing cooperatives, etc. Case studies on public private partnership, outsourcing and outward Foreign Direct Investment Global warming Designing eco-friendly projects applicable in school such as paper and water recycle | CBSE Class 12th Economics 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 |
