ECONOMICS (Code No.

030)
(2020-21)
Rationale
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 rigour 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.
 Realisation 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.

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 ECONOMICS (030)
CLASS – XI (2020-21)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Marks Periods
Part A Statistics for Economics
Introduction 07
13
Collection, Organisation and Presentation of Data 27
Statistical Tools and Interpretation 27 66
40 100

Part B Introductory Microeconomics

Introduction 4 8
Consumer's Equilibrium and Demand 13 32
Producer Behaviour and Supply 13 32
Forms of Market and Price Determination under 10 28
perfect competition with simple applications
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.

2
 Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data:
(i) Geometric forms (bar diagrams and pie diagrams), (ii) Frequency diagrams
(histogram, polygon and Ogive) and (iii) 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.

3
 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
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 20 Periods

Guidelines as given in class XII curriculum

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 Suggested Question Paper Design
Economics (Code No. 030)
Class XI (2020-21)
March 2021 Examination

Marks: 80 Duration: 3 hrs.

SN Typology of Questions Marks Percentage

Remembering and Understanding:
Exhibit memory of previously learned material by recalling
facts, terms, basic concepts, and answers.
1 44 55%
Demonstrate understanding of facts and ideas by
organizing, comparing, translating, interpreting, giving
descriptions, and stating main ideas
Applying: Solve problems to new situations by applying
2 acquired knowledge, facts, techniques and rules in a 18 22.5%
different way.
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
3 information, validity of ideas, or quality of work based on a 18 22.5%
set of criteria.
Compile information together in a different way by
combining elements in a new pattern or proposing
alternative solutions.

Total 80 100%