ECONOMICS (Code No.

030)
(2024-25)
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.
 ECONOMICS (030)
CLASS – XI (2024-25)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Marks Periods
Part A Statistics for Economics
Introduction 10
15
Collection, Organisation and Presentation of Data 30
Statistical Tools and Interpretation 25 50
40

Part B Introductory Microeconomics

Introduction 04 10
Consumer's Equilibrium and Demand 14 40
Producer Behaviour and Supply 14 35
Forms of Market and Price Determination under 08 25
perfect competition with simple applications
40

200
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 10 Periods

What is Economics?
Meaning, scope, functions and importance of statistics in Economics

Unit 2: Collection, Organisation and Presentation of data 30 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.

 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 50 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- Arithmetic mean, Median and Mode

Correlation – meaning and properties, scatter diagram; measures of correlation - Karl

Pearson's method (two variables ungrouped data) Spearman's rank correlation
(Non-Repeated Ranks and Repeated Ranks).

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,
Simple Aggregative Method.

Part B: Introductory Microeconomics

Unit 4: Introduction 10 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 40 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.

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 and total expenditure method.
Unit 6: Producer Behaviour and Supply 35 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 Revenue, Average Revenue 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: Perfect Competition - Price Determination and simple applications.

25 Periods
Perfect competition - Features; Determination of market equilibrium and effects of
shifts in demand and supply. (Short Run Only)

Simple Applications of Demand and Supply: Price ceiling, Price floor.

Part C: Project in Economics 20 Periods

Guidelines as given in Class XII curriculum
 Suggested Question Paper Design
Economics (Code No. 030)
Class XI (2024-25)
March 2025 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%
 Guidelines for Project Work in Economics (Class XI)
The objectives of the project work are to enable learners to:
• probe deeper into theoretical concepts learnt in classes XI
• analyse and evaluate real world economic scenarios using theoretical constructs and
arguments
• demonstrate the learning of economic theory
• follow up aspects of economics in which learners have interest
• develop the communication skills to argue logically
The expectations of the project work are that:
• learners will complete only ONE project in each academic session
• project should be of 3,500-4,000 words (excluding diagrams & graphs), preferably
hand-written
• it will be an independent, self-directed piece of study
Role of the teacher:
The teacher plays a critical role in developing thinking skills of the learners. A teacher should:
• help each learner select the topic based on recently published extracts from the news
media, government policies, RBI bulletin, NITI Aayog reports, IMF/World Bank reports etc.,
after detailed discussions and deliberations of the topic
• play the role of a facilitator and supervisor to monitor the project work of the learner
through periodic discussions
• guide the research work in terms of sources for the relevant data
• educate learner about plagiarism and the importance of quoting the source of the
information to ensure authenticity of research work
• prepare the learner for the presentation of the project work
• arrange a presentation of the project file
Scope of the project:
Learners may work upon the following lines as a suggested flow chart:
Choose a title/topic

Collection of the research material/data

Organization of material/data

Present material/data

Analysing the material/data for conclusion

Draw the relevant conclusion

Presentation of the Project Work

Expected Checklist:
• Introduction of topic/title
• Identifying the causes, consequences and/or remedies
• Various stakeholders and effect on each of them
• Advantages and disadvantages of situations or issues identified
• Short-term and long-term implications of economic strategies suggested in the course of
research
• Validity, reliability, appropriateness and relevance of data used for research work and
for presentation in the project file
• Presentation and writing that is succinct and coherent in project file
• Citation of the materials referred to, in the file in footnotes, resources section,
bibliography etc.

Mode of presentation/submission of the Project:

At the end of the stipulated term, each learner will present the research work in the Project File
to the External and Internal examiner. The questions should be asked from the Research
Work/ Project File of the learner. The Internal Examiner should ensure that the study
submitted by the learner is his/her own original work. In case of any doubt, authenticity
should be checked and verified.

Marking Scheme:
Marks are suggested to be given as –
S. No. Heading Marks Allotted
1. Relevance of the topic 3
2. Knowledge Content/Research Work 6
3. Presentation Technique 3
4. Viva-voce 8
Total 20 Marks
Suggestive List of Projects:
Class XI
• Effect on PPC due to various government • Invisible Hand (Adam Smith)
policies
• Opportunity Cost as an Economic Tool • Effect of Price Change on a Substitute Good
(taking real life situations) (taking prices from real life visiting local
market)
• Effect on Equilibrium Prices in Local Market • Effect of Price Change on a Complementary
(taking real life situation or recent news) Good (taking prices from real life visiting
local market)
• Solar Energy, a Cost-Effective Comparison • Bumper Production- Boon or Bane for the
with Conventional Energy Sources Farmer
• Any other newspaper article and its • Any other topic
evaluation on basis of economic principles