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

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 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 (2024-25)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Marks Periods
Part A Statistics for Economics
Introduction 10
Collection, Organisation and Presentation of 15 30
Data
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 08 25
under 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.
3
Organisation of Data: Meaning and types of variables; Frequency Distribution.

4
 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.
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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.

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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

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 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
2 applying 18 22.5%
acquired knowledge, facts, techniques and rules in
a 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
3 about information, validity of ideas, or quality of 18 22.5%
work based on a set of criteria.
Compile information together in a different way by
combining elements in a new pattern or proposing
alternative solutions.

Total 80 100%

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 ECONOMICS
CLASS - XII (2024-25)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Marks Periods
Part A Introductory Macroeconomics
National Income and Related Aggregates 10 30
Money and Banking 06 15
Determination of Income and Employment 12 30
Government Budget and the Economy 06 17
Balance of Payments 06 18
40

Part B Indian Economic Development

Development Experience
12 28
(1947-90) and Economic
Reforms since 1991
Current Challenges facing Indian Economy 20 50
Development Experience of India – A Comparison
08 12
with Neighbours
Theory Paper (40+40 = 80 Marks) 40
200

Part C Project Work 20 20

Part A: Introductory Macroeconomics

Unit 1: National Income and Related Aggregates 30 Periods
What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final
goods, intermediate goods; stocks and flows; gross investment and
depreciation.

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 Domestic
Product (GDP) and Net Domestic Product (NDP) - at market price, at factor
cost; Real and Nominal GDP
GDP Deflator, GDP and Welfare

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Unit 2: Money and Banking 15 Periods
Money – meaning and functions, supply of money - Currency held by the
public and 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, Control of Credit through Bank Rate,
Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and
Reverse Repo Rate, Open Market Operations, Margin requirement.

Unit 3: Determination of Income and Employment 30 Periods

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 - changes in government spending, taxes and money supply.

Unit 4: Government Budget and the Economy 17 Periods

Government budget - meaning, objectives and components.

Classification of receipts - revenue receipts and capital

receipts;
Classification of expenditure – revenue expenditure and capital
expenditure. Balanced, Surplus and Deficit Budget – measures of
government deficit.

Unit 5: Balance of Payments 18 Periods

Balance of payments account - meaning and
components; Balance of payments – Surplus and
Deficit
Foreign exchange rate - meaning of fixed and flexible rates and managed
floating. Determination of exchange rate in a free market, Merits and
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demerits of flexible and fixed exchange rate.
Managed Floating exchange rate system

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Part B: Indian Economic Development
Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:
28 Periods
A brief introduction of the state of Indian economy on the eve of
independence. Indian economic system and common goals of Five Year
Plans.

Main features, problems and policies of agriculture (institutional aspects

and new agricultural strategy), industry (IPR 1956; SSI – role & importance)
and foreign trade.

Economic Reforms since 1991:

Features and appraisals of liberalisation, globalisation and privatisation
(LPG policy); Concepts of demonetization and GST

Unit 7: Current challenges facing Indian Economy 60 Periods

Human Capital Formation: How people become resource; Role of human
capital in economic development; Growth of Education Sector in India
Rural development: Key issues - credit and marketing - role of
cooperatives; agricultural diversification; alternative farming - organic
farming
Employment: Growth and changes in work force participation rate in
formal and informal sectors; problems and policies
Sustainable Economic Development: Meaning, Effects of Economic
Development on Resources and Environment, including global warming

Unit 8: Development Experience of India: 12 Periods

A comparison with
neighbours India and
Pakistan
India and China
Issues: economic growth, population, sectoral development and other
Human Development Indicators
Part C: Project in Economics 20 Periods

Prescribed Books:
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1. Statistics for Economics, NCERT
2. Indian Economic Development, NCERT
3. Introductory Microeconomics, NCERT
4. Macroeconomics, NCERT
5. Supplementary Reading Material in Economics, CBSE
Note: The above publications are also available in Hindi Medium.

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 Suggested Question Paper Design
Economics (Code No. 030)
Class XII (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
2 applying 18 22.5%
acquired knowledge, facts, techniques and rules in
a 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
3 about information, validity of ideas, or quality of 18 22.5%
work based on a set of criteria.
Compile information together in a different way by
combining elements in a new pattern or proposing
alternative solutions.

Total 80 100%

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 Guidelines for Project Work in Economics (Class XI and XII)
The objectives of the project work are to enable learners to:
 probe deeper into theoretical concepts learnt in classes XI and XII
 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

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 material/data

Analysing the material/data for

conclusion Draw the relevant

conclusion

Presentation of the Project Work

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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 6
Work
3. Presentation Technique 3
4. Viva-voce 8
Total 20 Marks
Suggestive List of Projects:
Class XI
 Effect on PPC due to various  Invisible Hand (Adam Smith)
government policies
 Opportunity Cost as an Economic  Effect of Price Change on a Substitute
Tool (taking real life situations) Good
(taking prices from real life
visiting local market)
 Effect on Equilibrium Prices in Local  Effect of Price Change on a
Market (taking real life situation or Complementary Good (taking prices
recent news) from real life visiting
local market)
 Solar Energy, a Cost-Effective  Bumper Production- Boon or Bane
Comparison with Conventional for the Farmer
Energy Sources
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 Any other newspaper article and its  Any other topic
evaluation on basis of economic
principles

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 Class XII
 Micro and Small Scale Industries  Food Supply Channel in India
 Contemporary Employment situation in  Disinvestment policy of the government
India
 Goods and Services Tax Act and its  Health Expenditure (of any state)
Impact on GDP
 Human Development Index  Inclusive Growth Strategy
 Self-help group  Trends in Credit availability in India
 Monetary Policy Committee and its  Role of RBI in Control of Credit
functions
 Government Budget & its Components  Trends in budgetary condition of India
 Exchange Rate determination –  Currency War – reasons and
Methods and Techniques repercussions
 Livestock – Backbone of Rural India  Alternate fuel – types and importance
 Sarva Shiksha Abhiyan – Cost Ratio  Golden Quadrilateral- Cost ratio benefit
Benefits
 Minimum Support Prices  Relation between Stock Price Index
and Economic Health of a Nation
 Waste Management in India – Need  Minimum Wage Rate – Approach
of the hour and Application
 Digital India- Step towards the future  Rain Water Harvesting – A solution to
water crisis
 Vertical Farming – An alternate way  Silk Route- Revival of the past
 Make in India – The way ahead  Bumper Production- Boon or Bane
for the farmer
 Rise of Concrete Jungle- Trend Analysis  Organic Farming – Back to the Nature
 Aatmanirbhar Bharat  e-Rupee (e- ₹)
 Sri Lanka’s Economic Crisis  Sustainable Development Goals (SDG’s)
 Environmental Crisis  Comparative Study of
Economies (Maximum three
economies)
 New Education Policy (NEP)  G-20: Inclusive and Action Oriented
2020: A Promise for a New
Education System
 Amrit Kaal: Empowered and  Cashless Economy
Inclusive Economy
 Any other newspaper article and its  Any other topic
evaluation on basis of economic
principles

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