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CLASS – XI (2021-22)
Theory: 80 Marks 3 Hours
Part A: Statistics for Economics
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.
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
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.
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: Law of Variable Proportions
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
Revenue - total, average and marginal revenue - meaning and their relationship.
Producer's equilibrium - meaning and its conditions in terms of marginal revenue -
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
CLASS - XII (2021-22)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Marks Periods
Part A Introductory Macroeconomics
Unit 1 National Income and Related Aggregates 12 30
Unit 2 Money and Banking 6 15
Unit 3 Determination of Income and Employment 10 25
Unit 4 Government Budget and the Economy 6 15
Unit 5 Balance of Payments 6 15
Part B Indian Economic Development
Unit 6 Development Experience (1947-90)
and Economic Reforms since 1991 12 28
Unit 7 Current Challenges facing Indian Economy 22 60
Unit 8 Development Experience of India – A Comparison with
Neighbours 06 12
Theory Paper (40+40 = 80 Marks) 40 100
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
Unit 2: 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.
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, CRR, SLR, Repo
Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.
Unit 3: Determination of Income and Employment 25 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 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
Unit 5: Balance of Payments 15 Periods
Balance of payments account - meaning and components; balance of payments deficit meaning.
Foreign exchange rate - meaning of fixed and flexible rates and managed floating.
Determination of exchange rate in a free market.
Part B: Indian Economic Development
Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:
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
Poverty- absolute and relative; Main programmes for poverty alleviation: A critical
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
Infrastructure: Meaning and Types: Case Studies: Energy and Health: Problems and
Policies- A critical assessment;
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