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ECONOMICS
CLASS -
XII (2018-19)
Theory: 80 Marks
|
Project: 20 Marks
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3 Hours
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Units
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Marks
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Periods
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Part A Introductory Microeconomics
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Introduction
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4
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8
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Consumer's Equilibrium and Demand
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13
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32
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Producer Behaviour and Supply
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13
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32
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|
Forms of Market and Price Determination under
perfect
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10
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28
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competition
with simple applications
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40
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100
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Part B
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Introductory Macroeconomics
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National Income and Related Aggregates
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10
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28
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Money and Banking
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6
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15
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Determination of Income and Employment
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12
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27
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Government Budget and the Economy
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6
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15
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Balance of Payments
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6
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15
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40
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100
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Part C
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Project Work
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20
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20
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Part A: Introductory Microeconomics
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Unit 1: Introduction
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8 Periods
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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 2: 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 3: 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 4: 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, 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 28 Periods
Some basic concepts: 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 and Net Domestic Product (GDP and NDP) - at market price, at
factor cost; Real and Nominal GDP.
GDP and
Welfare
Unit 6: 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 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
- changes in government spending, taxes and money supply.
Unit 8: 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
meaning.
Unit 9: 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 C: Developing Project in
Economics 20 Periods
Prescribed Books:
1. Statistics for Economics, Class XI, NCERT
2. Indian
Economic Development, Class XI, NCERT
3. Introductory
Microeconomics, Class XII, NCERT
4. Macroeconomics,
Class XII, NCERT
5. Supplementary Reading Material in Economics, Class XII, CBSE Note:
The above publications are also
available in Hindi Medium.
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