The Economics curriculum for Grades 11 and 12 is designed to provide students with a clear understanding of economic concepts, theories, and applications. It equips them with the tools to analyze economic phenomena and develop critical thinking about the functioning of economies at micro and macro levels. The syllabus is divided into distinct sections that emphasize both theoretical understanding and practical application.
Grade 11: Introduction to Economics
The Grade 11 syllabus focuses on the foundational aspects of economics, covering both microeconomic theories and statistical tools.
Units of Study:Microeconomics:
- Introduction to Microeconomics: Understanding the basic economic problem, scarcity, and choice.
- Consumer Behavior and Demand: Utility analysis, demand determinants, and elasticity of demand.
- Producer Behavior and Supply: Production functions, costs, revenue, and laws of returns.
- Forms of Market and Price Determination: Market structures (perfect competition, monopoly, monopolistic competition), and price determination through demand-supply.
Statistics for Economics:
- Introduction: Importance of statistics in economics.
- Collection, Organization, and Presentation of Data: Methods for collecting and presenting data (tabular, diagrammatic, and graphical).
- Measures of Central Tendency: Mean, median, and mode.
- Measures of Dispersion: Range, variance, and standard deviation.
- Correlation and Index Numbers: Understanding relationships and interpreting indices like the Consumer Price Index (CPI).
The Grade 12 syllabus delves deeper into macroeconomics and Indian economic development.
Units of Study:Macroeconomics:
- National Income and Related Aggregates: Concepts of GDP, GNP, NDP, and NNP.
- Money and Banking: Functions of money, the role of commercial banks, and the Reserve Bank of India.
- Determination of Income and Employment: Understanding aggregate demand and supply, and investment multiplier.
- Government Budget and the Economy: Budgetary concepts, fiscal deficit, and public debt.
- Balance of Payments: Foreign exchange, balance of trade, and balance of payments components.
Indian Economic Development:
- Development Experience (1947-1990): Post-independence development strategies and policies.
- Economic Reforms since 1991: Liberalization, privatization, and globalization (LPG) policies.
- Current Challenges Facing the Indian Economy: Poverty, unemployment, inflation, and sustainable development.
- Human Capital Formation in India: Education and health as contributors to economic development.
- Comparative Development: Economic comparisons between India and other economies.
