Economics Class 12 Syllabus 2023-24

Economics Syllabus Class 12 for CBSE Term 1 & 2

Economics helps you to know the ground reality of the domestic and world economy. Studying Economics comes with a lot of learning, observations, and opportunities. It increases the comprehension skills of a learner which helps them understand the economic reality of the world. The CBSE Class 12 Economics Syllabus is crafted to help a learner to understand the current economy and how different factors of economic forces interact with each other. It covers topics from the basics of the economy to different kinds of plans and policies that create solutions to grow an economy. It is one of the most difficult yet interesting subjects and hence requires significant attention and dedication from the students. So, to enhance a students’ knowledge on the subject of Economics, we offer Term-wise syllabus of Class 12 CBSE. 

The syllabus offers a preview of the chapters and the topics of which the students need to have a thorough understanding. It is the beginning of a journey of strategic preparation for the subject. 

CBSE Class 12 Economics Syllabus 

You can go through the CBSE Syllabus for Class 12 Economics for terms 1 and 2 from the PDF file given below. 

CBSE Class 12 Syllabus for Other Subjects:

The CBSE Class 12 syllabus includes a wide range of subjects such as Mathematics, Physics, Chemistry, Biology, English, Hindi, Political Science, and more. Each subject has its own unique syllabus, which includes topics, concepts, and theories that students need to learn and understand. The syllabus is designed to provide a comprehensive and well-rounded education that prepares students for higher education and future careers.

CBSE Class 12 Syllabus
  • CBSE Class 12 Economics Syllabus

CBSE Economics Syllabus Class 12 Term (1 & 2) 2023-24

To help the students improve their preparation for the Class 12 board examination, here a complete term-wise guide is given here. In Term 1, students study Macroeconomics which deals with the aggregate concepts and circular flow of resources inside the economy and amidst economies. In Term 2, students learn about the Indian economy, how it was shaped post independence, and where it is heading now. 

Important Chapter of Class 12 Economics Syllabus

In Term 1 and term 2 there are few chapters to which the CBSE board has given more weightage than others. Those are the chapters that students need to pay more attention to. 

Term 1

  •  National Income and Related Aggregates (12 marks)
  • Determination of Income and Employment (10 marks)

Term 2 

  • Development Experience (1947-90) and Economic Reforms since 1991(12 marks)
  •   Current Challenges facing Indian Economy (22marks)

For the details about all the chapters, just download the pdf file given above in the blog.  

Important Questions of Macroeconomics

As per the CBSE Past Years’ Question Papers, the following questions are important for the Class 12 students-

MCQs:

Q1 What is the main cause of all economic problems?

  1. Convenience
  2. Scarcity
  3. Abundance
  4. None of these

Answer (2) Scarcity

Q2 What is the name of the book written by J.M. Keynes?

  1.     Political economy
  2.     The General Theory of Employment, Interest and Money
  3.     Wealth of Nation
  4.     None of the Above

Answer (2) The General Theory of Employment, Interest and Money

Q3 The famous book by Professor Keynes was published in

  1.     1930
  2.     1934
  3.     1931
  4.     1936

Answer (4) 1936

Q4 When did the great depression occur?

  1.     1929-30
  2.     1934-35
  3.     1936-38
  4.     1940-42

Answer (1) 1929-30

Short Questions:

  • What are Macroeconomics and microeconomics and what is the connection between the two? 
  • What is entrepreneurship? 
  •  What is the definition of the Great depression?
  •   What are the features of the capitalist economy? 
  • What are economic agents? 

Long Questions:

  • Define and explain the importance of ‘scarcity’ and ‘opportunity costs’ in Economics
  • What are the different ways in which resources can be allocated and what are their respective advantages and disadvantages? 

These are some of the CBSE Important Questions or related questions that students must prepare for their board examination. 

Economics Class 12 Term 1 Syllabus

Units Topics Marks Periods
Part A Introductory Macroeconomics    
Unit 1 National Income Accounting

  • What is macroeconomics?
  • · Basic concepts in macroeconomics: consumption goods, final goods, capital goods, intermediate goods, gross investments, stocks and flows, and depreciation.
  • Circular flow of income; value-added or product method; Expenditure method; Income method
  • Aggregate-related national income
  • GDP and welfare
 10 30
Unit 2 Money and Banking

  • Money –supply of money – Currency held by the people and net demand deposits commercial banks.
  • ·  Money making by the commercial banking system.
  • Functions of central bank (example of the RBI): Bank of issue, Government Bank, Banker’s Bank, Control of Credit, Bank Rate, SLR, CRR, Repo and Reverse Repo Rate, Open Market Operations, Margin requirements.

 

 6 15
Unit 3 Determination of Income and Employment

  • Aggregate demand.
  •  The propensity to consume and propensity to save. Short-run equilibrium output; investment multiplier’s mechanism; Full employment and involuntary unemployment.
  •  Problems of excess demand and deficient demand; measures to correct– changes in government spending money supply and taxes
 12 25
Unit 4 Government Budget and the Economy

  • Government budget
  • · Classification of receipts –capital receipts and revenue receipts; classification of expenditure – revenue and capital expenditure.
  •  Measures of deficit – revenue deficit, primary deficit, fiscal deficit and others
 6 15
Unit 5 Balance of Payments

  • ·       Balance of payments account – meaning and components
  • ·        Foreign exchange rate –fixed and flexible rates and managed floating, Determination of exchange rate in free markets.
 6 15
  Total Theory Paper (Term 1) 40 100
  Project 10  
  Total 50  

Economics Class 12 Term 2 Syllabus

Units Topics Marks Periods
Part B Indian Economic Development    
Unit 6 Development Experience (1947-90)

  • ·    A brief introduction of the situation of Indian economy in the eve of the Independence
  • ·        Main features, Problems, policies industry and foreign trade

and Economic Reforms since 1991

  • Features and appraisals of liberalization, globalization, and privatization, Concept of GST
 12 28
Unit 7 Current Challenges facing Indian Economy

·        Poverty- Absolute and relative poverty; programs for poverty alleviation; and critical assessment

·        Human capital formation-  How people become resources; Role of human capital in economic growth

·        Employment- Growth and changes in participation rate of workforce  in formal and informal sectors, problems and policies

·        Infrastructure- Meaning and Types, case studies, Health: problems and policies, critical assessment

·        Sustainable economic growth- Meaning, effects of economic development of resources and environment, including the Global warming

 22 60
Unit 8 Development Experience of India – A Comparison with Neighbors

  • A comparison with neighbors India and Pakistan
  • India and China
  • Issues: economic growth, population, sectoral development, and other Human Development Indicators

 

 06 12
  Total Theory Paper (Term 2) 40 100
  Project 10  
  Total 50  

Project Work for CBSE Class 12 Economics Term 1

  •           Advantages and disadvantages of GST to consumers
  •           Demonetization and its impact on the nation
  •           Impact of GST on foreign direct investment or FDI
  •           Impact of GST on Income Tax
  •           Self Help Group

Project Work for CBSE Class 12 Economics Term 2

  •           Imperfect competition and market failure
  •           Non performing assets and Bad Bank
  •           Inflation and RBI’s policy changes to curb it
  •           Reformation of the banking sectors
  •           Monopoly and competition

Preparation Tips for Class 12 Economics

Some preparation tips are given below for the students to tackle the whole syllabus of Class 12 Economics. 

  1. Check the syllabus and the exam pattern thoroughly

You first need to know the syllabus and exam patterns to manage your time, determine the efforts needed for a particular chapter, understand the level of difficulties of each chapter and take time for revision.  

  1. Know the materials to be followed to make notes

. According to the syllabus of CBSE, the NCERT Books are the most effective in understanding the concepts of CBSE boards. 

  1. Understand each concept and clear the basics 

You cannot level up unless you have understood the basics enough. Students must clear all their doubts to write the board examination properly. You need to memorize the definitions as it is and must think of the relevance of the topics in the modern economic scenario. 

  1. Know the importance of graph tables and formulas

The importance of graphical representation with tables and formulas is huge in Economics. Sometimes, students face difficulties in understanding the graphs and tables. It is important that you pay attention to them and learn things properly. 

  1. Make a proper study plan 

After you have got enough knowledge about the syllabus and question patterns, then make a proper study plan as per your efficiency. After completing each chapter, take a mock test to check your understanding of the chapter.

  1. Make quick notes for revisions

You must create a notebook of quick notes where you can write down the topics of each chapter briefly to remember the things you have learned. It will help in your revision. You can use a highlighter to make the important questions or concepts visible.

Importance of Chapters of Class 12 Economic Syllabus:

The Economics syllabus of Class 12 makes you acquainted with the basics of the economy. At this stage, you start learning about the terms, basics, and a brief description of the economic things. Moreover, you will get a clear vision of whether you want to pursue it in the future or not. So, the students should study the chapters, and prepare with CBSE Revision Notes to get the best knowledge about the subject.  

The first part of Economics talks about the terms and the processes that nations and banks follow. On the other hand, Part B concentrates on India and past experiments with its economy.

Project Work Class 12- Economics

Project work is an integral part of the subjects for the students of the CBSE boards. The project works carry 20 marks, 10 marks in each term. The obtained score depends on the quality of the project you would submit. This project work will help students understand the practical application of the subject in detail.   

After a term ends, the student needs to present the research work in the form of a project file.

Marking System:

S. No.  Heading Marks Allotted 
1. The relevance of the topic 3
2. Knowledge Content/Research Work 6
3. Presentation Technique 3
4. Viva-voce 8
5. Total 20 Marks

CBSE Class 12 Syllabus

CBSE Class 12 Maths Syllabus

CBSE Class 12 English Core Syllabus

CBSE Class 12 Physics Syllabus

CBSE Class 12 Chemistry Syllabus

CBSE Class 12 Biology Syllabus

CBSE Class 12 Hindi Core Syllabus

CBSE Class 12 Hindi Syllabus

CBSE Class 12 English Syllabus

CBSE Class 12 English Elective Syllabus

CBSE Class 12 Hindi Elective Syllabus

CBSE Class 12 Accountancy Syllabus

CBSE Class 12 Business Studies Syllabus

CBSE Class 12 Physical Education Syllabus

CBSE Class 12 Political Science Syllabus

CBSE Class 12 Computer Science Syllabus

FAQs (Frequently Asked Questions)

If you see the tables given above, you can see the Class 12 Economics syllabus has three parts. The first two parts are about studying the chapters given in the table, and the third part consists of project works. For projects, you need to do some detailed research and analyses and write them down in the project book and submit it to your subject teacher.

Part A of Class 12 CBSE Economics syllabus consists of –

Unit 1: Introduction

Unit 2: Collection, Organization, and Presentation of data,

Unit 3: Statistical Tools and Interpretation

Part A of Class 12 CBSE Economics syllabus comprises 

Unit 6: Development Experience (1947-90) and Economic Reforms since 1991

Unit 7: Current Challenges facing the Indian Economy

Unit 8: Development Experience of India – A Comparison with Neighbors

Part C of Class 12 CBSE Economics syllabus comprises project works for term 1 and term 2. The project work is distributed in two terms and carries a weightage of  20 marks.

Well, the subject is not difficult but can be lengthy. So, students need to build interest in the subject to discover whether they want to pursue Economics for higher studies or not. 

Scroll up to the beginning of the page, the pdf file is given above. A student can see the file and download it to their device.

The syllabus is divided into Part A, Part B and Part C. 40 marks are alloted to each Part A and Part B. Part C has 20 marks; 10 marks is given for the project work in each term  

This question is frequently asked by the students what the objectives are of studying Economics. 

  • Understanding some basic concepts of economy, develop knowledge that students can apply in their day-to-day life
  • Importance of economy in nation-building and the sensitivity of economic issues in the making of a country
  • Understanding and learning tools, charts, and graphical representations to analyse various economic factor.
  •  Development of the understanding that there can be more than one economic viewpoint

A teacher plays the most significant role in a student’s life, irrespective of any subject. When it comes to Economics, you have no better resource to cross-check facts and learning concepts than a teacher. 

  •  A teacher helps you learn topics in detail and prepare for the exam
  • Guide you in research and real-life relevance of the subjects
  • A teacher can guide you complete the project works, CBSE Sample papers and CBSE Extra Questions
  • Educate the learners about the authenticity and relevance of facts and clarify all their doubts

The subject helps you think strategically and make decisions to bring a favourable outcome. People who have studied and understood the subjects have made their way into the larger economic effectiveness. It helps you to build a respective career and participate in the national and worldwide economic phenomena. You will have the power and decision-making ability to build the nation and fix problems with valuable strategies and schemes.