Introduction to ISC Class 12 Economics Syllabus
Economics has become one of the most popular fields worldwide in the coming years due to the rise in the stock market and people’s interest in it. Economics is a study of social science. It is to understand different aspects of production/distribution of goods, products supply, and demand.
ISC Class 12 Economics Syllabus: Semester 1 & 2
| Semester 1
(Marks:40) |
Semester 1
(Marks:40) |
| Unit No. |
Name of the Unit |
Unit No. |
Name of the Unit |
| 1. |
Micro Economic Theory |
2. |
Theory of Income and Employment |
|
– |
3. |
Money and Banking |
|
– |
4. |
Balance of Payment and Exchange Rate |
|
– |
5. |
Public Finance |
|
– |
6. |
National Income |
A brief introduction to ISC Class 12 Economics Syllabus Semester 1 & 2
Micro Economic Theory:
- Demand: Incorporate the determinants of demand. Diagrams to explain the law of demand, reasons for the demand curve’s downward slope, and its derivation using the demand schedule.
- The elasticity of demand: It has various point methods, percentage methods, expenditure methods, and geometric methods. The degree of elasticity of demand is to be explained by using diagrams wherever necessary.
- Supply: Law, schedule, and curve supply method. It gathers information on the market supply curve from the individual supply curve and its movement/shift.
- Market Mechanism: Understanding the concept of equilibrium. Effects of changes in demand and supply along the curves and shift of the curves explained. Fundamental understanding of control in price and rationing. Price ceiling along with floor price helps in demand and supply curves.
- Concept of production and its function (short & long run functions).
- Cost and revenue: Fundamental concepts of cost; fixed cost, variable cost, total cost, marginal cost, and average cost.
- Primary market forms: perfect and monopolistic competition.
Theory of Income and Employment
- Fundamental concepts/ determination of Income and Employment.
Money and Banking
- Money: Its meaning, functions, and supply.
- Banks: Functions of the commercial bank; credit creation by commercial banks; Central Bank: operations.
Balance of Payment and Exchange Rate
- Balance of Payment – Its meaning, components, foreign exchange, and exchange rate determination (Flexible).
Public Finance
- FISCal Policy: It’s the meaning and instruments of fISCal policy.
- Government Budget: Meaning, types, and components.
National Income
- Circular flow of Income.
- Concepts and definition of GDP, NNP, private Income, Personal Income, personal disposable Income, national disposable Income, and per capita Income; the relationship between different income concepts, etc
- Methods of measuring National Income: Product or value-added method; income method, and expenditure method.
ISC Class 12 Economics Syllabus: Examination Pattern and Chapter Weightage
The Examination pattern has been divided into two parts:
- Examination Paper I -Theory will be of 3 hours and worth 80 marks.
- Examination Paper-II- Project Work will consist of 20 marks.
Examination Paper Pattern for Paper-I Theory:
Part-I shall consist of 20 marks, mandatory short answer questions, testing knowledge, application, and skills relating to elementary/fundamental aspects of the entire Syllabus.
Part-II shall consist of 60 marks with eight questions, out of which students will be required to answer five questions, carrying 12 marks each.
Examination Paper Pattern for Paper-II Project work:
Students are expected to have completed two projects from any topic covered in Theory.