Syllabus for Class 12 Economics 2024-25 - PSEB - Download PDF

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ECONOMICS (HUMANITIES/COMMERCE GROUP)
CLASS – XII
2024-25

Time Allowed: 3 Hours Theory: 80 Marks
Internal Assessment including Project Work: 20 Marks

PART A: INTRODUCTORY MICRO ECONOMICS

UNIT-1 INTRODUCTION

A Simple Economy, Central Problems of an Economy, Organisation of Economic Activities, The Centrally Planned Economy, The Market Economy, Positive and Normative Economics, Microeconomics and Macroeconomics

UNIT-2 THEORY OF CONSUMER BEHAVIOUR

Utility Analysis: Cardinal Utility Analysis, Ordinal Utility Analysis, The Consumer’s Budget, Budget Set and Budget Line, Changes in the Budget Set, Optimal Choice of the Consumer.
Demand: Demand Curve and the Law of Demand. Deriving a Demand Curve from Indifference Curves and Budget Constraints, Normal and Inferior Goods, Substitutes and Complements, shifts in the Demand Curve, Movements along the Demand Curve and Shifts in the Demand Curve, Market Demand.
Elasticity of Demand: Elasticity along a Linear Demand Curve, Factors Determining Price Elasticity of Demand for a Good, Elasticity and Expenditure.

UNIT-3 PRODUCTION AND COSTS

Production Function: The Short Run and the Long Run, Total Product, Average Product and Marginal Product, The Law of Diminishing Marginal Product and the Law of Variable Proportions, Shapes of Total Product, Marginal Product and Average Product Curves, Returns to Scale.
Costs: Short Run Costs, Long Run Costs.

UNIT-4: THE THEORY OF THE FIRM UNDER PERFECT COMPETITION

Perfect Competition: Defining Features, Revenue and Profit Maximization, The Profit Maximization Problem: Graphical Representation, Supply Curve of a Firm: Short run and long run supply curve, Shut down point, normal profit and break-even point.
Determinants of a Firm’s Supply Curve: Technological Progress and Input Prices, Market Supply Curve, Price Elasticity of Supply.

UNIT-5 MARKET EQUILIBRIUM

Equilibrium, Excess Demand, Excess Supply, Market Equilibrium: Fixed Number of Firms and Free Entry and Exit.
Applications of Price Ceiling and Price Floor.

Unit-6 Non-Competitive Markets

PART B: INTRODUCTORY MACRO ECONOMICS

UNIT-1 INTRODUCTION

Introduction and Emergence of Macroeconomics

UNIT-2 NATIONAL INCOME ACCOUNTING

Some Basic Concepts of Macroeconomics, Circular Flow of Income and Methods of Calculating National Income: The Product or Value-Added Method, Expenditure Method and Income Method. Concepts of Factor Cost, Basic Prices and Market Prices.
Some Macroeconomic Identities, Nominal and Real GDP, GDP and Welfare

UNIT-3 MONEY AND BANKING

Functions of Money, Demand for Money and Supply of Money, Money Creation by Banking System:
Balance Sheet of a Fictional Bank, Limits to Credit Creation and Money Multiplier. Policy Tools to Control Money Supply.

UNIT-4 DETERMINATION OF INCOME AND EMPLOYMENT

Aggregate Demand and its Components: Consumption, Investment. Determination of Income in Twosector Model.
Determination of Equilibrium Income in the Short Run: Macroeconomic equilibrium with price level fixed, Effect of an autonomous change in aggregate demand on income and output. The Multiplier Mechanism.

UNIT- 5 GOVERNMENT BUDGET AND THE ECONOMY

Government Budget – Meaning and its Components, Objectives of Government Budget, Classification of Receipts, Classification of Expenditure, Balanced, Surplus and Deficit Budget, Measures of Government Deficit.

UNIT-6 OPEN ECONOMY MACROECONOMICS

Balance of Payments: Current Account, Capital Account, Balance of Payments Surplus and Deficit. The Foreign Exchange Market: Foreign Exchange Rate, Determination of the Exchange Rate, Merits and Demerits of Flexible and Fixed Exchange Rate Systems, Managed Floating.

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