Syllabus Subject -Economics (Class XII)
SECTION – 1 : MICRO ECONOMICS
CHAPTER-1
Concepts of functions, Curves, Straight line, slope (Non-evaluative)- (2 Classes)
CHAPTER-2
Individual and Market demand Schedule, Demand function, Law of demand, Utility, Marginal utility, Explanation of the law of demand (with the help of diminishing marginal utility and Income, Substitution effect), exceptions to the law of demand, factors determining demand, change in demand and change in quantity demanded, Giffen goods and inferior goods, consumer surplus. (5 classes).
CHAPTER-3
Elasticity of demand- Price, income and cross elasticity of demand, measurement of point and arc elasticity of demand, elastic, perfectly elastic, unit elastic, inelastic and perfectly inelastic demand, factors affecting elasticity of demand, implication of elasticity. (4 Classes)
CHAPTER-4
Production function-Average, Marginal and Total production, Relationship among those, Law of variable proportion, returns to scale, Economies, diseconomies. (3 Classes)
CHAPTER-5
A. Cost of production-Short run, Long run cost curves, AC, MC, AVC, AFC, TC, TVC, TFC, and Relationship among them, derivation of long run cost curve from short run and their relationship. (4 Classes)
B. Revenue- Average, Marginal and Total revenue-relationship among them, relationship among AR, MR and elasticity of demand. (2 Classes)
CHAPTER-6
Supply function, Law of supply, individual and market supply curve, change in supply and change in quantity supplied, factors determining supply, elasticity of supply. (3 Classes).
CHAPTER-7
A. Different types of markets-perfect competition, monopoly, monopolistic competition, duopoly, oligopoly, bilateral monopoly, monopsony. (1 Class).
B. Perfect competition : Characteristics, equilibrium price determination, equilibrium under perfect competition both under short and long run, supply curve. (6 Classes).
C. Equilibrium under monopoly. (2 Classes).
SECTION-II : MACROECONOMICS
CHAPTER-8
National Income : Circular flow of income, Different methods of estimating national income, problems in measuring national income. (4 classes)
CHAPTER-9
Determination of income and employment: Keynesian approach, Aggregate demand and its components, Consumption function, propensity to consume, Saving function, propensity to save, factors influencing consumption expenditure, Equilibrium level of income-Consumption function and savings investment equality, saving investment equality, investment multiplier. Concept of full employment. Inflation-Causes, demand pull and cost push inflation. (8 classes).
CHAPTER-10
Money and Banking : Credit and deposit creation by commercial banks, credit/deposit/money multiplier, credit control methods and role of central bank.
CHAPTER-11
Fiscal policy: Expansionary fiscal policy, fiscal policy to correct inflation, deficit financing. (4 classes).
CHAPTER-12
International trade and balance of payments : balance of payments and balance of trade, balance of payments accounts, Equality in balance of payments, Equilibrium in balance of payments, Methods of correcting deficit in balance of payments. Exchange rate-fixed, floating and managed floating exchange rates (4 classes).
SECTION-III : STATISTICS AND INDIAN ECONOMY
CHAPTER-13
Mesures of dispersion : Range, Standard deviation, Lorenz curve, Gini coefficient. (8 classes).
CHAPTER-14
Poverty, Inequality, Unemployment in Indian economy: Inequality in distribution of land ownership, income, Inequality in distribution of capital in private sector. Poverty-definition, different estimation, causes, poverty alleviation measures. Unemployment-different types of unemployment, causes of umemployment, measures for generating employment. (8 classes).
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