CBSE Class 12 Economics – Syllabus, Chapter wise Notes, NCERT Solutions

CBSE Class 12 Economics

CBSE Class 12 Economics: Economics is the basic principle regarding money handling and usage of the same that plays an important role in development. The economy of any nation or company decides the rise and fall of that nation or organization which eventually affect the citizen of the country or the people of that particular organization.

The knowledge shared in NCERT CBSE Class 12 Economics covers all the major portion that requires the attention of the students and information that they should know like:

  • The understanding of students regarding the present economy and the effects it is creating.
  • The better plans and policies that can stable different kind of economy that is creating problems
  • Knowing information about these contents will eventually help the economy to grow.

Here we will explain to you the complete details about the CBSE Class 12 Economics and how to prepare for the examination.

CBSE Class 12 Economics

CBSE Class 12 Economics Syllabus contains 3 main parts in which the first two parts is about studying the chapter mentioned in the course whereas the 3rd part is project work that needs to be researched and documented to the school as an assignment.

Here the lists of chapters from different units that are combined together for better evaluation of the subject based on the CBSE Class 12 Economics Syllabus declared by NCERT.

You primarily have 2 Books for CBSE Class 12 economics –

  • Microeconomics
  • Macroeconomics

CBSE Class 12 Economics Books

NCERT books are considered to be the best choice for preparation but it is advisable to refer to other books for a better understanding of the subject.

Here the list of some CBSE Class 12 Economics Books that are considered by the students while preparing for the economic examination.

The macroeconomic subject contains a various numerical question that is explained well in introductory macroeconomics book which focuses their attention in providing information related to macroeconomics and clears all major doubt of students

The selection of books is important while preparing for any examination but eventually, there is another factor that comes up which is the availability of the books.

But with the advancement in digital technology, this hurdle is also covered up and the student won’t have to face this difficulty. Now it is possible to download the books as well as all the materials which will eventually help you to gain a wider perspective about CBSE Class 12 Economics.

Introductory Microeconomics

In this book, microeconomics concepts are dealt.

  • Chapter 1 – Introduction ( Types of economies )
  • Chapter 2 – Theory of consumer behavior
  • Chapter 3 – Production and cost
  • Chapter 4 – Theory of firm under perfect competition
  • Chapter 5 –Market equilibrium
  • Chapter 6 – Noncompetitive markets

Chapter 1 – Introductory microeconomics

This chapter focuses on the basics of economics to help you understand what are economic activities and the central problems of an economy, the difference between positive and normative economics, and types of market.

  • Simple Economy, Central Problems of an Economy, Organisation of Economic Activities, Centrally Planned Economy, Market Economy, Positive And Normative Economics Microeconomics And Macroeconomics

Chapter 2 – Theory of consumer behavior

This is a quote lengthy chapter covering extensive topics like –

  • Utility, The Consumer’s Budget, Budget Set, 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, Factors Determining Price Elasticity of Demand for a Good, Elasticity and Expenditure

A thorough understanding of these concepts is a must to understand further studies in economics.

Chapter 3 – Production and cost

This chapter is all about understanding each concept clearly. Don’t skip any of the subtopics in this chapter.

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

Chapter 4 – Theory of firm under perfect competition

This is the most interesting chapter. Students can compare this with chapter 6 for a clear understanding of the economy –

  • Perfect competition: Defining Features, Revenue, Profit Maximisation, The Profit Maximisation Problem: Graphical Representation Supply Curve of a Firm, Short-Run Supply Curve of a Firm, Long-Run Supply Curve of a Firm, The Shutdown Point The Normal Profit and Break-even Point, Determinants of a Firm’s Supply Curve, Market Supply Curve, Price Elasticity of Supply

Chapter 5 –Market equilibrium

This is another very important conceptual chapter that can develop your base in economics. The topics in this chapter are discussed below –

  • Equilibrium, Excess Demand, Excess Supply, Market Equilibrium: Fixed Number of Firms Market Equilibrium: Free Entry and Exit

Chapter 6 – Noncompetitive markets

This chapter helps you to understand the behavior of a non-competitive market. Students have to compare it with the perfect competition market and make a clear understanding. Given are the topics covered in this chapter

  • Simple Monopoly in the Commodity Market, Market Demand Curve is the Average Revenue Curve, Marginal Revenue and Price Elasticity of Demand, Short Run Equilibrium of the Monopoly Firm, Monopolistic Competition, How do Firms behave in Oligopoly?

Introductory Macroeconomics

In this book, the below-given chapters are studied. This book is a very good reference for even Civil Service Examination

  • Chapter 1 – National Income and Related Aggregates
  • Chapter 2 – Money and Banking
  • Chapter 3 – Determination of Income and Employment
  • Chapter 4 – Government Budget and the Economy
  • Chapter 5 – Balance of Payments
  • Chapter 6 – Development Experience (1947-90) and Economic Reforms since 1991
  • Chapter 7 – Current Challenges facing Indian Economy
  • Chapter 8 – Development Experience of India – A Comparison with Neighbours

Chapter 1 – National Income and Related Aggregates

The chapter is focused on providing students a basic understanding of macroeconomics and its importance in our life. The effects that are considered in macroeconomics are related to intermediate goods, stocks, and flow, Gross investment, capital goods, final goods, etc.

A nation’s growth is all about economics and the priority provided to increase the flow of money that will stabilize a lot of things. Most of the topics are related to National Income and its model to improve, GDP, NDP, and maintaining Gross and net domestic welfare.

Chapter 2 – Money and Banking

Money control is important now a day and without which there can be no trade and exchange. This chapter explains to you the banking sector that handles all the money related problems.

Most of the banks that come under the guidelines of the Reserve bank of India has a certain function that needs to be followed like issues of a bank, the repo rate, open market operations, margin requirement, and control for credit through bank rate

Chapter 3 – Determination of Income and Employment

Employment is an important factor to focus on and the way demand increases there has to be a better solution to resolve the issue that is arising, there has to be more employment generation.

This can be managed by arranging proper solution to manage the money flow done by the government by various methods like taxes, money supply, and speeding expenditure

Chapter 4 – Government Budget and the Economy

It is important that the economy of any nation needs to be stable and this is only possible if proper measures are taken while spending the money on the citizen. Moreover, there are various classifications that need attention from students to understand it much better.

Chapter 5 – Balance of Payments

This chapter includes details about how to manage payments done to various sections based on the purchase and more about foreign exchange rate that varies based on the country’s financial situation.

Chapter 6 – Development Experience (1947-90) and Economic Reforms since 1991

After independence, it was important for the nation to build them from the foundation and establish n hierarchy that will benefit the nation’s growth in the future. There were many features that were introduced to improvise the situation like policies of agriculture, industrial licensing and foreign trades, etc.

New reforms were introduced in 1991thatincludes features like features and appraisal of liberalization, globalization, and privatization

Chapter 7 – Current Challenges facing Indian Economy

India as a nation is facing a major problem with its economy that is affecting the majority of the people. There are various factors that conclude this theory like poverty, rural development rate, human capital formation, employment, low-level infrastructure, and irregular policies. It even includes topics for Propensity to consume and propensity to save

If one needs to stable the growth of a nation then we need to focus on major topics and come with a better solution to tackle the above-mentioned problem and this is only possible if students are given the knowledge from the beginning so that they can understand the situation well in advance and act based on it.

The development of a nation is based on this moral of sustainability which will manage the resource and materials required for better growth.

Chapter 8 – Development Experience of India – A Comparison with Neighbours

There is another nation that had the same situation that India is facing earlier but some emerged to be the world number or while others degraded themselves. But the important part to be noticed is to learn things from the nations that have emerged to the top nation around the world and learn from their development model.

But amongst all of these, there is a certain issue that is effectively the development and needs to be managed like population, sector development, growth, and human development indicators.

There is another unit that is dedicated to the project section where the student will have to focus on a given topic related to economic.

CBSE Class 12 Economics Syllabus

CBSE Class 12 Economics syllabus provides information on all the major content that one faces while preparing for the examination

Here is the detailed version of the economics syllabus and the marking scheme that is followed by NCERT to cover all the major content of the subject that a student should know about.

Unit No

Unit Name

Marks

1

National Income and Related Aggregates

10

2

Money and Banking

06

3

Determination of Income and Employment

12

4

Government Budget and the Economy

06

5

Balance of Payment

05

6

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

12

7

Current Challenges facing Indian Economy

22

8

Development Experience of India – A Comparison with Neighbours

06

Total

80 marks

CBSE Class 12 Economics Solutions

To score better marks, the best practice is to solve solution books and take mock tests. It won’t be easy to solve all of them but while taking those tests you may come across some difficulties and this is where the solution books will come to help.

The main purpose of this solution book is to provide an answer to those tough questions where you may get stuck during the economic examination.

CBSE Class 12 Economics Question Paper

To understand the exam pattern well in advance before the examination is a helpful practice for you as you will be able to identify the importance of each section. So one should go through Class 12 previous year’s question papers and prepare for the upcoming mock tests.

This way you can focus on topics or content that has a high marking scheme. The question papers give you a basic idea of how fast you need to solve the paper so that it can be completed on time.

A particular set of study material is required to start preparing for examination for each subject in the CBSE NCERT syllabus. The more information you have the better will be your confidence toward the subject.

You should have the following materials to find the complete question papers related to the CBSE Class 12 Economics.

CBSE Class 12 Economics Revision Notes

Revision is an important phase while preparing for any examination and preparing revision notes while learning is a good practice as this can be useful in the revision stage.

The syllabus will be wide but there are certain topics that will need extra attention compared to others and sometimes these topics may be tricky to understand. This is when you can refer to those books for a better scope of understanding.

Most of this content is already made available on various websites and to download CBSE Class 12 Economics Revision Notes has also become an easy task. These websites are categorized based on their services from free to premium.

The quality of the content may differ based on the services too. So choose the option carefully based on your requirement.

CBSE Class 12 Economics Worksheets

One of the best ways to prepare and understand the subject is to work around the worksheets. These worksheets are usually provided along with preparation books and there are certainly other options to obtain those worksheets.

There are various websites and online portals that support providing this worksheet for student’s benefits.

These worksheets that are available come in chapter-wise and that would be the perfect choice for practice as one can notice their own mistake and take care of it instantly rather than working on it later when they identify the weakness during mock tests.

CBSE Class 12 Economics worksheets are also available in various online portals that are focused on providing services by giving out free or premium worksheets to the student along with test papers as mock tests. The more you practice the better your skillset becomes.

We have covered a detailed guide on CBSE Class 12 Economics. Feel Free to ask any questions in the comment section below.

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