TERM WISE SYLLABUS SESSION CLASS-XII SUBJECT: ECONOMICS
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1 TERM WISE SYLLABUS SESSION CLASS-XII SUBJECT: ECONOMICS TERM April 2018 to September 2018 CONTENTS PART A: Introductory Microeconomics Unit -1: Introduction: Meaning of microeconomics and macroeconomics ; positive and normative economics. What is an economy? Central problems of an economy : What, how and for whom to produce ; Concepts of Production Possibility Frontier and Opportunity Cost. Unit-2: Consumer s Equilibrium and demand: Consumer s equilibrium meaning of utility, marginal utility, law of diminishing marginal utility, Condition of Consumer s equilibrium using marginal utility analysis. Indifference curve analysis of consumer s
2 equilibrium-the consumer s budget (budget set and budget line), Preferences of the consumer (indifference curve, indifference map) and conditions of consumer s equilibrium. Demand, market demand, determinants of demand, demand schedule, demand curve and its slope movement along and shifts in demand curve; Price elasticity of demand ; Factors affecting price elasticity of demand; Measurement of price elasticity of demand Percentage change method. Unit- 3: Producer Behaviour and Supply : Meaning of production function short run and long run. Total product, Average Product and Marginal Product: Returns to a factor. Cost: Short run costs, total cost, total fixed cost, total variable cost. Average cost: Average fixed cost, average variable cost and marginal cost-meaning and their relationship. Revenue- total, average and marginal revenue-meaning and their relationship. SUMMER BREAK Unit-3: Producer s equilibrium-meaning and its conditions in terms of marginal revenuemarginal cost approach. Supply, market supply, market schedule, supply curve and its slope, movements along and shifts in supply curve, Price elasticity of supply; measurement of price elasticity of supply-
3 Percentage-change method. Unit-4: Forms of Market and Price Determination under Perfect Competition with simple applications: Perfect Competition- Features, Determination of market equilibrium and effects in demand and supply. Other Market Forms-Monopoly, Monopolistic Competition, Oligopoly- their meaning and features. Simple Applications of tools of Demand and Supply; Price Ceiling and Price Floor. PART-B: Introductory Macroeconomics: Unit-5: National Income and Related Aggregates: Some basic concepts; consumption goods, capital goods, final goods, intermediate goods; stock and flow; gross investment and depreciation. Circular flow of income(two sector model); Methods of Calculating National Income-Value Added or Product method, Expenditure method, Income method. Aggregates related to National Income: Gross National Product(GNP), Net National Product(NNP), Gross and Net Domestic Product(GDP and NDP) at market price, at factor cost, Real and Nominal GDP, GDP and Welfare Unit-6: Money and Banking:
4 Money- its meaning and supply of moneycurrency held by the public and net demand deposits held by commercial banks. Money creation by the commercial banking system. Central Bank and its functions (example of the Reserve Bank of India): Bank of issue, Government Bank, Banker s Bank, Control of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operation, Margin Requirement. Revision Work Mid-Term Exam Discussion on Question Papers and their model answers AUTUMN BREAK October 2018 to November 2018 Unit-7 Determination of Income and Employment: Aggregate demand and its components. Propensity to consume and propensity to save ( average and marginal). Short-run equilibrium output; investment multiplier and its mechanism. Meaning of full employment and involuntary unemployment. Problems of excess demand and deficient demand ; measure to correct them-changes in Government spending,
5 taxes and money supply. Unit-8: Government Budget and the Economy: Government budget-meaning, objectives and components. Classification of receiptsrevenue receipts and capital receipts; classification of expenditure-revenue expenditure and capital expenditure. Measure of government deficit-revenue deficit, fiscal deficit, primary deficit: their meaning. Unit-9: Balance of Payments: Balance of payments account-meaning and components; balance of payments deficitmeaning. Foreign exchange rate-meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market. December 2018 January 2019 Discussion on Project Work Revision of Microeconomics and Macroeconomics Revision from Support Material WINTER BREAK WINTER BREAK Submission of Project Work PRE-BOARD EXAMS
6 February 2019 March 2019 Discussion of Pre-Board Question Papers and their model solution. Practice from latest CBSE sample papers. Practice of exam-oriented questions frequently asked in board exams. Board Exams
7
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