ICSE Class 12 Syllabus for Economics

BoardCBSE
TextbookNCERT
ClassClass 12
SubjectMaths
ChapterICSE Class 12 Syllabus for Economics
Chapter NameChapter 1 Relations and Functions
Categoryboards

The ISC (Indian School Certificate) Class 12 Economics syllabus is designed to provide students with a comprehensive understanding of economic theories, concepts, and real-world applications. It covers both microeconomics and macroeconomics, focusing on Indian and global economic issues. Here’s a detailed overview:

ISC Class 12 Economics Syllabus

**1. Microeconomics

  1. Introduction to Microeconomics:

    • Definition and Scope: Overview of microeconomics and its significance.
    • Basic Concepts: Goods and services, utility, and the concept of scarcity.

  2. Theory of Consumer Behavior:

    • Utility Analysis: Total and marginal utility, law of diminishing marginal utility, and consumer equilibrium.
    • Indifference Curve Analysis: Budget constraint, consumer choice, and equilibrium.

  3. Theory of Production and Costs:

    • Production: Factors of production, production function, and laws of production.
    • Costs of Production: Fixed and variable costs, total cost, average cost, and marginal cost.
    • Cost Curves: Short-run and long-run cost curves.

  4. Market Structure and Pricing:

    • Perfect Competition: Characteristics, price determination, and efficiency.
    • Monopoly: Features, price discrimination, and monopoly pricing.
    • Monopolistic Competition: Characteristics, product differentiation, and pricing strategies.
    • Oligopoly: Features, market behavior, and game theory.

  5. Market Failure and Government Intervention:

    • Market Failure: Causes and types of market failure.
    • Government Intervention: Role of government in correcting market failure, public goods, and externalities.

**2. Macroeconomics

  1. Introduction to Macroeconomics:

    • Definition and Scope: Overview of macroeconomics and its importance.
    • Basic Concepts: National income, aggregate demand, and aggregate supply.

  2. National Income Accounting:

    • Measurement of National Income: Methods (income, expenditure, and production methods).
    • Components of National Income: GDP, GNP, NNP, and their measurements.
    • Income Distribution: Concepts of income inequality and poverty.

  3. Determination of Income and Employment:

    • Aggregate Demand and Aggregate Supply: Determinants and equilibrium.
    • Income Determination: Keynesian theory, multiplier effect, and the concept of full employment.
    • Employment and Unemployment: Types of unemployment, measurement, and government policies.

  4. Money and Banking:

    • Money Supply: Functions of money, measurement, and components.
    • Banking System: Types of banks, functions, and monetary policy.
    • Central Bank: Role of the Reserve Bank of India (RBI), monetary policy tools, and objectives.

  5. Fiscal Policy:

    • Government Budget: Types of budgets, components, and fiscal policy.
    • Public Debt: Types, sources, and impact on the economy.
    • Budgetary Policy: Objectives and effects of government expenditure and taxation.

  6. International Trade and Finance:

    • International Trade: Theories of international trade, trade policies, and balance of payments.
    • Exchange Rates: Determination, types, and impact on trade.
    • Globalization and Trade Agreements: Role of international organizations (WTO, IMF), trade agreements, and their effects.

  7. Economic Development and Planning:

    • Economic Development: Concepts, indicators, and measures.
    • Economic Planning: Objectives, types, and role of planning in economic development.
    • Development Policies: Government policies and their impact on development.

Assessment:

  • Written Examination:

    • Theory Paper: Questions on microeconomics and macroeconomics, including theoretical concepts, applications, and problem-solving.
    • Data Interpretation: Analysis of economic data and graphs.

  • Internal Assessment:

    • Projects and Presentations: Based on real-world economic issues, case studies, and research.
    • Class Assignments: Essays, problem sets, and discussions on economic concepts and current events.

The ISC Class 12 Economics syllabus aims to provide students with a thorough understanding of economic principles and their application to real-world scenarios. It encourages analytical thinking and practical understanding of economic issues, preparing students for further studies and careers in economics, business, and related fields.

ICSE Class 12 Syllabus For Economics| ICSE Class 12 Economics