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.