Economics Class 12 Syllabus 2021-22
In the latest update from Central Board of Secondary Education (CBSE), a circular has been issued where the syllabus for academic year 2021-22 has been updated. This syllabus has been updated for Class 12th Economics.
Earlier a notice was issued where it was stated that from 2022 onwards, there will be two term exams for Class 12th. This decision has been taken on the based on this year board exams condition. Which had to be cancelled due to covid-19.
For the academic year 2021-22, the board is also aiming to make internal assessment, practical, project work more credible and valid for ensuring the fair distribution of marks, an official statement said.
Class 12 Economics Syllabus 2021-22 Pdf Download
The revised syllabus will have two terms, term 1 and term 2. Both the terms will have 50% of the total syllabus. This will reduce the final exam pressure on the students and the parents. Teachers can easily cover 50% of the syllabus in 6 months.
The first term exam will be based on MCQ type question and it will be conducted from November to December. The second term exam will have mixed type questions like long answers, short answers, MCQ’s, True or False, etc. It will be conducted from March to April.
Class 12 Economics Syllabus 2021-22 for Term 1 & Term 2
Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to ground education in children’s own experience becomes essential. While doing so, it is imperative to provide them opportunities to acquire analytical skills to observe and understand the economic realities.
● Understanding of some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers and consumers.
● Realisation of learners’ role in nation building and sensitivity to the economic issues that the nation is facing today.
● Equipment with basic tools of economics and statistics to analyse economic issues. This is pertinent for even those who may not pursue this course beyond senior secondary stage.
● Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically with reasoning
Both term syllabus divided into 3 parts. Part A and part B. Both part cover 40 marks and part C cover 10 mark which is a project work
Term 1 Class 12 Economics Syllabus 2021-22
Part A: Introductory Macroeconomics
Unit 2: Money and Banking (6 marks) 8 Periods
This unit includes Money – meaning and supply of money – Currency 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, Govt. Bank, Banker’s Bank, Control of Credit
Unit 4: Government Budget and the Economy (6 marks) 15 Periods
This unit cover Government budget – meaning, objectives and components.
Classification of receipts – revenue receipts and capital receipts; classification of expenditure – revenue expenditure and capital expenditure.
Measures of government deficit – revenue deficit, fiscal deficit, primary deficit their meaning.
Unit 5: Balance of Payments (6 marks) 7 Periods this unit cover Balance of payments account – meaning and components;
Foreign exchange rate – meaning of fixed and flexible rates and managed floating.
Part B: Indian Economic Development
Unit 6: Development Experience (1947-90) and Economic Reforms since 1991(12 marks) 28 Periods
This unit cover A brief introduction of the state of Indian economy on the eve of independence.
Indian economic system and common goals of Five Year Plans. Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.
Economic Reforms since 1991: Features and appraisals of liberalisation, globalisation and privatisation (LPG policy); Concepts of demonetization and GST
Unit 7: Current challenges facing Indian Economy (10 marks) 17 Periods
This unit cover Poverty- absolute and relative; Main programmes for poverty alleviation: A critical assessment;
Human Capital Formation: How people become resource; Role of human capital in economic development;
Rural development: Key issues – credit and marketing – role of cooperatives; agricultural diversification;
Part c – project work- Guideline for project work given below
Students would prepare only ONE project in the entire academic session, which is divided into 2 terms i.e. Term I and Term II. Project work marks – 10
Term 2 Class 12 Economics Syllabus 2021-22
Part A: Introductory Macroeconomics
Unit 1: National Income and Related Aggregates (10 marks) 23 Periods
This unit cover what is Macroeconomics? Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; 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 Domestic Product (GDP) and Net Domestic Product (NDP) – at market price, at factor cost; Real and Nominal GDP. GDP and Welfare
Unit 3: Determination of Income and Employment(12 marks) 22 Periods
This unit include 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; measures to correct them – changes in government spending, taxes and money supply through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.
Part B: Indian Economic Development
Unit 7: Current challenges facing Indian Economy (12 marks) 18 Periods
This unit include Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies
Infrastructure: Meaning and Types: Case Studies: Health: Problems and Policies- A critical assessment;
Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming
Unit 8: Development Experience of India (6 marks) 12 Periods
This unit include A comparison with neighbours India and Pakistan India and China Issues: economic growth, population, sectoral development and other Human Development Indicators
Part C: Project in Economics 15 Periods
Prescribed Books for the project:
1. Statistics for Economics, NCERT
2. Indian Economic Development, NCERT
3. Introductory Microeconomics, NCERT
4. Macroeconomics, NCERT
5. Supplementary Reading Material in Economics, CBSE
Guidelines for a project work
Guidelines for Project Work: 20 Marks
Only ONE Project is to be done throughout the session
TERM-I PROJECT WORK (Part 1): 10 Marks and the teacher will assess the progress of the project work in the term I in the following manner:
TERM- II – PROJECT WORK (Part 2): 10 Marks and the teacher will assess the progress of the project work in the term II in the following manner:
In the project work Expected Checklist will be:
· Introduction of topic/title ·
· Identifying the causes, consequences and/or remedies ·
· Various stakeholders and effect on each of them ·
· Advantages and disadvantages of situations or issues identified ·
· Short-term and long-term implications of economic strategies suggested in the course of research
· ·Validity, reliability, appropriateness and relevance of data used for research work and for presentation in the project file
· ·Presentation and writing that is succinct and coherent in project file
· ·Citation of the materials referred to, in the file in footnotes, resources section, bibliography etc. Mode of presentation/submission of the Project:
At the end of the stipulated term, each learner will present the research work in the Project File to the External and Internal examiner. The questions should be asked from the Research Work/ Project File of the learner. The Internal Examiner should ensure that the study submitted by the learner is his/her own original work. In case of any doubt, authenticity should be checked and verified.
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CBSE Class 12 Economics Syllabus 2021-22 for Term 1 & 2: FAQs
Q.1. What are the key skills that student attains from Economics course?
Answer: The study of economics uniquely enriches the student with analytical and problem
solving skills in addition to the knowledge of functioning of markets, agent’s behaviour, and
economy at large.
Q.2. Is the student required to have Economics and/or Mathematics in class 11th or 12th to
opt for Economics as main subject in BA program?
Answer: Unlike honours course, studying Economics in BA Program does not require student to have studied Mathematics or Economics up to Class 12.
Q.3. If student does not opt for Economics as main subject, is there any other way of
attaining training in Economics?
Answer: BA program and BCom program students can also choose Economics as their Generic Elective in third year, wherein they can study Economic Development course and
Microeconomics (and Macroeconomics) courses respectively.
Q.4. What kind of opportunities can a BA program student with Economics option expect
for higher studies?
Answer: Choosing Economics as main subject in BA program can be a passport to an array of
related Master’s courses, the most obvious being M.A. Economics. Also other relevant
postgraduate courses including Business Administration (MBA), Finance, Management,
International Relations, Political Science or Public Policy can be studied.
Q.5. How does Economics study expand student’s career options?
Answer: The interdisciplinary nature of the subject, compounded with its rigor, opens a plethora of doors for an Economics graduate in areas spanning from Academics, Indian Economic Services (IES), Public Policy, Management, Consulting, Analytics, Finance, Actuarial Science.