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.
Units | Term 1Â | Marks | Periods |
Part A | Introductory Macroeconomics | Â | Â |
 |  |  |  |
 | Money and Banking | 6 | 08 |
 |  |  |  |
 | Government Budget and the Economy | 6 | 15 |
 | Balance of Payments | 6 | 07 |
 | Sub Total | 18 | 30 |
 |  |  |  |
Part B | Indian Economic Development | Â | Â |
 | Development Experience (1947-90) and Economic Reforms since 1991: Indian Economy on the eve of Independence Indian Economy (1950-90) Liberalisation, Privatisation and Globalisation : An Appraisal |
12 | 28 |
 | Current challenges facing Indian Economy Poverty Human Capital Formation Rural development |
10 | 17 |
 | Sub Total | 22 | 45 |
 | Total Theory Paper | 40 | 75 |
 | Project Work | 10 |
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Units | Term 1Â | Marks | Periods |
Part A | Introductory Macroeconomics | Â | Â |
 | National Income and Related Aggregates | 10 | 23 |
 | Determination of Income and Employment | 12 | 22 |
 | Sub Total | 22 | 45 |
Part B | Indian Economic Development | Â | Â |
 | Current Challenges facing Indian Economy Employment Infrastructure Sustainable Economic Development |
12 | 18 |
 | Development Experience of India – A Comparison with Neighbours Comparative Development Experience of India and its Neighbours |
06 | 12 |
 | Sub Total | 18 | 30 |
 | Grand Total | 40 | 75 |
 | Project Work | 10  |
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Term 1 – MCQ Based Question Paper
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.
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.
Balance of payments account – meaning and components; balance of payments deficit meaning.
Foreign exchange rate – meaning of fixed and flexible rates and managed floating.
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
Poverty-Â absolute and relative; Main programmes for poverty alleviation: A critical assessment.
Human Capital Formation:Â How people become resource; Role of human capital in economic development.
Rural development: Key issues – credit and marketing – role of cooperatives; agricultural diversification.
Term 1 – Subjective Question Paper
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
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.
Employment:Â 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:Â Meaning, Effects of Economic Development on Resources and Environment, including global warming
A comparison with neighbours
India and Pakistan
India and China
Issues: economic growth, population, sectoral development and other Human
Development Indicators
Prescribed Books:
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 Project Work in Economics (Class XII)
The objectives of the project work are to enable learners to:
Role of the teacher:
The teacher plays a critical role in developing thinking skills of the learners. A teacher should:
Expected Checklist:
Term-Wise Assessment of Project Work:
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