Economics Commerce (English Medium) Class 12 CBSE Syllabus 2024-25

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CBSE Class 12 Economics Syllabus - Free PDF Download

CBSE Syllabus 2024-25 Class 12: The CBSE Class 12 Economics Syllabus for the examination year 2024-25 has been released by the Central Board of Secondary Education, CBSE. The board will hold the final examination at the end of the year following the annual assessment scheme, which has led to the release of the syllabus. The 2024-25 CBSE Class 12 Economics Board Exam will entirely be based on the most recent syllabus. Therefore, students must thoroughly understand the new CBSE syllabus to prepare for their annual exam properly.

The detailed CBSE Class 12 Economics Syllabus for 2024-25 is below.

Academic year:
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Syllabus

CBSE Class 12 Economics Syllabus for Chapter 1: Introductory Macroeconomics

1 Introduction to Macroeconomics
  • Emergence of Macroeconomics  
  • Context of the Present Book of Macroeconomics  
2 National Income and Related Aggregates
  • Concept of National Income  
  • Basic Concepts - Consumption Goods  
  • Basic Concepts - Capital Goods  
  • Basic Concepts - Final Goods  
  • Basic Concepts - Intermediate Goods  
  • Meaning of Investment  
  • Depreciation  
    • Meaning
    • Definition
    • Importance
    • Useful life of the asset
    • Depreciable assets
  • Basic Concepts - Gross Investment  
  • Basic Concepts - Net Investment  
  • Basic Concepts - Stocks and Flows  
  • Circular Flow of Income (Two Sector Model)  
  • Methods of Calculating National Income - Value Added Or Product Method  
  • Methods of Measurement of National Income  
    • Expenditure Method  
    • Income Method  
  • Aggregates Related to National Income - Gross National Product (GNP)  
    • GNP at factor cost and market prices
  • Aggregates Related to National Income - Net National Product (NNP)  
    • NNP at factor cost and market prices.
  • Gross and Net Domestic Product (GDP and NDP)  
    • GDP and NDP at the market price and factor cost
  • GDP and Welfare  
  • Aggregates related to National Income - Private Income  
  • Aggregates Related to National Income - Personal Income  
  • Aggregates Related to National Income - Personal Disposable Income  
  • Aggregates Related to National Income - Domestic Income (NDP)  
  • National Disposable Income (Gross and Net)  
  • Aggregates Related to National Income - Gross Value Added and Net Value Added  
  • Real and Nominal GDP  
  • Macroeconomic Identities  
  • Methods of Calculating National Income - Factor Cost, Basic Prices and Market Prices  
3 Money and Banking
  • Meaning of Money  
    • Meaning of money
    • Kinds of money
  • Function of Money - Primary Function  
    • Medium of exchange
    • Measure of value
  • Function of Money - Secondary Functions  
  • Standard of Deferred Payment  
  • Money - Store of Value  
  • Money - Transfer of Value  
  • Meaning of Supply of Money  
    • Meaning of Money Supply
    • Determinants of Money Supply
  • Concept of Barter Exchange  
  • Difficulties Involved in the Barter Exchange  
  • Monetary Payments  
  • Commercial Banks  
    • Meaning of Commercial Banks
    • Functions of Commercial Banks
    1. Primary Functions
    2. Secondary Functions
    3. Other Functions
    • Mechanism / Technique of Credit Creation by Commercial Banks
    • Primary / Passive Deposit and Derived / Active Deposit
    •  Role of Commercial Banks in the Economic Development of a Country
    1. Capital Formation
    2. Creation of Credit
    3.  Channelizing the Funds towards Productive Investment
    4. Encouraging Right Type of Industries
    5. Banks Monetize Debt
    6. Finance to Government
    7. Employment Generation
    8. Banks Promote Entrepreneurship
  • Currency Held by the Public and Net Demand Deposits Held by Commercial Banks  
  • Money Creation Or Credit Creation by the Commercial Banking System  
  • Definition - Central Bank  
  • Function of Central Bank - Bank of Issue  
  • Central Bank Function - Goverment Bank  
  • Central Bank Function - Banker's Bank  
  • Central Bank Function - Controller of Credit  
  • Control of Credit Through Bank Rate  
  • Cash Reserve Ratio (CRR)  
  • Statutory Liquidity Ratio (SLR)  
  • Repo Rate and Reverse Repo Rate  
  • Open Market Operations  
  • Margin Requirement  
  • Demand for Money  
  • Policy Tools to Control Money Supply  
  • Money Creation by Banking System  
    • Balance Sheet of a Fictional Bank  
    • Limits to Credit Creation and Money Multiplier  
4 Determination of Income and Employment
  • Concept of Aggregate Demand and Aggregate Supply  
  • Consumption Function and Propensity to Save  

    Consumption Function (Propensity to Consume)

    • Average propensity to consume (APC)
    • Marginal propensity to consume (MPC)

    Propensity to Save (Average and Marginal)

  • Equilibrium Output  
  • Investment Multiplier and Its Mechanism  
  • Meaning of Full Employment  
  • Voluntary Unemployment and Involuntary Unemployment  
  • Problems of Excess Demand and Deficient Demand  
  • Measures to Correct the Excess Demand and Deficient Demand  
    • Availability of credit
    • Change in government spending
  • Changes in Government Spending Taxes and Money Supply  
  • Unemployment  
    • Introduction
    • Meaning of Unemployment
  • Determination of Income in Two-sector Model  
  • Determination of Equilibrium Income in the Short Run  
    • Macroeconomic Equilibrium with Price Level Fixed  
    • Effect of an Autonomous Change in Aggregate Demand on Income and Output  
    • The Multiplier Mechanism  
  • Some Concepts in Determination of Income and Employment  
    1. Full employment level of income
    2. Equilibrium
    3. Deficient demand
    4. Excess demand
    5. Marginal propensity to consume
    6. Aggregate supply
    7. Aggregate output
    8. Effective demand principle
  • Aggregate Demand and Its Components  
5 Government Budget and the Economy
  • Meaning of Government Budget  
  • Objectives of Government Budget  
    • Objectives of Government Budget:
    1. Allocation Function of Government Budget
    2. Redistribution Function of Government Budget
    3. Stabilisation Function of Government Budget
  • Components of Budget  
    • Capital Budget
    • Expenditure
    • Reciept
    • Revenue Budget
  • Classification of Receipts  
    •  Revenue Receipts
    • Capital Receipts
  • Classification of Expenditure  
    • Revenue expenditure 
    • Capital expenditure
    • Plan and non-plan expenditure
    • Developmental and non-developmental expenditure
  • Types of Budget  
    • Types of Budget
    1. Balanced budget
    2. Surplus budget
    3. Deficit budget
  • Types of Budget - Deficit Budget  
  • Measures of Government Deficit Or Surpluses  
    1. Revenue Deficit
    2. Fiscal Deficit
    3. Primary Deficit
  • Direct and Indirect Tax  
  • Government Budget - Allocation of Resources  
  • Deficit Budget - Primary Deficit  
  • Meaning of Disinvestment  
6 Open Economy Macroeconomics
  • Concept of Balance of Payments Account  
    • Meaning of Balance of Payments Account
    • Components of Balance of Payments Account
    • Causes of disequilibrium and how the disequilibrium can be corrected.
  • Measure to Control Disequilibrium  
  • Balance of Payments Deficit Meaning  
  • Systems of Exchange Rates  
    • Fixed exchange rate
    • Flexible exchange rate
  • Concept of Foreign Exchange Rate  
    • Meaning of Foreign Exchange Rate
    • Meaning of Fixed and Flexible Rates and Managed Floating
    • Determination of Equilibrium Foreign Exchange Rate
  • Determination of Exchange Rate in a Free Market  
  • Devaluation of a Currency  
  • Revaluation of a Currency  
  • Balance of Trade  
    • Meaning
    • Difference Between Balance of Payments and Balance of Trade
    • Structure of Balance of Payments
    • Current Account
    • Capital Account
    1. Private Capital
    2. Banking Capital 
    3. Official Capital
  • Balance of Payments  
    • Current Account  
    • Capital Account  
    • Balance of Payments Surplus and Deficit  
  • Foreign Exchange Market  
    • Foreign Exchange Rate  
      • Demand for Foreign Exchange
      • Supply of Foreign Exchange
    • Determination of the Exchange Rate  
      1. Flexible Exchange Rate
      2. Speculation
      3. Interest Rates and the Exchange Rate
      4. Income and the Exchange Rate
      5. Exchange Rates in the Long Run
      6. Fixed Exchange Rates
    • Merits and Demerits of Flexible and Fixed Exchange Rate Systems  
    • Managed Floating  

CBSE Class 12 Economics Syllabus for Chapter 2: Indian Economic Development

1 Indian Economy on the Eve of Independence
  • Introduction to Indian Economy on the Eve of Independence  
  • Low Level of Economic Development Under the Colonial Rule  
  • Agricultural Sector  
  • Industrial Sector  
  • Foreign Trade  
    • Meaning 
    • Types of Foreign Trade
    1. Import Trade
    2. Export Trade
    3. Entrepot Trade
  • Demographic Condition  
  • Occupational Structure  
  • Infrastructure  
    • Meaning and Types of Infrastructure
2 Indian Economy 1950-1990
  • Introduction to Indian Economy 1950-1990  
  • Goals of Five Year Plans  
    • Growth
    • modernisation
    • self-reliance
    • equity
  • Agriculture  
    • Institutional aspects and new agricultural strategy, etc.
    • Land Reforms
    • Land ceiling
    • The Green Revolution
    • Marketed surplus
    • The Debate Over Subsidies
    • Foodgrain Production
    • Productivity Position of Tamil Nadu and India
    • Subsistence Agriculture
    1. Primitive Subsistence Agriculture
    2. Intensive Subsistence Agriculture
    • Plantation Agriculture
    • Extensive Commercial Grain Cultivation
    • Mixed Farming
    • Dairy Farming
    • Mediterranean Agriculture
    • Market Gardening and Horticulture
    • Co-operative Farming
    • Collective Farming
  • Industry and Trade  
    • Public and Private Sectors in Indian Industrial Development
    • Industrial Policy Resolution 1956 (IPR 1956)
    • Small-Scale Industry (SSI)
      - Role and importance of Small-Scale Industry (SSI)
  • Trade Policy: Import Substitution  
    • Effect of Policies on Industrial Development
3 Liberalisation, Privatisation and Globalisation : an Appraisal
  • Introduction to Liberalisation, Privatisation and Globalisation : an Appraisal  
    • Background
  • Liberalisation  
    • Export-import policy
    • Fiscal Policy
    • Foreign exchange markets
    • Deregulation of the Industrial Sector
    • Financial Sector Reforms
    • stock exchange
    • Foreign Institutional Investors (FII)
    • Tax Reforms
    • Foreign Exchange Reforms
    • Trade and Investment Policy Reforms
    • Import licensing
    • Export duties
  • Privatisation  
    • Disinvestment
  • Globalisation  
    • Outsourcing
    • World Trade Organisation (WTO)
    • Multilateral Trade Agreements
    • Bilateral
    • Non-Tariff Barriers
  • Indian Economy During Reforms: an Assessment  
    • Foreign Direct Investment (FDI)
    • Foreign Institutional Investment (FII),
    • Growth and Employment
    • Reforms in Agriculture
    • Reforms in Industry
    • Disinvestment
    • Reforms and Fiscal Policies
4 Poverty
  • Introduction to Poverty  
  • Identification of Poor People  
    • Categorising Poverty
    • always poor
    • usually poor
    • chronic poor
    • churning poor
    • occasionally poor
    • transient poor
    • non-poor
    • The Poverty Line
  • The Number of Poor in India  
  • What Causes Poverty?  
  • Policies and Programmes Towards Poverty Alleviation  
  • Main Programmes for Poverty Alleviation - a Critical Assessment  
5 Human Capital Formation in India
  • Introduction to Human Capital Formation in India  
  • Sources of Human Capital  
    • Preventive medicine
    • curative medicine
    • social medicine
    • on-the job- training
    • migrate
    • information
    • Human Capital and Economic Growth
  • Human Capital and Human Development  
  • State of Human Capital Formation in India  
  • Growth of Education Sector in India  
    • Growth in Government Expenditure on Education
    • Educational Achievements in India
  • Future Prospects  
    • Education for All - Still a Distant Dream
    • Gender Equity - Better than Before
    • Higher Education - a Few Takers
6 Rural Development
  • Introduction to Rural Development  
  • Credit and Marketing in Rural Areas  
    • Credit
    • Rural Banking - a Critical Appraisal
  • Agricultural Market System  
    • Emerging Alternate Marketing Channels
    • Role of cooperatives
  • Diversification into Productive Activities  
    • agro-processing industries
    • Animal Husbandry
    • Fisheries
    • Horticulture
    • Other Alternate Livelihood Options
  • Sustainable Development and Organic Farming  
    • Benefits of Organic Farming
7 Employment: Growth, Informalisation and Other Issues
  • Introduction to Employment - Growth, Informalisation and Other Issues  
  • Workers and Employment  
  • Participation of People in Employment  
  • Self-employed and Hired Workers  
  • Employment in Firms, Factories and Offices  
  • Growth and Changing Structure of Employment  
  • Employment - Informalisation  
    • Formal and informal Sector
  • Employment - Workforce  
  • Unemployment  
    • Introduction
    • Meaning of Unemployment
  • Government and Employment Generation  
8 Infrastructure
  • Infrastructure  
    • Meaning and Types of Infrastructure
  • Relevance of Infrastructure  
  • The State of Infrastructure in India  
  • Energy  
    • Sources of Energy
    • Non-conventional Sources of Energy
    • Consumption Pattern of Commercial Energy
    • Power/Electricity
    • Some Challenges in the Power Sector
    • Kinetic energy
    • Work–Kinetic Energy Theorem
    • Relation between Momentum and Kinetic Energy
    • Potential Energy
    • Potential energy near the surface of the Earth
    • Elastic Potential Energy
    • Conservative and non-conservative forces
    • Law of conservation of energy
    • Motion in a vertical circle
  • Health  
    • State of Health Infrastructure
    • Private Sector Health Infrastructure
    • Indian Systems of Medicine (ISM)
    • Indicators of Health and Health Infrastructure - A Critical Appraisal
    • Urban-Rural and Poor-Rich Divide
    • Women’s Health
    • Health: Problems and Policies - A critical assessment
9 Environment and Sustainable Development
  • Introduction to Environment and Sustainable Development  
  • State of India’s Environment  
  • Sustainable Development  
  • Strategies for Sustainable Development  
    • Use of Non-conventional Sources of Energy
    • LPG, Gobar Gas in Rural Areas
    • CNG in Urban Areas
    • Wind Power
    • Solar Power through Photovoltaic Cells
    • Mini-hydel Plants
    • Traditional Knowledge and Practices
    • Biocomposting
    • Biopest Control
10 Comparative Development Experiences of India and Its Neighbours
  • Introduction to Comparative Development Experiences of India and Its Neighbours  
  • Developmental Path - a Snapshot View  
    • China
    • Pakistan
  • Demographic Indicators  
    • Population
  • Gross Domestic Product and Sectors  
  • Indicators of Human Development  
    • Economic growth
    • Other Human Development Indicators
  • Development Strategies - an Appraisal  

CBSE Class 12 Economics Syllabus for Chapter 3: Introductory Microeconomics

1 Introduction
  • Meaning of Micro and Macro Economics  
  • What is an Economy?  
  • Positive and Normative Economics  
  • Central Problems of an Economy  
    • What is produced and in what quantities?
    • How are these goods produced?
    • For whom are these goods produced?
  • Concepts of Production Possibility Frontier  
  • Concept of Opportunity Cost  
  • Understanding Economics - Adam Smith (Father of Economic)  
  • Understanding Economics - Dr Alfred Marshall  
  • Understanding Economics - Lord Robbins  
  • Understanding Economics - Prof Samuelson  
  • Types of Economic System - Capitalism  
  • Types of Economic System -socialism  
  • Efficient Utilization of Resource  
  • A Simple Economy  
  • Organisation of Economic Activities  
    • The Centrally Planned Economy  
    • The Market Economy  
2 Consumer Equilibrium and Demand
  • Consumer's Equilibrium  
    • Meaning of Consumer's Equilibrium
  • Meaning of Utility  
  • Total Utility and Marginal Utility  
  • Diminishing Marginal Utility  
  • Conditions of Consumer's Equilibrium Using Marginal Utility Analysis  
  • Consumer's Budget  
    • budget set
    • budget line
    • Changes in the Budget Set
  • Preferences of the Consumer  
    • indifference curve
    • indifference curve
  • Cardinal Approach (Utility Analysis)  
    • Measures of Utility
    1. Total Utility
    2. Marginal Utility
    3. Law of Diminishing Marginal Utility
  • Ordinal Approach (Utility Analysis)  
    • Indifference curve
    • Marginal rate of substitution (MRS)
    • Law of Diminishing Marginal Rate of Substitution
    • Indifference Map
  • Demand  
    • Demand
    1.  Demand Curve and the Law of Demand
    2. Deriving a Demand Curve from Indifference
    3. Curves and Budget Constraints 
    4.  Normal and Inferior Goods 
    5.  Substitutes and Complements 
    6.  Shifts in the Demand Curve 
    7. Movements along the Demand Curve and Shifts in the Demand Curve
  • Market Demand  
  • Change in Demand  
  • Change in Quantity Demand  
  • Determinants of Demand  
  • Demand Schedule  
  • Demand Curve and Its Slope  
  • Movement Along and Shifts in the Demand Curve  
  • Elasticity of Demand  
  • Type of Elasticity of Demand  
    1. Price Elasticity of Demand
    2. Income Elasticity of Demand
    3. Cross Elasticity of Demand
  • Factors Affecting Price Elasticity of Demand  
  • Degrees of Elasticity of Demand  
  • Measurement of Elasticity of Demand  
    • Geometric Method
    • Percentage-change Method
    • Point Method
    • Total Expenditure Method
  • Marginal Rate of Substitution (MRS)  
  • Indifference Curve  
    • Features of Indifference Curve:
    1. Indifference curve slopes downwards from left to right
    2. Higher indifference curve gives greater level of utility
3 Producer Behaviour and Supply
  • Production Function  
    • Meaning
    • Short-run Production
    • Long run Production
  • Production Function - Short-run  
  • Production Function - Long-run  
  • Concept of Production  
  • Total Product  
  • Average Product  
  • Marginal Product  
  • Relation Between Total, Average and Marginal Product  
  • Law of Variable Proportions  
    • Assumptions
    • Total Product (TP)
    • Average Product (AP)
    • Marginal Product (MP)
    • Stages of Production: Stage I, Stage II and Stage III
  • Average and Marginal Physical Products  
  • Returns to a Factor  
  • Basic Concepts of Cost  
  • Short Run Cost Curves  
    • Total Fixed Cost (TFC)
    • Total Variable Cost (TVC)
    • Total Cost Curves (TCC)
    • Average Fixed Cost (AFC)
    • Average Variable Cost (AVC)
    • Average Total Cost (ATC) or Average Cost (AC)
    • Marginal Cost (MC)
    • The relationship between Average Cost and Marginal Cost
  • Cost - Fixed Cost  
  • Cost -variable Cost  
  • Cost - Total Cost  
  • Cost - Total Fixed Cost  
  • Cost - Total Variable Cost  
  • Cost - Average Cost  
  • Cost - Average Fixed Cost  
  • Cost - Average Variable Cost  
  • Cost - Marginal Cost  
  • Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost  
  • Concept of Opportunity Cost  
  • Total, Average and Marginal Revenue  
  • Concept of Producer's Equilibrium  
    • Meaning of Producer's Equilibrium
    • Producer's Equilibrium Conditionsin Terms of Marginal Revenue-marginal Cost.
  • Concept of Supply - Supply Schedule and Supply Curve  
  • Market Supply  
  • Difference Between Stock and Supply  
  • Determinants of Supply  
  • Supply Curve and Schedule  
    • Supply Curve and Its Slope
    • Supply Schedule
  • Movements Along and Shifts in Supply Curve  
  • Measurement of Price Elasticity of Supply - Percentage-change Method  
  • Measurement of Price Elasticity of Supply - Geometric Method  
  • Total, Average and Marginal Cost  
  • The Law of Diminishing Marginal Product  
  • Shapes of Product Curves  

    Shapes of Total Product, Marginal Product and Average Product Curves

  • Costs - Long Run Costs  
  • Returns to Scale  
4 Forms of Market and Price Determination
  • Market  
  • Market Equilibrium  

    Equilibrium, Excess Demand, Excess Supply

    • Market Equilibrium: Fixed Number of Firms
    • Market Equilibrium: Free Entry and Exit
  • Determination of Market Equilibrium  
  • Effects of Shifts in Demand and Supply  
  • Features of Perfect Competition  
  • Imperfect Competition  
  • Forms of Market  
  • Features of Oligopoly  
  • Market Forms - Perfect Oligopoly  
  • Market Forms - Imperfect Oligopoly  
  • Equilibrium Price  
  • Simple Applications of Demand and Supply  
  • Price Ceiling  
    • Maximum and Minimum
  • Price Floor  
  • Revenue  
  • Profit Maximisation  

    Profit Maximisation

    • Condition 1
    • Condition 2
    • Condition 3 
    • The Profit Maximisation Problem: Graphical Representation
  • Determinants of a Firm’s Supply Curve  

    Determinants of a Firm’s Supply Curve

    • Technological Progress
    • Input Prices
  • Market Supply Curve  
  • Price Elasticity of Supply  
5 Non - Competitive Markets
  • Simple Monopoly in the Commodity Market  

    Simple Monopoly in the Commodity Market

    • Market Demand Curve is the Average Revenue Curve
    • Total, Average and Marginal Revenues
    • Marginal Revenue and Price Elasticity of Demand
    • Short Run Equilibrium of the Monopoly Firm
  • Other Non - Perfectly Competitive Markets  

    Other Non-perfectly Competitive Markets

    • Monopolistic Competition
    • How do Firms behave in Oligopoly?

Textbook SolutionsVIEW ALL [3]

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