Economics Class 11 ISC (Arts) CISCE Topics and Syllabus

• What is Economics? 
• 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 
• Types of Economic System - Mixed Economy 
• Meaning of Micro and Macro Economics 
• Difference Between Micro and Macro Economics 
• Meaning of Utility 
• Features of Utility 
• Types of Utility 
• Total Utility and Marginal Utility 
• Diminishing Marginal Utility 
• Definition of Price 
• General Rise and Fall in Price 
• Meaning of Inflation 
  • Meaning, demand pull and cost push
• Inflation - Demand Pull and Cost Push 
• Basic Concept of Value 
• Value – Real Value Vs Nominal Value 
• Term of Wealth 
• Classification of Wealth 
• Basic Concept of Welfare 
  • economic welfare, social welfare
• Relation Between Wealth and Welfare 
• Meaning of Money 
  • Meaning of money
  • Kinds of money
• Barter Economy Vs Money Economy 
• Meaning and Definition of Market 
• Meaning of Capital 
• Meaning of Investment 
• Investment as a Process of Capital Formation 
• Factor of Income 
• Meaning of Production 
• Meaning of Consumption 
• Individual Saving and Aggregate Savings 
• Central Problems of an Economy 
  • What is produced and in what quantities?
  • How are these goods produced?
  • For whom are these goods produced?
• Efficient Utilization of Resource 
• Basic Problem of Scarcity 
• Developed and Developing of Economies 
• A Comparison with Nighbours - India and China 
• Merits and Demerits of Capitalism 
• Merits and Demerits of Socialism 
• Merits and Demerits of Mixed Economic System 
• Mechanisms Used to Solve the Basic Problems Economic System 
• Basic Concept of Business Cycle 
• Concept of Aggregate Demand and Aggregate Supply 
• Concepts of Production Possibility Frontier 

Definition of Economics:

• Adam Smith, Alfred Marshall, Lionel Robbins, Samuelson. Basic understanding of economics and economic phenomena to be explained especially in the context of the concept of scarcity and allocation of resources. Students may be introduced to the main points on which the various definitions of economics could be analyzed. Features of definitions and two- three criticisms.

Micro and Macro Economics 

• Meaning and Difference. Basic concepts: utility, price, value, wealth, welfare, money, market, capital, investment, income, production, consumption, saving, Business cycle, Aggregate demand and Aggregate supply.
• Meaning and difference between Micro and Macro Economics. A conceptual understanding of the terms: utility – types and features, total utility, marginal utility and diminishing marginal utility; price – definition and general rise and fall in price; Inflation: meaning, demand pull and cost push (diagrams not required); value – real vs nominal value; wealth – explanation of the term, classification (personal and social); welfare – economic welfare, social welfare and relation between wealth and welfare; money – barter economy vs money economy; market – meaning and size; capital – meaning; investment – meaning, investment as a process of capital formation; income – meaning, factor incomes; production – meaning; consumption – meaning; saving – meaning; individual saving and aggregate savings
• The above terms to be explained with the help of relevant examples

Basic problems of an economy:

• what to produce; how to produce; for whom to produce; efficient use of resources. The basic problem of scarcity and choice must be emphasized. As this problem is universal in character, i.e. faced by all economies, irrespective of the economic system they follow, it must be explained using the concept of Production Possibility Curve. The three problems - what to produce, how to produce and for whom to produce - must be highlighted. The role of technology and a shift in the Production Possibility Curve must be explained

Types of economies:

• developed and developing; Economic systems: capitalism, socialism and mixed economy; mechanism used to solve the basic problems faced by each economy. 
• Characteristics of developed and developing economies; Development experience of India: a comparison with neighbouring country (China) in terms of growth, population and sectoral development (introducing regional and global economic grouping such as SAARC, European Union, ASEAN, G-8, G-20 - basic knowledge); different types of economic systems; definition, features, merits and demerits of capitalism, socialism and mixed economic system; mechanisms used to solve the basic problems under each economic system to be explained with the help of examples. The role of government along with the price mechanism to be emphasized.

• Introduction to Indian Economy on the Eve of Independence 
• Agricultural Sector 
• Industrial Sector 
• Foreign Trade 
  • Meaning 
  • Types of Foreign Trade

  1. Import Trade
  2. Export Trade
  3. Entrepot Trade
• 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)
• Problems and Policies of Foreign Trade 
• Parameters of Development - per Capita Income 
• Parameters of Development - Human Development Index 
• Planning and Economic Development in India. - Overview of Macro Objectives 
• Major Thrusts of the Different Five Year Plans in India 
• Main Feature Economic Reform 
  • liberalisation
  • globalisation
  • privatisation
• Meaning of Disinvestment 
• Poverty - Absolute Poverty 
• Poverty - Relative Poverty 
• Main Programmes for Poverty Alleviation - a Critical Assessment 
• Introduction to Rural Development 
• Credit and Marketing in Rural Areas 
  • Credit
  • Rural Banking - a Critical Appraisal
• Role of Cooperatives 
• Diversification into Productive Activities 
  • agro-processing industries
  • Animal Husbandry
  • Fisheries
  • Horticulture
  • Other Alternate Livelihood Options
• Meaning of Alternative Farming Or Organic Farming 
• Important of Alternative Farming Or Organic Farming 
• How People Become Resource 
• Role of Human Capital in Economic Development 
• Growth of Education Sector in India 
  • Growth in Government Expenditure on Education
  • Educational Achievements in India
• Human Capital Formation - Education 
  • Formal and Informal
• Unemployment 
  • Introduction
  • Meaning of Unemployment
• Types of Unemployment 
  • Rural Unemployment
    a. Seasonal unemployment
    b. Disguised unemployment
  • Urban Unemployment
    a. Educated Unemployment
    b. Industrial Unemployment 
    i.  Technological Unemployment
    ii. Frictional Unemployment
    iii. Cyclical Unemployment
    iv. Structural Unemployment
• Causes for Unemployment 
• Policy Measures of Unemployment (After 2000) 
• Meaning of Economic Growth and and Development 
• Difference of Economic Growth and Development 
• Comparative Study of Indian and Chinese Economies 
  • GDP growth
  • GDP per capita and GDP PPP
  • direct foreign investment
  • Unemployment
  • Inflation
  • Poverty
• Concept of Sustainable Development 
  • Case Study - Indira Gandhi Canal (Nahar) Command Area
  • Measures for Promotion of Sustainable
    Development
• Need for Sustainable Development for Improving the Quality of Life 
• Global Warming 
  • Global Warming
  • Causes of Global warming
  • Effect of Global Warming

Introduction

A brief introduction of the state of the Indian Economy on the eve of independence. Main features, problems and policies of agriculture, industry and foreign trade.

Parameters of Development

• Parameters of development: per capita income and human development index.
• Planning and economic development in India.
• An overview of Macro objectives (sectoral objectives not required) and major thrusts of the different five year plans in India
• Structural Changes in the Indian Economy after liberalization:
• Need, meaning, significance and features of liberalization, globalization and privatization of Indian Economy; disinvestment: meaning

Current challenges facing Indian Economy

• Poverty – absolute and relative, main programmes for poverty alleviation: A critical assessment of PAPs (Poverty Alleviation Programmes); Rural development. Credit and marketing: role of cooperatives, agricultural diversification; alternate farming /organic farming: meaning and importance.
• Human Capital formation: How people become resource; role of human capital in economic development; Growth of education sector in India; Education – formal and informal (Meaning only); Unemployment- types of unemployment, causes for unemployment, Policy measures (after 2000)

Economic growth and development

• Economic Growth and Development – Meaning and difference. Comparative study of Indian and Chinese economies on the following indicators: (a) Unemployment (b) GDP growth (c) GDP per capita and GDP PPP (d) direct foreign investment (e) inflation (f) poverty

Sustainable Development

• Effect of Economic Development on Resources and Environment.
• Understanding the concept of Sustainable development; Need for sustainable development for improving the quality of life - looking at the deteriorating quality of air, water, food over time, developing an appreciation to sustain at least what exists for the generations to come.
• Global warming – meaning and effects

• Meaning of Statistics for Economics 
• Scope of Statistics for Economics 
  • Statistics and Economics
  • Statistics and Firms
  • Statistics and Commerce
  • Statistics and Education
  • Statistics and Planning
  • Statistics and Medicine
  • Statistics and Modern applications
• Importance of Statistics in Economics 
• Limitations of Statistics 
  • Statistics is not suitable to the study of qualitative phenomenon
  • Statistical laws are not exact
  • Statistics table may be misused:
  • Statistics is only one of the methods of studying a problem
• Sources of Data - Primary 
  • Personal Observations
  • Interview
  • Questionnaire/Schedule
  • Other Methods
• Sources of Data - Secondary 
  • Published Sources
  • Unpublished Sources
• How Basic Data is Collected 
• Methods of Collecting Data 
• Some Important Sources of Secondary Data 
  • Census of India
  • National Sample Survey Organisation
• Organisation of Data 
• Meaning of Variables 
• Types of Variables 
• Types of Frequency 
• Tabular Presentation and Diagrammatic Presentation of Data - Geometric Form 
  • bar diagrams and
  • pie diagrams
• Tabular Presentation and Diagrammatic Presentation of Data - Frequency Diagrams 
  • histogram
  • polygon
  • ogive
• Measures of Central Value - Average 
• Measures of Central Value- Type of Averages 
• Measures of Central Tendency - Mean 
  • simple
  • weighted
• Measures of Central Tendency - Median 
  • Computation of median
  • Discrete Series
  • Continuous Series
  • Quartiles
  • Percentiles
• Measures of Central Tendency - Mode 
  • Computation of Mode

  1. Discrete Series
  2. Continuous Series
• Relationship Between Mean, Median and Mode 
• Measures of Central Value - Nature of the Frequency 
  • symmetrical, positively skewed and negatively skewed
• Measures of Central Value - Ungrouped and Grouped Data 
• Measures of Central Value - Numericals only on mean 
• Measures of Central Value - Median and Mode for Both Ungrouped and Grouped Data 
• Measures of Dispersion 
• Measures of Dispersion - Absolute Dispersion 
  • Range
  • Quartile deviation
  • Mean or average deviation
  • Standard deviation
• Measures of Dispersion - Relative Dispersion 
  • co-efficient of range
  • co-efficient of quartile-deviation
  • co-efficient of mean deviation
  • co-efficient of variation
• Correlation Meaning 
• Scatter Diagram of Correlation 
• Statistics (Entrance Exam) 
  • Karl Pearson’s Coefficient of Correlation 
• Measures of Correlation - Spearman's Rank Correlation 
• Meaning of Index Numbers 
• Meaning of Simple and Weighted Index Number 
• Types of Simple and Weighted Index Number 
• Purpose of Simple and Weighted Index Number 
• Difference Between Simple and Weighted Index Number 
• Problems Involved in Constructing a Price Index Number. 
• Price Weighted Or Quantity Weighted 
• Method to Measure - Laspeyer Method 
• Method to Measure - Paasche's Index Numer 
• Method to Measure - Fisher's Method 
• Uses of Index Numbers 
• Types of Index Number - Wholesale Price Index 
• Types of Index Number - Consumer Price Index 
• Types of Index Number - Index of Industrial Production 
• Mathematical Tools Used in Economics - Equation of a Straight Line 
• Mathematical Tools Used in Economics - Slope of a Straight 

Statistics:

• definition, scope and limitations of statistics. 
• Statistics: definition, scope and limitations of statistics. Special emphasis to be laid on importance of statistics in economics.

Collection, organization and presentation of data

• Collection of data - Sources of data: primary, secondary. Methods of collecting data: Some important sources of collecting secondary data; ways of collecting primary data; organization of data: meaning and types of variables, frequency; presentation of data: tabular and diagrammatic presentation (bar diagram, pie, line, histogram, polygon and ogive curve).

Measures of Central Value:

• average defined; type of averages: arithmetic mean; simple and weighted; median and mode; ungrouped and grouped data; numericals, relationship between mean, median and mode
• Measures of Central Value: average defined; type of averages: arithmetic mean; simple and weighted; median and mode; ungrouped and grouped data. Numericals only on mean, median and mode for both ungrouped and grouped data. Relationship between mean, median and mode – the nature of the frequency distribution – symmetrical, positively skewed and negatively skewed

Measures of dispersion

• definition, methods of studying variation - range; standard deviation; quartile deviation; the mean or average deviation; coefficient of variation.
• Numericals on measures of dispersion required.

Correlation:

• introduction, scatter diagram; Karl Pearson’s coefficient of correlation; Spearman’s coefficient of correlation
• Meaning and significance of correlation to be explained along with types and degrees. Scatter diagram, Karl Pearson’s method (two variables, ungrouped data); Spearman’s Rank Correlation to be explained with the help of numericals.

Index numbers:

• simple and weighted - meaning, types and purpose. Problems involved in constructing a Price Index Number.
• What does an Index number show, measure or indicate (like a Price Index Number). Difference between simple and weighted – Price weighted or quantity weighted. Laspayre’s, Paasche and Fisher’s methods of index numbers (to be explained with the help of numericals). Wholesale Price Index, Consumer Price Index and Index of Industrial Production should be explained. Uses of Index Numbers. Problems involved in constructing Price Index Number – the choice of the base year, the number of commodities to be included (coverage), choice of prices and the method to be used.

Some Mathematical Tools used in Economics

• Equation of a straight line and slope of a straight line