Economics 12th Board Exam HSC Arts Maharashtra State Board Topics and Syllabus

• Introduction to Micro and Macro Economics 
• Introduction to Micro Economics 
• Macro Economics 
  • Stock and Flow Variables
• Importance of Micro Economics 
• Micro Economics - Price Theory 

Introduction to Micro and Macro Economics

Micro Economics

• Introduction
• Meaning
• Definitions
• Scope of Micro Economics

1. Theory of Product Pricing
2. Theory of Factor Pricing
3. Theory of Economic Welfare

• Features of Micro Economics

1. Study of Individual Units
2. Price Theory
3. Partial Equilibrium
4. Based on Certain Assumptions
5. Slicing Method
6. Use of Marginalism Principle
7. Analysis of Market Structure
8. Limited Scope

• Importance of Micro Economics

1. Price Determination
2. Free Market Economy
3. Foreign Trade
4. Economic Model Building
5. Business Decisions
6. Useful to Government
7. Basis of Welfare Economics

Macro Economics

• Introduction
• Meaning
• Definitions
• Scope of Macro Economics

1. Theory of Income and Employment
2. Theory of General Price Level and Inflation
3. Theory of Growth and Development
4. Macro Theory of Distribution

• Features of Macro Economics

1. Study of Aggregates
2. Income Theory
3. General Equilibrium Analysis
4. Interdependence
5. Lumping Method
6. Growth Models
7. General Price Level
8. Policy-oriented

• Importance of Macroeconomics

1. The functioning of an Economy
2. Economic Fluctuations
3. National Income
4. Economic Development
5. Performance of an Economy
6. Study of Macro economic Variables
7. Level of Employment

• Utility Analysis 
• Concepts of Utility 
• Law of Diminishing Marginal Utility 
• Criticisms of the Law 
• Relationship Between Marginal Utility and Price 
• Diminishing Marginal Utility 

Utility Analysis

• Introduction
• Features of Utility

1. Relative concept
2. Subjective concept
3. Ethically neutral concept
4. Utility differs from usefulness
5. Utility differs from pleasure
6. Utility differs from satisfaction
7. Measurement of utility is hypothetical
8. Utility is multi-purpose
9. Utility depends on the intensity of want
10. Utility is the basis of demand

• Types of Utility

1. Form utility
2. Place utility
3. Service utility
4. Knowledge utility
5. Possession utility
6. Time utility

Concepts of Utility

1. Total Utility (TU)
2. Marginal Utility (MU)

• Relationship between Total Utility and Marginal Utility

Law of Diminishing Marginal Utility

• Introduction
• Statement of the Law
• Assumptions
• Explanation of the Diagram
• Exceptions to the Law of Diminishing Marginal Utility

Criticisms of the Law

• Significance of the Law

Relationship between Marginal Utility and Price

• Demand Analysis 
• Law of Demand 
  • Characteristics of Demand
  • Demand Function
  • Law of Demand

  1. Definitions
  2. Assumptions of Law of Demand
  3. Explanation
  4. Market Demand for a Commodity

  • Determinants of Demand
  • Exceptions to the law of demand
  • Reasons for Exceptional Demand Curve 
  • Extension and Contraction of Demand
  • Movement along Demand Curve 
  • Shift in the Demand Curve
• Exceptions to the Law of Demand 
• Factors of Demand 
• Concept of Aggregate Demand and Aggregate Supply 
• Demand Curve and Its Slope 
  • Demand Curve and Its Slope
  • Law of Demand

Demand Analysis

• Introduction
• Meaning
• Definition
• Demand Schedule
• Individual Demand Schedule
• Individual Demand Curve
• Market Demand Schedule
• Market Demand Curve
• Reasons justifying downward sloping demand curve
• Types of Demand
• Determinants of Demand

Law of Demand

• Introduction
• Statement of the Law
• Assumptions
• Demand schedule

Exceptions to the Law of Demand

• Variations in Demand
• Changes in Demand

• Elasticity of Demand 

  Elasticity of Demand

  • Elasticity along a Linear Demand Curve
  • Factors Determining Price Elasticity of Demand for a Good
  • Elasticity and Expenditure
  • Types of Elasticity of Demand

  1. Price Elasticity of Demand
  2. Income Elasticity of Demand
  3. Cross Elasticity of Demand
  4. Advertising Elasticity of Demand

  • Levels or Degrees of PriceElasticity of Demand
  • Determinants of Elasticity of Demand
  • Measurement of Elasticity of Demand
  • Importance of Elasticity of Demand
• Types of Elasticity of Demand 
• Types of Price Elasticity of Demand 
• Methods of Measuring Price Elasticity of Demand 
• Factors Influencing the Elasticity of Demand 
• Importance of Elasticity of Demand 
• Importance of Price Elasticity of Demand 

Elasticity of Demand

• Introduction
• Concept of Elasticity of Demand

Types of Elasticity of Demand

1. Income elasticity
2. Cross elasticity
3. Price elasticity

Types of Price Elasticity of Demand

Methods of Measuring Price Elasticity of Demand

Factors influencing the elasticity of demand

Importance of Elasticity of Demand

• Supply Analysis 
• Concept of Total Output 
• Concept of Stock 
• Concept Of Supply 
• Law of Supply 
  • Definition
  • Supply Function

  1. Assumptions
  2. Explanation
  3. Supply Schedule
  4. Price and Supply

  • Supply Curve
  • Factors determining supply
  • Elasticity of Supply
  • Types of Elasticity of Supply
  • Factors governing elasticity of supply
• Exceptions to the Law of Supply 
• Concepts of Cost 
• Concept of Revenue 
• Concept of Supply 
  • Law of Supply
  • Price Elasticity of Supply
• Main Market Forms 
  • Market Forms - Monopoly
  • Market Forms - Oligopoly
  • Market Forms - Monopolistic Competition
  • Market Forms - Perfect Competition

Supply Analysis

Concept of Total Output

Concept of Stock

Concept of Supply

• Meaning of Supply
• Definition of Supply
• Supply schedule
• Individual Supply Curve
• Market Supply Curve
• Determinants of Supply

Law of Supply

• Introduction
• Statement of the Law
• Assumptions of the law

Exceptions to the Law of Supply

• Variations in Supply
• Changes in Supply

Concepts of Cost

Concept of Revenue

• Forms of Market 
• Classification of Market 
  • On the basis of Area
  • On the basis of Time
  • On the Basis of Quantity of the Commodity
  • On the Basis of Competition
  • On the Basis of Economics
  • On the Basis of Regulation
  • On the Basis of Volume of Business
  • On the Basis of Importance
• Main Market Forms 
  • Market Forms - Monopoly
  • Market Forms - Oligopoly
  • Market Forms - Monopolistic Competition
  • Market Forms - Perfect Competition
• Meaning and Features of Market 

Forms of Market

• Introduction
• Definition

Classification of Market

1. On the basis of place
2. On the basis of time
3. On the basis of Competition

1. Perfect Competition
2. Imperfect Competition

1. Monopoly
2. Oligopoly
3. Monopolistic competition

• Index Numbers 
  1. Meaning, Classifications and Uses 
  2. Weighted Index Number 
  3. Test of adequacy for an Index Number

  • Construction of Cost of Living Index Number

  1. Uses of Cost of Living Index Number
  2. Methods of constructing Cost of Living Index Number
  3. Aggregate Expenditure Method
  4. Family Budget Method

   

• Significance of Index Numbers in Economics 
• Construction of Index Numbers 
• Limitations of Index Numbers 

Index Numbers

• Introduction
• Definitions
• Features of Index Numbers
• Types of Index numbers

Significance of Index Numbers in Economics

Construction of Index Numbers

• Methods of Constructing Index Numbers

• Simple Index Number
• Weighted Index Number

1. Laaspeyre’s Price Index Number
2. Paasche’s Price Index Number

Limitations of index numbers

• Concept of National Income 
  • Gross Domestic Product (GDP)
  • Gross National Product (GNP)
  • Net National Product (NNP) (at Market price)
  • NNP at Factor cost
  • Personal Income
  • Disposable Income
  • Per Capita Income
  • Real Income
  • GDP deflator
• Different Concepts of National Income 

National Income

• Introduction
• Meaning
• Definitions
• Features of National Income
• Importance of National Income
• Circular Flow of National Income
• Two sector model of Circular flow of National Income

Different Concepts of National Income

• Methods of Measurement of National Income
• Difficulties in the Measurement of National Income

1. Theoretical Difficulties or Conceptual Difficulties
2. Practical Difficulties or Statistical Difficulties

• Public Finance in India 
• Structure of Public Finance 
  • Public Expenditure 
    • Meaning
    • Definition
    • Classification of public expenditure are as follows

    1. Classification on the Basis of Benefit
    2. Classification on the Basis of Function

    • Causes for the Increase in Government Expenditure
  • Public Revenue 
  • Public Debt 
    • Definitions 
    • Types of Public Debt
    • Causes for the Increase in Public debt
    • Methods of Redemption of Public Debt
  • Fiscal Policy 
  • Financial Administration 

Public Finance in India

• Introduction
• functions of the government
• Meaning and Nature of Public Finance
• Definitions of Public Finance
• Differences Between Public Finance and Private Finance

Structure of Public Finance

Intro

• Public Expenditure
• Public Revenue

1. Taxes
2. Non-tax Revenue

• Public Debt

1. Internal
2. External

• Fiscal Policy
• Financial Administration

• Government Budget
• Revenue and Capital Budgets
• Types of Budget
• Importance of Budget

• Money Market in India 
• Structure of Money Market in India 
  • Organized Sector 
  • Unorganized Sector 
• Capital Market in India 

Money Market in India

• Structure of Money Market in India
• >ORGANIZED SECTOR
• >UNORGANIZED SECTOR

Capital Market in India

• Structure of Capital Market in India
• Role of Capital Market in India
• Problems of the Capital Market
• Reforms introduced in the Capital Market

• Internal Trade 
  • Wholesale Trade
  • Retail Trade: Types of Retail Trade
• Foreign Trade of India 
• Composition and Direction of India’s Foreign Trade 
• Trends in India’s Foreign Trade since 2001 
• Concept of Balance of Payments (BOP) 
  • Meaning
  • Purpose of Preparing Balance of Payments
  • Net Result Revealed by BOP
  • Definition
  • In the words of Domini Salvatore
  • Features of Balance of Payments

Internal Trade

Foreign Trade of India

• Introduction
• Meaning of Foreign Trade
• Definition
• Types of foreign trade
• Role of Foreign Trade

Composition and Direction of India’s foreign trade

Trends in India’s foreign trade since 2001

• Recent Trends in Exports
• Trends in Imports

Concept of Balance of payments